The five mistakes you should avoid when buying a house

For many people, buy a house It is the result of many years of work and effort, so for specialists, getting involved in an operation of this nature must be done very carefully and making sure that everything is in order to avoid any inconvenience.

“Selecting the ideal house can be a challenge, but even when you have found the home of your dreams, you will have to make sure that it complies with the corresponding legal aspects to be acquired”, explained Karim Goudiaby, founder and general director of the real estate digital Neximo.

For Goudiaby, in this type of operations of home purchase Different eventualities can arise and one of them, for example, is that the owner is not who he says he is or the house is not deeded.

According to the National Association of Mexican Notaries, in the country there are little more than 35 million homesof which 10 million do not have a deed, so the lack of certainty of ownership is a latent risk for home purchase operations.

In this scenario, it is necessary to avoid the following errors, in order to make the purchase of a home a totally satisfactory experience.

Not reviewing documentation

One of the common errors that have been detected in the sale of a home is that potential buyers do not review in detail the documentation that proves the legal possession of a property.

For Yadira Reyes, a legal specialist at Neximo, children often stay with their parents’ house and when they die, their offspring believe that the property can be sold without any requirement; however, they do not necessarily have the legal authority to do so.

“It may be that the property comes from a succession, an adjudication or a transfer of rights trial, you just have to be clear that they are different processes for each type of acquisition; the process can be very long or simple depending on the documentation. Beyond choosing the property of your dreams, you have to focus on having the documentation in order,” said Reyes.

According to the specialist, it is necessary to request two essential requirements to verify ownership of the property:

• The title of the property or the public deed: It is the basis to ensure that it is a property that can be acquired. The document must be in the name of the person who is selling the house or apartment and, if applicable, must have a power of attorney to be able to market the property.
• Proof of payment of services: It is necessary to specify that services such as predial, water, electricity and telephone, are paid in a timely manner.
• Not making sure that all co-owners want to sell

Reyes emphasized that in a property that has different co-owners, it is essential that all registered owners agree to the sale of the property.

“It is important that, as Real estate advisor and buyer, review the documentation in advance before signing any contract, and at the same time seek advice if you have any questions to continue advancing in the process or you could lose a lot of valuable time,” Reyes said.

Don’t talk about hidden vices

Another of the most recurring themes in a real estate transactionespecially after taking possession of the property, is that of hidden vices.

According to Reyes, hiding information in this regard can translate into three consequences: rescind the contract, modify its conditions and demand compensation for damages.

“There is little talk of defects during a sale, in a deed that is a natural clause, that is, it must always be there. You have to take great care of this aspect, “added the specialist.

Not asking the right questions in a presale

For the directors of Neximo, it is essential that, in the case of the pre-sale of a homeit is corroborated that the property has a condominium property regime in process, since on many occasions there are fake real estate in the market in order to defraud.

“Ask about the status of that regime, if they tell you that it is in process, that means that all the permits that were needed to process the condominium property regime itself are ready and that you are dealing with a serious and reliable developer. In that document you can find out how the lot was acquired,” Reyes said.

Not finding out what’s behind a real estate auction

Los real estate auctions they can be an attractive option to get a cheaper property, compared to the average market price; however, it is necessary to verify the stage in which the auction is found.

“Before letting yourself be carried away by a low price, ask how much you could pay in taxes, rights and expenses, everything that an acquisition of this type causes. Knowing this, you will be clear about how viable it is to buy a property at auction, how much it is going to cost you cost in the end and how long it’s going to take,” Reyes said.