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Buying an apartment from a contractor – part 2

Posted by Esti Arnon on 28/03/2015

Buying an apartment from a contractor - Questions and Answers

Two lawyers take part in a real estate transaction of a new apartment: a lawyer on behalf of the contractor and a lawyer on behalf of the buyer of the apartment.

It is important to note that the contractor's Attorney cannot represent 100% loyal buyer apartment too., According to the rules of common sense. The lawyer on behalf of the apartment will ensure his rights regarding the funds to pay the contractor., Due date of delivery, The quality of construction, Property name registration and more.

Excellent contractor contracts, For the most part, And of course ease restrictions that are in favor of the contractor.

Usually ready contractor to change at least some of the conditions and be flexible. There is no doubt contractor keeps the stiffness during negotiations is tough nut to crack. If it is found that his reputation and business stability are in doubt, We recommend to let the deal even if the contract may be promising.

For those who pay fees?

Apartment purchaser is required to pay fees to his lawyer and the lawyer of the contractor, This is because the lawyer of the contractor responsible for the registration of the purchaser and registration of the condominium. Therefore, buyers prefer saving to pay fees for their lawyer, That is not to hire a lawyer on their behalf. No doubt these shoppers are saving their money, But on the other hand are risking their property and their rights. Without professional representation they may fall

Signing a contract that is not in their favor because of the lack of knowledge of the real estate information. What percentage of the purchase price paid to the lawyers?

The lawyer acting on behalf of the buyer will require the 0.5% Until 1.5% Fees from the transaction price. The attorney on behalf of the contractor will require between 1% Until 1.5% Price of the transaction fees.

Is it possible to guarantee the rights of the buyer in the case where the contractor is bankrupt?

Subject ensuring the rights of the purchaser of the apartment is a major issue. There are several types of securities to the buyer of the apartment. One is concerned bank guarantee to ensure the return of the money paid to purchase the apartment. This guarantee does not provide a solution for all damages caused to the purchaser of the apartment, but she credits it with his own money in the end. Role and ability of the attorney for the purchaser to ensure the performance process.

Should seek the advice of a lawyer before signing a mortgage contract?

Although lawyers are involved in real estate, In most cases, This topic, Still might want to ask the lawyer to review the contract in order to prevent the existence of sections "small" financial risk that may pose a future mortgage holder.

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