Our law office checks up real estate, including apartments and commercial real estate, for compliance with regulations. This process is called “due diligence.” Due to to this process, we can identify possible risks at the time of buying a property or some aspects of which the buyer must be aware of.
An example from practice: A couple acquired a house with a plot. According to the land cadastre and the registry , the plot had an area of 707 square meters. The clients have requested a license from the Hall city. Having obtained the license, they found out that their land had an area of less than 700 square meters. One of the neighbors “appropriated” part of the land plot even before the sale of the house to our clients and built a wall. Moreover, the owners of this plot kept silent about this situation.
A corresponding statement of claim was filed in order to return their part of the land plot. The trial ended successfully, but not without a lot of nerves, money and loss of their time.
Conclusion: if the property had been checked up properly before the purchase, the buyers would have known the whole situation and they could have agreed to lower the price of the purchase or simply refuse to buy.
Buen post, lo he compartido con mis amigos.