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Mistake #1: Not Reviewing the Sales Agreement Thoroughly
When purchasing a resale property, it is crucial to carefully read the sales agreement. It should clearly state all details about the property, its price, payment method, and the full names and contact information of all parties involved.
Tip: Double-check passport numbers, address, property size, registration numbers, and even spelling. Mistakes can lead to legal complications.
Mistake #2: Paying an Advance Without a Formal Agreement
If a seller asks for an advance “with just a receipt,” it’s a common trick used by scammers. Without a formal agreement, your money is not protected.
What to do: Sign an official deposit agreement or a preliminary sales contract. Don’t confuse an advance payment (which is refundable) with a deposit (which guarantees the deal).
Mistake #3: Taking a Loan for the Down Payment
When applying for a mortgage, banks carefully assess your financial stability. A loan for the down payment may lead to rejection.
Solution: Save the required amount in advance and test your financial readiness — try setting aside your future monthly payment as a “mortgage test drive.”
Mistake #4: Not Checking if Anyone Is Registered in the Apartment
In any country, buying a property with registered residents can lead to serious issues — especially if minors are involved.
Tip: Require the seller to remove all registered individuals from the property before closing the deal. Make this a condition in the contract.
Mistake #5: Ignoring Outstanding Utility Bills
Even in prosperous countries, properties may have unpaid utility or maintenance bills. This can affect the connection of services like water and electricity.
How to check: Ask the owner for current utility bills and official statements confirming there are no debts owed to the management company.
Conclusion:
The resale property market can offer great opportunities, but it requires thorough document checks and well-structured agreements. Work with professionals — lawyers or real estate agents — to avoid costly mistakes.