Buying a home directly from landlords is an increasingly popular strategy that allows you to avoid commissions from real estate agents, but it requires a good deal of planning and knowledge of the market. This guide provides a comprehensive overview of the process, step by step, to ensure that your real estate investment is a success.
Advantages of Buying Directly from Owners
Buying directly from landlords offers a number of benefits, including:
- Savings on commissions: By avoiding the intermediation of real estate agents, commissions are saved.
- More negotiation opportunities: Direct contact with landlords can facilitate more flexible and personalized negotiations.
- Greater transparency: Direct interaction allows obtaining more detailed and accurate information about the property.
Preliminary Steps: Market Research and Analysis
Study of the Territory
Before starting your search, it’s essential to know the local real estate market. Analyze
:
- Average property value: Compare property prices in the area of interest.
- Historicity and condition of buildings: Assess the age and state of preservation of buildings.
- Local services and infrastructure: Consider the proximity to schools, public transport, and essential services.
Using Online and Offline Tools
- Real estate portals: Use real estate ad sites, selecting the “private advertiser” option.
- Direct contacts: Notice the “for sale” signs during your explorations and contact the owners directly.
Stages of the Purchasing Process
Letter of Intent
The letter of intent is a preliminary document that expresses an interest in buying a property. It serves to formalize the intention to proceed with the purchase, establishing the basis for future negotiations
.
Purchase Proposal
After negotiating with the owner, it’s time to formalize a purchase proposal. This must include:
- Price offered
- Terms and conditions
- Acceptance Deadlines
Acceptance of the Proposal
The seller can accept the proposal, make a counteroffer, or reject it. The acceptance phase is crucial for finalizing the details of the transaction
.
Preliminary Purchase and Sale
Once an agreement has been reached, a preliminary purchase and sale is drawn up, which includes:
- Sales price
- Payment methods
- Date of delivery
- Special clauses
Confirmatory Deposit
The confirmatory deposit is an amount paid at the time the preliminary is signed to demonstrate the commitment to the purchase. In case of default on the part of the buyer, the deposit is withheld by the seller; if the seller does not comply with the terms, he must return twice the
deposit received.
Required Documentation
Examination of Documents
Carefully check all the documentation related to the property, including:
- Cadastral registration: Provides information on the cadastral situation of the property.
- Certificate of urban destination: Indicates the intended use of the property.
- Certificate of habitability and compliance: Certifies that the property complies with habitability standards.
- Mortgage documents: Check for the absence of mortgages or legal constraints.
Notary Deed and Registration
Role of the Notary
The notary plays a fundamental role in ensuring the legality of the transaction. It draws up and authenticates the notarial act, verifies the identity of the parties involved and officially records the
transfer of ownership.
Content of the Notarial Deed
The notarial act must include:
- Detailed description of the property
- Identifying the parts
- Sales price and payment methods
- Transaction-specific conditions
Signature and Registration
After signing the notarial act, the notary registers it with the competent offices, such as the tax office and the land registry, ensuring that the change of ownership is legally recognized.
Payment and Key Delivery
Payment Methods
Payment can be made by bank transfer or cashier’s check. Make sure that the seller confirms receipt of the funds before proceeding with the transfer of the keys
.
Delivery of the Keys
Once the payment has been made and the act is registered, the seller hands the keys to the buyer, marking the official completion of the transaction.
Transfer of Utilities
The new owner must take care of the transfer of utilities (electricity, gas, water) in his own name, making sure that all services are properly registered.
Buying a home directly from the owners can be a complex process, but with the right planning and attention to detail, it can prove to be a very profitable investment. By following this guide carefully, you will be able to successfully navigate all phases of the purchase, maximizing opportunities and minimizing risks
.
