5 main risks upon purchase of the apartment in the secondary market

The secondary real estate has pluses: the house is already built, the area made habitable, infrastructure is developed. But upon purchase of the apartment in the secondary market, perhaps, it is even more risks, than in a case with new buildings.

5 main risks upon purchase of the apartment in the secondary market

1. Purchase according to the false power of attorney

Black realtors don’t doze, the lonely old men, people dependent on alcohol or drugs, orphan children can become their victims. These are their apartments swindlers renew on figureheads and offer for sale, in owners write out and move in backwoods. As swindlers should act quickly, they usually underestimate the prices. Though the low cost of housing ― only the first sign for the buyer.

The second occasion to prick up the ears – sale by proxy. Besides that it can be false, so also the document until its cancellation works. The purchase and sale agreement comes into force only after its registration in the Federal Registration Service. If the seller cancels action of the power of attorney earlier, then such transaction can be recognized as invalid.

2. Illegal privatization

Each apartment in the secondary market has the history. It is necessary to begin check from the moment of privatization of housing. The matter is that all who are registered in the apartment shall participate in this procedure. And if forgot about the rights of one of family members, for example, mother privatized the real estate while the son served sentence, then you as a result will suffer as the buyer. The transaction can be recognized as invalid because of illegal privatization. Prick up the ears if at the time of transaction of spouses or the spouse of the owner of the apartment are recognized as disappeared. The absent relative can appear in several years and declare the rights to the apartment.

3. Uncoordinated sale

Find out how many at the apartment of owners. Both spouses shall be agree to sale (or the former spouses who were married at the time of purchase of the apartment). If among owners of the real estate there are minor children, then tutorship and guardianship authorities shall approve the transaction. In other words, all owners of the apartment shall tell resolute “yes”. If someone from them doesn’t make it and after the transaction will declare the rights, recognize it as invalid.

4. Unaccounted inheritance

Check how many times bought that apartment and sold how the last owner got it. The apartment could be presented or devolve. It is necessary to check accurately according to documents whether other relatives can be heirs of this apartment also. If the rights of these people in case of property sale are violated, can recognize the transaction as invalid.

5. Debts on fees for overhaul

At last, after purchase of the apartment it can become clear that the previous owner ran into debt the decent amount for capital repairs of the house. Unpaid fees for overhaul of apartment houses pass to the new homeowner. Therefore check availability of debts before execution of the transaction.

As for debts on accounts for utilities and telephone communication, they don’t extend to the new owner. However in the agreement of a purchase sale and the act it is better to specify that debt doesn’t pass to the buyer.