Selling a property, and it doesn’t matter what kind of property, is a very complex process. Beyond the fact that this generally involves very large sums of money, you must take into account various other issues, and it is recommended that you retain a lawyer who specializes in real estate law to assist you. Whether you have sold in the past an apartment, a store, agricultural land, or perhaps a lot, you certainly know that this is a lengthy process that will not be completed overnight. If you are just about to sell, here are a few points to consider well before going through with the transaction:
Get a Better Understanding of the Real Estate Agent Assisting You in the Transaction
In order to advance the sale deal and execute it properly and in the most profitable way, it is worth employing the services of a real estate agency and obtaining the guidance of a professional real estate agent. Before executing the sale transaction, it is crucial to choose an agent with experience in the field, a reliable and professional agent who can serve you in the best possible way. It is worth looking into what types of sale transactions he deals with, and how many have actually gone through. It is worth checking with him whether and to what extent he is familiar with the real estate market and the things that affect it, or with any other issue that can aid you in your decision.
Consider the Profitability of the Sale
It doesn’t always pay to sell! You should be familiar with the local market, the real estate market in general, and, of course, you should consider the profitability of the sale of the property itself at any given time. Someone who is interested, for example, in selling his apartment in order to buy a newer apartment at better terms, should consider his economic situation and the step itself. It is crucial to check whether the sum you will receive for the apartment will indeed be enough for purchasing the new apartment (taking into consideration also other related expenses, such as: taxes, lawyer fees, agent fees, etc.), and, generally, whether this would be a wise economic step.
Examine the Value of the Apartment or Property
In order to benefit from a worthwhile sale transaction it is important to properly assess the value of the apartment/property. You should check to see how much it is worth on the market, how much you should ask for it, while considering its location, condition, the demand for that type of apartment, and other issues that impact the value of the property. It is worth doing all of this with the assistance of real estate experts, such as experienced and professional real estate agents and property assessors who can assist you in this task.
Check into the Relevant Taxes that Apply to the Sale Transaction
According to real estate law, a special tax applies to the seller of a property – real estate capital gains tax. This tax is set in accordance with the sale profit, which is affected, of course, by the property’s purchase price and sale price. You should check the amount of capital gains tax that you will need to pay, and how to minimize that amount. In certain cases, one may receive an exemption for the capital gains tax, or certain leniencies. You should investigate this issue fully before executing the transaction, in order to lower the various expenses involved with the process.
Make Sure to Settle Existing Debts on the Apartment or Property Being Offered for Sale
It is recommended that you contact, before beginning the sale process, the municipality and any relevant party to check with them whether there exist any debts, such as electricity, water, or municipal tax bills. It is important to settle these debts before the sale, and to be aware of each one of them.
Consult With a Lawyer who Specialises in the Field, and Have Him Help You Throughout the Entire Process
In order to execute a sale transaction in the proper manner, while relating to all relevant issues, including all associated taxation and debts connected with the sale, it is crucial to contact a lawyer specialising in real estate. The choice of a lawyer who specialises in real estate transactions of various types can be the decision that will lead to the transaction’s success, and in certain cases it can help you save unnecessary expenses.
Check Weather There Are Any Building Irregularities in The Property
If you are interested in selling a property that you inherited or perhaps bought in the past, it is important to check well before the sale itself whether there are any building irregularities in the property, and if so how they can be settled vis a vis the relevant authorities.