buy one living place It is one of the safest investments a person can make. If a thorough analysis is done, a piece of real estate can increase in value over time.
It all begins with the search for housing, which can take an average of one to two months between visits and decisions, until finding the right one. Once the property is chosen, the purchase process begins, which includes several procedures, documents and payments.
The main actors in the home buying process are the district municipality, which certifies the formality of the construction; the bank, in the case of acquiring a direct mortgage loan or a MiVivienda loan; the construction company, which is in charge of building the property; the real estate, intermediary to market it; and finally, the notary, an entity that formalizes the purchase and sale in public records.
The real estate advisory platform Properati shared a list with the main papers and procedures that must be carried out in 2022 to buy an immediate delivery property.
- Property reservation. Once you have chosen the property, it is time to reserve it. With the guidance of the real estate agent, a contract is signed, which is valid for three to 15 days, which allows the property to be separated (before other potential buyers) while the bank’s approval of the requested mortgage loan is formalized and the minute is drawn up.
- The account. When the bank formalizes the letter of approval and the conditions of the mortgage loan, the legal area of the real estate agency draws up the minute in the notary office designated by the bank. This document formalizes the purchase and sale of the home, where both parties (buyer and seller) present themselves and define the clauses of obligations and rights that they are assuming. The process may take a day. Here the buyer must also pay the notary fees, which is calculated based on the price of the property and the area where it is located.
- Coordination with the bank. Once the minute of sale has been signed by both parties, it is received by the buyer’s bank and the mortgage loan disbursement process begins. At that time, the financial entity carries out the appraisal, where the real value of the property is established; in this way the bank will be able to determine the insurance of the property and the debt on its value. The average cost is between S/ 200 and S/ 300. At the same time, the bank is in charge of the study of titles, making sure that there are no legal impediments to operate with the property. With the approval of these papers, the Bank Contract and credit payment schedule are issued.
- Public deed. This formal act of sale is carried out before the Notary Public and provides legal certainty to the parties and is presented to the National Superintendence of Public Registries (SUNARP) for the registration of the sale in the Electronic Certificate of the Property. In this way, the condition of owner remains public and gives the buyer access to bank credit. A study and prior review of titles and legal aspects are carried out to later register the property in the Real Property Registry of the corresponding Registry Zone. This document is delivered in a week and bears the name of Property Title. The costs vary according to the rates established by SUNARP.
- Department delivery. Once the contracts have been signed and made official at the Notary, the bank makes the full payment of the value of the home, considering the purchase settled. Once the property has been canceled, the real estate agency proceeds to schedule its delivery. Likewise, according to what was agreed, the buyer must make the first payment of the mortgage credit installment.