What to look for when buying apartments in the secondary market

The purchase of second homes, generally safer participation in a long and often risky joint construction. Perhaps this is why the majority of transactions of purchase and sale of apartments occurs on the secondary market. But knowledgeable realtors say that the Institute of bona fide purchase primarily protects the interests of the previous owner. This suggests that the buyer of a resale property you should know and pay attention to some nuances.

What to look for when buying apartments in the secondary market
How to protect yourself when buying an apartment
What you need to check the documents when buying an apartment

Signs of fraud

The first thing you should pay attention to the price. You must compare the price the vending of the property with an average cost per square meter of similar options in the same area. If the price of the apartment at least 20% below market, it makes sense to think. Clearly a low price may indicate the desire to quickly sell distressed homes. Very often, unscrupulous sellers of low cost justify the need of a quick sale because of moving, lack of funds for treatment and so on. Faced with this situation it is better to remember the saying about free cheese in a mousetrap, and several times all to recheck.

Another indicator is the number of sales of the apartments. Taking the extract from the Russian register or the house register, it is possible to learn in detail about how many times housing is passed from hand to hand. The frequent change of owners in a short period of time – a clear sign of fraud. Judgment on the protection of the rights of bona fide purchaser – wrongly. If ever the apartment was selected from the rightful owner dishonestly (forgery, threats, deceit, incapacitation, etc.), the buyer of this apartment will never be recognized as fair, even if the property before it was resold dozens of times.

Caution should be taken to the conclusion of transactions on General power of attorney, without the direct involvement of the owner. To check the validity of such a document is not enough. Even if it will be decorated perfectly legal, no one can guarantee that the Trustee, for example, is still alive and the buyer will not have to share an apartment with instant heirs.

Technical issues

The alarm signal should be news of a fairly large number of apartments sold at the same time in the same house. In that case, you need to take the time and learn about the history of the house, its accident rate, the presence of cracks, condition of communications, seasonal problems (flooding of basements, roof leaks, etc.).

So, it makes sense to verify information in the documents of BTI, with the actual condition and layout of the apartment. Because if the seller did not duly legalized by the ongoing refurbishment and renovation, payment of fines, registration of securities and the subsequent mess will fall on the shoulders of the new owner.

In addition, before entering into the transaction it is mandatory to check:
• the identity of the seller;
• whether he is married;
• the number registered and living in the apartment people;
• participated in the privatization of housing by minors;
• discharged if any of the apartment after 1995 in connection with serving punishment in places of deprivation of liberty, such persons can then apply for the apartment);
• on what grounds the seller has obtained the right of ownership of housing (especially if we are talking about inheritance).

Is the advice useful?