3 main dangerous conditions in the contract of sale of an apartment
According to various data, from 5 to 10% of real estate transactions are challenged in court, and some of them are eventually recognized as invalid. In most cases, the affected party is the buyer of the property. It is the future owner who risks losing time or money, and sometimes even an apartment, if the purchase and sale agreement is not executed correctly.
In order to protect your property rights, you need to know the main points of dispute in the legal transaction and take them into account when entering into a contract of sale of an apartment.
Understating the market value
Often the seller offers the buyer to register in the contract a lower cost of the apartment than the actual amount of the transaction. This is due to the reluctance to pay income tax. This situation occurs in the following cases:
l if the period of ownership of the apartment is less than 5 years;
l with a recently received inheritance.
For the buyer, such registration is dangerous because in the event of termination of the transaction or its recognition as invalid for any reason, the seller can only be charged the amount that was prescribed in the contract of sale. Even if the court appoints payments to the affected party, it will not be easy to get your money back — the seller can spend it, hide it, or change your place of residence. The refund process can take a long time, or even end in failure. In this case, the apartment will be returned to the former owner. Also, for the buyer, understating the cost is unprofitable for receiving further tax deductions. All payments are calculated only on the basis of the amount specified in the contract.
Absence of a clause in the contract about the situation
When purchasing an apartment together with the interior, you must include a list of equipment and furniture in the contract.
If this is not done, the seller has the right to take back their property or charge the buyer an additional fee.
Permanent registration of former owners in the apartment
When buying an apartment, make sure that no one is registered in it. This can be found by ordering a certificate of registered persons-form 9. Some sellers insist on keeping their registration until they buy a counter option, explaining this desire by the lack of other real estate. Then you need to include in the contract a clause stating that the former owner undertakes to withdraw from registration within the prescribed period. If this point is not provided, the seller may refuse to be discharged. In this case, the former owners are removed from registration through the court, but it will take time and nerves.
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