6 things to check on the title deed when buying a home
Full ownership or construction servitude, mortgages and annotations, occupancy permit: what to check before paying a deposit.
Liking a home is easy; buying the right one means reading a few lines on the title deed. Check these six things before paying a deposit.
1. Type of deed
Full condominium ownership shows the building has its occupancy permit. Construction servitude may mean it is unfinished or unpermitted; ask your bank’s requirements if you need a mortgage.
2. Mortgages and liens
If the land registry record shows a mortgage, lien or annotation, it must be lifted before the sale.
3. Shared deeds
Co-owners have a pre-emption right on shared deeds. Make sure every co-owner consents to the sale.
4. Fees and debts
Ask the building management for recent fee statements and any shared cost decisions.
5. Earthquake and structure
Building age and permit date matter. If needed, get a core sample report from an independent engineer.
6. Valuation report
A bank valuation is required for mortgages; for cash purchases an independent report strengthens your negotiation.
