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Real Estate Law
Real Estate Transactions: What You Need to Know
The most important legal aspects of real estate transactions. What should buyers and sellers pay attention to?
D
Dr. Ildikó Nagy
Purchasing property is one of the most significant financial decisions in our lives. That is precisely why it is crucial to ensure every step of the process is backed by proper legal support.
Before Signing the Contract
Before signing the purchase agreement, we recommend the following steps:
- Title deed verification – Make sure the seller is indeed the rightful owner and that the property is free of encumbrances.
- Energy performance certificate – Mandatory for property transactions since 2013.
- Condominium certificate – For condominium apartments, request proof of common charges.
The Role of the Attorney
In Hungary, real estate purchase agreements must be countersigned by an attorney. The attorney’s responsibilities include:
- Drafting and countersigning the contract
- Verifying the parties’ identities
- Initiating the land registry entry
- Assisting with duty payment calculations
Common Mistakes
- Confusing earnest money with a down payment
- Missing deadlines
- Neglecting to clear encumbrances
Tip: Always request a fresh title deed, no older than 30 days, before signing the contract!
If you have any questions regarding real estate transactions, feel free to contact our office.