Buyer's Guide: How to Find Your Ideal Property

A complete guide for buyers: how to become a property owner

Buying an apartment or house is one of the biggest, but also most stressful events in life. It is a process that we plan for a long time, that we look forward to, but that also scares us at the same time. We probably only have visions of what we want for years, and now that the time has come to buy and make a decision, the feeling of happiness and excitement is almost always accompanied by a feeling of stress about everything that awaits us. The moment when a person finally has the key to their new home in their hands is often worth all the answers and much more, and this often leads to a feeling of confusion. Do not let stress take over and let our team help and guide you. We are with you from the first step to the day you open the door of your new home.

If you are not looking for a new home, but a profitable investment – in that case too we have the answers and will help you find the best and most profitable solution for your plans.

But, whatever your intention regarding the purchase of a new property – the path to ownership is the same and not at all simple to go through on your own, especially if you are deciding on this move for the first time.

In the following, we bring all the basic and important information that you would encounter in the process of buying a property. Let this text be your guide for everything you need to pay attention to, and contact us so that the process goes as easily, simply, profitably and quickly as possible.

Carefully research your finances

First of all, it is important to decide what budget you have at your disposal. Whether you have saved or inherited money, high or low, regular, irregular or shared income, or you decide on one of the options offered by banks, a visit to the bank is necessary. A conversation with your banker will give you a realistic insight into your financial situation and possibilities and a better assessment of the amount of return and creditworthiness.

This first step will allow you to keep your search for potential properties within a realistic framework. With the information obtained, contact one of our financial experts for further consultation. Namely, at Regent, among other things, we also offer individual financial consulting.

Define your needs and wants

Although we can present you with several ideas from our diverse offer at the initial meeting, it certainly makes more sense that at the time of the initial conversation you have at least a somewhat clear vision of what kind of property you want to buy. Make a list of features that are important to you. Location, number of rooms, interior and exterior appearance – all this is data that will together make it easier for us to find the ideal property and at the same time eliminate those offers that do not match your wishes. At this stage, our real estate agent can be of great help to you. Our experts are familiar with the locations, understand the local market and can also arrange a viewing of the properties you are interested in.

When we talk about the location, keep in mind to research all potential advantages and disadvantages, in which we also provide our help. The infrastructure of the settlement, the environment, the amount of greenery, the view, accessibility, public transport, the proximity of educational, health and social facilities and shops are important factors for the everyday life you want to live in your new environment.

Get to know the property and its documentation

Before submitting an offer, it is important to check the property's documentation – the land register extract, building permit or other appropriate building act, use permit and energy certificate. It is certainly necessary to inspect the ownership registered in the land register and the deposit status in a special account where the property is located. Also, the owner should be asked for all documents about the building and land he owns, and the energy certificate. The land register extract is the only proof of ownership or some other right that can be the subject of registration in the land register, while the energy certificate is a document that confirms the energy properties of the building, and it is prepared by persons authorized for energy certification – energy certifiers.

If you are buying a new building under construction, the investor is obliged to provide you with an executive / final building permit or other appropriate building act. In addition to the building permit, the use permit is equally important, which the building cannot obtain if there has been a deviation from the construction conditions prescribed by the building permit or other appropriate building act. It is also requested to inspect the main project, which is part of the building permit.

It should be noted that the investor, i.e. the owner of the building, is obliged to obtain an energy certificate before issuing a use permit. It is important to know that although you are buying the property, after signing the sales contract, the seller is obliged to give the buyer the energy certificate of the property.

Our agents and experts from our team can provide you with all the necessary documents and insight into them. In our team, we have the knowledge and experience of builders, lawyers and real estate agents whose cooperation works in such a way that we obtain all the necessary and correct documentation for you in a reasonable time and thus make this, for many, a painstaking process easier for you.

Conclusion of a preliminary contract

After you have found the ideal property and checked all the documentation related to it, it is time for the first serious step – concluding a preliminary contract. Signing a preliminary contract is a common part of the property buying process. It defines the property, by stating the land registry data, cadastral municipality, plot number, etc., a description of the property (address, description of the apartment / house, area ...), the agreed price, the date of conclusion of the final contract and the payment of the agreed down payment.

As for the down payment, it is customary to make an agreement so that in case of the buyer's withdrawal, the seller keeps the down payment, and in case of the seller's withdrawal, he must pay the buyer double the amount of the down payment (the most common agreed amount is ten percent of the property value). The preliminary contract must be certified by a notary public, but for collecting all the necessary data and drafting the contract, you can contact our Regent expert team who will make this process simple.

Sales contract

Once the preliminary contract has been signed, a sales contract must be drawn up, which, in addition to everything stated in the preliminary contract, also contains the date of handing over the property to the buyer and the seller's guarantee that there is no third-party right to the property. Drafting a sales contract is a serious and detailed process in which attention must be paid to a number of items. Therefore, seek our legal expert, and it is highly recommended at this step. Be sure that with our guidance in this process you are fully protected as a buyer.

The final version of the sales contract is certified by a notary public in several copies so that the seller, buyer and notary public can keep a version of it, but it must also be submitted to the land registry department of the competent municipal court, the tax administration when submitting a tax return for real estate transactions, and the bank if the property is being purchased with a loan.

In the case of a purchase with a loan, the contract must first be solemnized by a notary public, and the bank then registers a mortgage on the property. Read more about the solemnization process HERE.

Registration of ownership

At Regent, we are with you in this final step as well. Namely, the right of ownership of a property on the basis of a sales contract is not acquired automatically, but by registration in the land register, in which we also offer our help. Find more detailed information on registration in the land register HERE.

Real estate transfer tax

After you breathe a sigh of relief and finally unlock the door of your new home, know that the process is not quite over. Namely, within 30 days of the occurrence of the tax liability (signing the sales contract), you must report the purchase of a house or apartment to the branch of the Tax Administration in the area where the property is located. The real estate transfer tax rate is 3% of the market value of the property at the time of its acquisition. In certain cases, the buyer is exempt from paying property tax, and you can find out more about this and property transfer tax in general HERE.

Buying a property can be a complex process, but with timely information and good preparation, you can make it much simpler and safer. The key to success lies in realistic planning of steps, choosing the right location, cooperating with reliable experts and a detailed check of the legal status of the property. As a real estate agency, we are always here to help you and provide support at every step so that you can find your new home without stress and with full confidence.