Buying real estate could be the most important decision of oneʼs life. It is necessary before you go ahead with such a decision to perform certain "check-ups" in order to make certain that you are doing the "right thing".
Firstly you should check and question your own decision to purchase property. Secondly you should perform legal and technical inspection of the property.
It is very important to reconsider and re-check your decision to purchase property. That includes re-examining the choice of the property you decided to purchase (i.e. apartment, house, condo etc.), the location of the property and its proximity to public transportation, schools, stores and naturally your work place. You should also re-examine the type of financing you have chosen. In case of a banking loan you should make absolutely sure that you are, and will be, able to repay the loan without any problem.
It is performed by an attorney who checks the legal status of the titles and deeds of the property. This is done in the appropriate Public Office of Titles, and the attorney tracks the course of the titles of the property for the past twenty years and how they came into the sellerʼs procession. The titles should be free of any past or present liens, and the attorney checks the compliance of the construction contract to the local urban regulations. Special attention is given when power of attorney documents are involved representing old or invalid individuals and / or residents of foreign countries. As soon as the saleʼs contract is signed the attorney is advising his client to hurry up and take care of the property transfer documents since according to the law only then he becomes the lawful owner of the property.
This type of inspection is discretionary and helps in identifying the market value of the property and the compliance of the construction with urban regulation. It is done by a civil engineer or architect. In cases where the property is located in areas outside city limits there is additional checking taking place regarding the propertyʼs compliance to forest, coastal or archeological regulation.