The most common legal mistakes when buying real estate - tips from lawyer Sven Schwarzat

For many people, buying a property is the biggest financial decision of their lives. Nevertheless, there are numerous legal pitfalls and errors that buyers should be aware of. This article highlights the most common legal errors when buying real estate to warn potential buyers of costly mistakes. Sven Schwarzat, who studied law and is now a real estate investor, provides some insights.

1. the belief that all information in the exposé is complete

A common mistake is the assumption that all the information listed in a property's exposé is complete and correct. Buyers often assume that they can rely on this information. In reality, important details may be missing or inaccurate. It is advisable to obtain additional information from the relevant building authority and carry out an inspection of the property. In particular, buyers should check the condition of the property carefully to avoid any surprises later on.

2. the idea that a verbal purchase contract is binding

Another common misconception is that a verbal purchase contract is legally binding. In Germany, a real estate purchase contract is only valid if it is notarized in accordance with Section 311b BGB. A verbal contract has no legal consequences and cannot be enforced in the event of a dispute. Buyers should always insist that the purchase contract is drawn up and notarized by a notary to ensure legal certainty.

3. the assumption that ancillary costs are included in the purchase price

Many buyers forget that not only the purchase price itself but also considerable additional costs are incurred when buying a property. These include land transfer tax, notary fees and fees for entry in the land register. These additional costs can amount to up to 10% of the purchase price. Buyers should find out about these costs in advance and plan their budget accordingly to avoid financial bottlenecks.

4. the conviction that the seller is liable for all defects

A common misconception is that the seller is liable for all defects in the property. In many cases, a so-called "inspection clause" is agreed in the purchase contract, which releases the seller from liability for visible defects. Buyers should be aware that they are generally responsible for inspecting the property themselves and should record any defects in the contract in order to prevent disputes later on.

Conclusion

Buying a property can be a complex matter with numerous legal challenges. Buyers should be aware of the most common legal misconceptions and seek legal advice in good time if in doubt. Careful preparation and comprehensive information are crucial in order to avoid mistakes and realize the dream of owning your own property.

About the author: Sven Schwarzat is Managing Director of Schwarzat Capital GmbH, based in Lützen. With this GmbH and also privately, he holds numerous properties in his portfolio, carries out construction projects and rents out his apartments. His focus is in and around Leipzig. His expertise and experience make him a reliable advisor for general questions on real estate and specifically on the Leipzig real estate market.

For further information, please contact (also responsible for this press release):

Schwarzat Capital GmbH
Mr. Sven Schwarzat
Ernst-Thälmann-Straße 18
06686 Lützen
Germany

phone ..: 034444909876
web ..: http://www.schwarzat-capital.de
email : info@schwarzat-capital.de

You can use this press release - even in modified or abridged form - with a source link to our homepage on your website free of charge.

Schwarzat Capital GmbH
Ernst-Thälmann-Straße 18
06686 Lützen
Germany

https://schwarzat-capital.de

Herr Sven Schwarzat
034444909876

info@schwarzat-capital.de

About the author: Sven Schwarzat is Managing Director of Schwarzat Capital GmbH, based in Lützen. With this GmbH and also privately, he holds numerous properties in his portfolio, carries out construction projects and rents out his apartments. His focus is in and around Leipzig. His expertise and experience make him a reliable advisor for general questions on real estate and specifically on the Leipzig real estate market.

This release was published on openPR.