Only from January 2019 to April 2022, the decision-making bodies of the Indecopi imposed 1,589 sanctions and approximately S/21,286,830 (4,956.4 UIT) in fines to service providers real estate. It is a latent danger that anyone who dreams of acquiring a new home from a real estate agency should pay attention to in order to avoid inconveniences in a buying and selling process.
“When purchasing a property, especially if it is a future asset, it is essential to have the advice of a lawyer so that you can properly negotiate with the real estate agent and thus minimize the risk of the operation. However, whether or not this option is chosen, it is essential to review the registry entry, the construction license; as well as construction details, location plans, electrical installations and sanitary installations, verify if the property is financed by a bank, among other things”comments Herman Patow, Managing Partner and Founder of ASESORI.
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Therefore, if you plan to buy an apartment in a real estate project, do not hesitate to take into account the following recommendations provided by ASESORI:
What documents to request from the real estate?
- Property Registry Item: With this document it will be possible to corroborate, among other things, that the promoter has the right to market the property and that there is no charge or encumbrance on it (such as a mortgage).
- Information linked to the execution time of the project.
- Building permit: This document implies that the preliminary project presented to the corresponding municipality has already passed all the observations/recommendations of the urban development management.
- Draft Internal Regulations: It serves to know the potential internal policies in the facilities of the future building.
- Purchase Agreement.
Why look for projects that are backed by a bank?
The sponsorship of a bank always gives greater security to the purchase and sale of a future asset because it implies that the financial institution has approved the developer’s credit (and technical) capacity and that the project is legally in order to be executed. This benefits a future buyer not only in the buying experience, but also in access to credit that can give them a better chance of acquiring the property. In addition, it gives you greater peace of mind regarding the risk of the operation, since it is assumed that the presence of a bank implies that the registration item of the property does not have any impediment/risk for its commercialization.
What abusive clauses should I avoid in a contract for the sale of a future good?
The abusive clauses are all those non-negotiated legal terms that generate a significant imbalance of the contract against the buyer. For example, when the real estate company exempts itself from its legal responsibilities at the contractual level or when it charges excessive penalties for assumptions that are its responsibility. Likewise, it is also recommended that the potential buyer does not accept clauses that allow the seller to unilaterally modify the terms of the contract to his detriment, such as unilaterally terminating the contract or arbitrarily changing the type of currency agreed upon.
Why is it important that the delivery date is well defined, as well as the assumptions that would be the only ones allowed for an extension of this term?
The ideal when one acquires a future asset is to establish penalties against the developer for the delay in the delivery of the property. This is an economic amount that can be calculated on a daily basis to compensate buyers. Likewise, it is important to make clear the seller’s obligations regarding the delivery of documentation and the performance of acts intended to deliver the duly independent apartment to you.
“To reduce the risk of the money invested in the sale of future goods, I suggest that a payment in installments be agreed in the contract and that these be linked to the successful completion of certain milestones of the project. Likewise, I suggest including in the contract all the characteristics related to the project of the property that is being purchased (it is even possible to agree on a reduction in the price per square meter when the variation of the final footage is above normal). Lastly, I also recommend doing a search in the Indecopi system called “Look who you buy from”, where you can find information on real estate companies that have been sanctioned”concludes the executive of ASESORI.
