Closing a Transaction and Handing Over a Property
Undersigning a Sales Contract
When a reservation contract is undersigned, the key phase of the transaction comes, i.e. undersigning the sales contract. It is prepared either by the selling party – in such case your agent will comment on and alter it in cooperation with a solicitor – or by the buying party. In the latter case it will be prepared by our solicitors and they will watch carefully all alterations proposed by the other party. Undersigning a sales contract itself takes place at a notary. The time of this meeting will be planned and arranged by your CENTURY 21® agent in cooperation with you and representatives of the sellers. In some cases, especially when you finance the purchase by means of a mortgage loan, it will be necessary to undersign a preliminary sales contract before undersigning the sales contract. Also elaborating and possible commenting on this contract are of course included in our services. The necessity to watch the flow of your money is not last. We will ensure the safe deposit of the money in the amount of a purchase price with independent entities (a solicitor or a notary) and see to that all conditions for paying it to the seller are observed.
Handing Over a Property
Undersigning a sales contract is followed by the final meeting where the seller hands over the property to the buyer. A CENTURY 21 real estate agent assists you in taking over a property and will prepare a handover report that he or she will go over point by point with you and the seller. If everything is all right according to the sales contract, the fundamental part comes – you will finally obtain keys to your new home!
Our CENTURY 21 agent will also assist you in transferring energies and services, will ensure that the real estate transfer tax is paid in time, and in case of need and your interest will ensure moving, cleaning, painting, and similar services.
Insuring a Property
Do not forget to insure properly your newly acquired property. There are large numbers of insurance products and it is not easy to familiarize yourself with them; moreover, insurance companies change the range of them and the conditions of providing them very often. Please contact a CENTURY 21 agent who will propose the optimum setup of an insurance policy in cooperation with a consultant from CENTURY 21 Financial Services.
Letting a Property
If you are buying a property for the purpose of letting, we recommend you to verify the possibilities of and the interest in letting this or similar property before the purchase itself. You will get a picture of expected proceeds in this way. Moreover, hardly any property is let for 12 months a year; you have to take into account also such months when it will be vacant and investments in renovations. If you are buying a property without a tenant and without a pre-agreed person interested in letting, be very cautious concerning the estimated rent amount and have an analysis of the reality of the expected proceeds elaborated by a real estate professional – a CENTURY 21 agent. See Advice for a Landlord for more information on letting a property.