Buying an Apartment Step by Step - A Guide on How to Purchase a Property
Buying an apartment is one of the most significant financial decisions in life. That’s why the process should be carried out step by step, with full understanding of each stage and its legal formalities.
The goal is to organise all the actions required during a property purchase. When acquiring real estate, not only the price matters but also transaction security, market analysis, and financial preparation. A properly managed process minimises risk and allows for an informed decision-whether it concerns the primary or secondary market.
Decision-Making and Market Analysis
The first stage on the road to owning your own home is determining your real financial capacity. This goes beyond choosing a property-it also involves analysing the real estate market, assessing asking prices versus actual transaction values, and understanding all costs involved.
To buy confidently, you should define your maximum budget, compare locations, and verify average property prices in the selected area.
Only real estate agencies have access to full transactional price data, so consulting experts provides a realistic view of the market. A well-considered decision, based on needs, size, and type of property, helps avoid costly mistakes later in the process.
Searching for a Property - Primary vs. Secondary Market
The next step is deciding between new developments and resale properties. The primary market offers developer-standard or turnkey apartments, while the secondary market consists of used homes, often requiring renovation.
Resale properties appeal to buyers who want to move in quickly or prefer established neighbourhoods. However, they require a thorough technical and legal check. The choice between the two depends on expectations, budget, and available time.
Buying from a Developer vs. Secondary Market - Formal Differences
Purchasing from a developer involves reviewing construction permits, land ownership, and the developer’s registration. A developer agreement specifies project stages, payment terms, and the transfer of ownership.
A resale property, on the other hand, requires direct contact with the seller, review of the land and mortgage register, confirmation of ownership, and checking for any encumbrances. Regardless of the market, every real estate transaction should be transparent and properly documented at each stage.
Legal Verification and the Land and Mortgage Register
Verifying the legal status of the property is crucial. Before purchase, the land and mortgage register must be reviewed to confirm ownership and ensure there are no mortgages or third-party rights. A clear legal status helps avoid disputes and complications in ownership transfer. It’s also important to check whether anyone else is registered as a resident in the property, as this may affect handover.
Mortgage Financing and Creditworthiness
Buying a property is often financed through a mortgage. This requires an assessment of creditworthiness, income stability, and property valuation. The bank’s appraisal determines the maximum loan amount and conditions.
Buyers can choose between fixed or variable interest rates depending on the offer. The loan process can extend the transaction timeline, but it enables the purchase for those who don’t have the full amount in cash.
Preliminary Agreement and Reservation
Before the final purchase, a preliminary agreement is usually signed. It defines the property price, notary date, and transfer terms. It may be concluded in civil form or as a notarial deed, offering stronger legal protection. This stage also enables the buyer to finalise mortgage procedures.
Finalisation - Notarial Deed and Property Handover
Ownership is formally transferred through a notarial deed, which must include accurate property details and conditions of transfer. The buyer becomes the legal owner once the entry is made in the land and mortgage register. Afterward, the property is handed over with a protocol verifying its condition, meters, and keys.
Cash Purchase vs. Mortgage Purchase
A cash purchase shortens the process as it eliminates bank procedures and credit checks. A mortgage purchase takes longer but offers flexibility for buyers without full capital.
Post-Purchase Formalities and Property Handover
After signing the notarial deed, utility transfers, address updates, and registration with the housing association must be completed. During property handover, the technical condition, installations, and finishes should be inspected.
Summary
This step-by-step guide to buying an apartment presents all the essential stages of a safe real estate transaction-from market analysis and document verification to signing the notarial deed. Proper preparation at every step minimises risk and ensures an informed, secure purchase decision.
However, this is only a simplified overview. Each transaction is unique and requires professional support. We invite you to work with the Concierge House team-our specialists will help you save time, avoid mistakes, and guarantee complete security throughout the buying process.