If you selected the real estate to buy and agreed at least verbally with the current owner about the main parameters, then the time has come to join our forces for turning the agreement legal.
It is always recommended to include the verbally agreed parameters into a Letter of Intent signed by both parties in the presence of two witnesses. At the time of signing this Letter of Intent it is suggested to pay a reservation fee ranging between 200.000-500.000 HUF depending on the value of the property(cca. 1%). Based on many years of experience, significantly less real estate business failed where a Letter of Intent had been created and signed by both parties. If you do not have a Letter of Intent at hand, download it HERE . In case you have decided not to sign a Letter of Intent, then you are needed to fill THIS Data Request Form accurately and return it to me.
Based on this returned Data Request Form, I am going to draft the contract for purchasing the real estate within 2-3 days.
Important: you shall notify the current owner of the real estate to obtain an Energy Certificate that contains the energetical abilities of the property. The purchase contract of the property cannot be signed without this certificate.
After the parties checked the draft and the required modifications were made, we set the date for signing the purchase contract and finalize the document itself.
The Office of Land Registry will receive the documents within 2-3 days from signing the purchase contract and you will also be forwarded the copies in case you applied for a bank loan.
After the bank administration had been concluded and the balance has been paid to the seller of the real estate, I need to notify the Office of Land Registry to register the change in ownership in their records. For timely reasons, it is advisable to update me if any progress were made in the process.
As a summary, here are the main steps to take in order to successfully sign a purchase contract:
- Contact our office as soon as you have chosen the property
- Agreement with the current owner
- Letter of Intent, obtaining Energy Certificate
- Contact our office if you have not yet – Data request
- Drafting purchase contract (within 2-3 days from receiving data)
- Checking and modifying the draft, setting the date for signature
- Finalizing contract, signing the purchase contract
- Submitting application to the Office of Land Registry (copies can be received within 3 days from submission)
- Bank administration (4 weeks at least)
- Contract fulfillment, hand-over of property
- Office of Land Registry finalizes the record