Buying and selling real estate involves some legal processes, and it is very important to follow these processes correctly. Below is a general guide to the legal processes in buying and selling real estate. However, the real estate laws of each country and even each region may be different, so it is important to comply with local laws.
Here's an overview:
1. Preparation and Acceptance of the Agreement:
• The real estate buying and selling process begins with a written agreement between the parties. This agreement should include the conditions, price, payment schedule and other details of the real estate between the seller and the buyer.
• The parties must sign the agreement for it to be accepted.
2. Determination of Real Estate Value:
• Determining the property value is important to understand whether the sales price is fair and in line with market value. In many countries, this process is done by an independent appraiser or real estate consultant.
3. Expert Report and Reviews:
• The real estate sale transaction may involve the parties physically inspecting the real property. At this time, possible defects or problems should be detected.
• According to the expert report or inspection results, the buyer and seller can make additional agreements.
4. Payment Plan and Financing:
• The buyer must arrange the necessary financing to purchase the property. This could be cash payment, mortgage or other financing options.
• Payment schedule and financing arrangements should be clarified between buyer and seller.
5. Title Deed and Registration Procedures:
• Legal ownership of the real estate is documented by title deed and registration records. When the real estate purchase and sale transaction is completed, it is recorded in the land registry as the new owner of the property.
6. Taxes and Fees:
• During real estate buying and selling transactions, taxes and other fees must be paid. This may include real estate transfer tax, title duties and other local taxes.
7. Real Estate Lawyer and Consultancy:
• Some buying and selling transactions can be complex and the parties may need to seek legal advice. Real estate lawyers review transactions and ensure compliance with legal requirements.
8. Moving and Transfer of Ownership:
• When the purchase and sale transaction is completed, the buyer becomes the owner of the property and the transfer of ownership is completed. At this stage, the property's keys, documents and necessary documents are delivered to the buyer.
Real estate transactions can be complex and involve legal and financial obligations. Therefore, the guidance and support of a real estate professional or legal counsel can help you complete the transaction smoothly and legally. Additionally, it is important to comply with local laws and regulations, as each country and region may have different legal requirements and tax policies.
