Often, property buyers do not pay proper attention to the process of accepting and transferring the property.
Their thoughts are focused on how to quickly set up the new home, how to create a comfortable atmosphere.
To avoid forgetting important final steps, we have prepared a brief checklist.
1) It is important to fix the date when the transfer will take place.
By this date, your ownership rights must be registered, and the seller must vacate the property.
Usually, this is spelled out in the purchase and sale agreement. For example - "transfer within 2 business days after registration of the buyer's ownership rights".
The parties usually agree on the exact date and time.
2) It is important to agree on the date from which the buyer will start paying utilities.
You need to determine until which date the seller will pay all utilities. Consequently, overdue or outstanding payments will be the seller's responsibility, and the buyer will not be liable for them.
For example, if the parties agree on the date "September 1st", you need to keep in mind that renegotiating all contracts will take time.
Therefore, some bills may still come to the seller, and the buyer may pay them directly, or compensate the seller for the amount that already belongs to the buyer.
3) It is important to determine which specific contracts need to be renegotiated.
The standard list for an apartment will be as follows:
- Service contract with the management company.
- Electricity contract.
- Gas contract (in some cases).
- Contract with a security company (in some cases).
4) It is important to update property tax payments.
After completion of the transaction, you need to submit a statement to the local municipal office so that property tax payments come to you by email.
5) It is important to check the condition of the property.
If you examined an apartment or house fully furnished, you need to check that all personal property has been left and nothing has been removed.
We recommend attaching a list to the purchase and sale agreement that specifies the items that will be transferred to the buyer.
6) It is important to verify the completeness of documents.
If purchasing an apartment, you need to request and obtain the "inventory file" (technical passport of the apartment) from the seller.
If it is a house - then the construction project, documents from the builder and architect.
7) It is important to check the condition of meters.
Each property has water meters. In some cases - heating meters.
You need to verify that the meters are certified and suitable for use.
This can be checked in the last utility bill. Or, the seller can provide a special certificate indicating the shelf life of the meters.
If you wish to purchase a quality property, and individual attention is important to you, if you want to communicate with a real estate agent and lawyer in your native language, contact our company KOM-INVEST! We will be happy to select a suitable property, answer all questions, draw attention to significant nuances, complete the transaction, arrange a residence permit, and manage your property.
For more detailed information about obtaining a residence permit in Latvia, see here in different sections.
Have questions? We're waiting for your email or call!
Phone number: +371 29774775
Email: info@kominvest.com
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