What should the buyer do in order not to fall into the trap of contracts and various documents?

The buyer must initially conclude a contract when buying a house. But before you sign a contract, you need to study it carefully. Since in such documents there is a complex legal terminology and legal norms are applied, which not every citizen can know about. If you have any questions, the best solution is to contact a qualified lawyer who will be able to clarify such points for you. Also, a lawyer can give certain advice on changing the contract in order to improve the condition of the buyer. Subsequently, it will be much easier for the person buying the house to solve their problems, since they will be familiar with the signed contract in detail.

What should people pay attention to when concluding a contract?

Depending on which contract is concluded, there are also certain points that are worth paying attention to. If we are talking about buying an already built property, everything is much easier here. The contract must go through a notary, the notary office is already conducting according to established models of such contracts and is concluded. If we are talking about buying a house that is still under construction or one that is just about to be built, in such cases it is worth being much more careful. You need to examine those questions carefully:

• In what time frame will the property be presented;
• In what condition will the property be presented;
• How should the payment be made;
• When should the payment be made;
• What will be built on the territory of the purchased property.

The buyer needs to consider all the issues presented in order to further obtain the desired property in those conditions that are beneficial to him. Everything related to the deadlines for the delivery of real estate is also extremely important. By specifying this item, the buyer will subsequently have the opportunity to protect their rights to receive the house / apartment on time. Also, these provisions oblige developers to finish their work on time, since failure to comply with the submitted provisions leads to liability in the form of fines and so on.

It is also extremely important when concluding a contract to pay attention to the issues of gasification, water supply, etc. in the construction, since after that a situation may arise in which it turns out that the developer did not commit to gas or water under the contract, and the buyer will have to spend extra money, time and effort to solve this problem.

In addition, when concluding a contract, it is important to pay attention to the status of the developer. It is necessary to find out whether the seller handed over his past buildings within the specified time frame, in what quality, etc.

Is it necessary to contact a specialist when concluding a contract?

No one obliges the buyer to contact a specialist when concluding a contract. If the buyer has enough knowledge in this area and understands all the points, he can calmly conclude the contract himself without help. But practice shows that, nevertheless, there are such subtleties in such documents that it is better to discuss with a lawyer in order to avoid problems in the future. It is preferable to contact a lawyer who will be able to find all the inaccuracies in the contract, mark all the points unfavourable to the buyer in order not to encounter all this in the future after the conclusion of the contract.

What problems do buyers face after signing the contract and how can they be solved?

One of the main problems is that developers violate the deadlines for the delivery of real estate. The main solution in such a situation is to apply liability to the seller in the form of fines, etc. But it depends on whether these provisions are spelled out in the contract. This is not always the case, so it is important to pay attention to this issue when concluding a contract and discuss with the developer the establishment of fines for violation of deadlines.

There are also problems with concluding the final act. You can encounter this when the house is already ready, but during construction the seller performed certain works that go beyond the architectural plan, as a result of which the authorized body does not accept or delays the acceptance of the finished house. In such a situation, the buyer will not be able to enter his home, get a certificate of ownership, and so on. Such situations should also be provided for in the contract. The document should establish that the buyer is obliged to pay certain compensation in the event of an appropriate situation.

What risks may arise when concluding a mortgage loan?

When concluding an agreement with a bank, it is necessary to pay attention to the interest rate and to ensure that the bank can not change it unilaterally in the future. In addition, it is worth noting in which currency the mortgage loan is issued. When concluding a mortgage loan, let’s say in dollars, the conversion process will take place in the future, in which the buyer may find himself at a disadvantage. It is also worth paying attention to the established penalties for delays. In some cases, banks provide for very large fines, which are undesirable for the buyer.

When buying a property, there will always be certain risks, it is impossible to completely avoid them, but the correct drafting of the contract helps to resolve most of them.

📍 To resolve issues related to the purchase of real estate, contact the law office of Vardan Khechyan.

☎+374 33 311 00
✉vardan@khechyan.com
🏢 0002 Yerevan, Yekmalyan str. 6, floor 2
🔗 https://www.armenianlaw.com/
Tg: @VardanLaw