What are the potential risks that threaten every property buyer?
1. The agent-a key figure. It is not easy to find a professional and reliable agent but in case you found one. The advice is to rely on him. He is your insurance for fraud safety. According to statistics most frauds happen to those who decide to skip the agent and go for the property purchase on their own, with the idea of saving some commission money. For information only-the standard commission in Bulgaria is 3% from the property price. 2. Burdens over the purchased property. This is the case of purchasing a property which is bought on mortgage, there are debts towards the property, the property is under investigation or the present occupier has the right of use of it for life. This means that you would be buying a home but your actual use of it will be delayed in the long term future. 3. The property has many heirs. The trick here is that the seller is just one of them and he actually does not have the right to sell. But if you have already paid for it the only way out is to start a trial for the return of your money. 4. Fraud when finalising a property sale. There is a big chance for fraud when the payment is done in cash. The seller may say that he did not get the money from the buyer. This is why when payment is done in cash-always in front of a witness lawyer or an agent. The testing of a property for the above situations is not an easy process. However a professional and reliable agent will assist you with all these matters as he should be aware on how to deal with this type of situations. Always be aware that by saving from the agent’s commission-3% you may go in to much bigger troubles and expenses when buying a property.
30.08.2005
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