What aspects should we take into consideration when we buy a property?

In most cases, buying and selling a property is not a process that is done on a regular routine basis. Statistically, it is a transaction that people will experience once in their lives and one of the most important moments when it comes to the acquisition of goods and materials.

For this reason, before making any decision, we must consider a few key aspects that will provide us with more information about the property we are going to acquire and what state it is really in.

Beyond looking at what our eyes can see (such as the state of the property, whether there is any humidity, the state of the electrical panel, the heating or the condition of the kitchen or toilets, among others), it is necessary to take an interest in the documents that contain the technical information about the property.

Which documents are we talking about?

• Certificate from a property register: this is a concise summary of the information that appears in the Land Registry. Data such as the name of the owner, description of the property and existing charges or encumbrances on it.
• Certificate of habitability and energy rating: The certificate of habitability is a study that certifies the property as suitable for habitability, taking into account the current regulations. On the other hand, the energy rating is a report that measures the efficiency of the energy consumption of the property, using a scale between the letter “A” (being the most efficient) and the letter “G” (being the least efficient). Both documents must be in place in order to move forward with the purchase and sale of any property. You can read more about these documents in this link. (link to the other article).
• Technical Building Inspection Certificate: This is a mandatory document for all multi-family buildings that are more than 45 years old. This study evaluates the construction, the state of the structure and the communal facilities of the building. After the pertinent study, a result is obtained, which can be: very serious, serious, important, light and no deficiencies. If the result certifies that the deficiencies of the building are very serious, serious and important, it is necessary to make a list of improvements so that the property can comply with the regulations in force.
• Community certificate: This information should be requested directly from the residents’ association to which the property we are looking to buy belongs or from the administrator of the property. This document certifies whether or not the current owner of the property has any type of debt with the condominium.
• Last minutes of the community: File that contains everything that has been discussed at the last neighbours’ meeting and where the list of possible payments that have been agreed at the meeting appears.

Once we have collected all the information mentioned above, we must review it thoroughly to ensure that it is in accordance with current regulations and with the needs that have been identified for the property. Then it will be time to make the decision whether or not to proceed with the purchase of the property we are interested in.

It is necessary to take into account all the details and to be methodical in every aspect of this process given the importance it has for a buyer. Our recommendation, both for sellers and buyers, is that they should go to a real estate agent to manage the process of buying and selling the property. Thanks to the experience of the professional, they will receive quality advice, as well as helping them to gather all the necessary documentation and information and clarify any doubts that may arise during the process.