There are numerous risks when purchasing real estate, as described in the article on the termination of “green” housing purchase contracts. I share the concern of the “Consumer Protection Association” regarding the practice of unilaterally terminating contracts, leading to a failure to acquire ownership of the property, regardless of the financial resources invested.
Why do property losses occur?
It is a mistake to rely on legal advice from brokers and sign project contracts proposed by them, as they lack legal education. In addition to their superficial knowledge, they rush to facilitate the conclusion of the transaction to earn their commission. However, if they make mistakes or omissions in drafting contract clauses or verifying ownership, they are not held accountable. You cannot sue them for damages because they bear no legal responsibility, and the contracts signed with them do not provide grounds for seeking compensation. You also cannot seek compensation from insurers as they are not subject to mandatory insurance, and so on – the negatives are entirely on you.
The notary also does not guarantee that you will not lose ownership of the property since they simply facilitate the transaction and conduct a superficial ownership check only at their office. Although notaries are legally required to be impartial and serve the interests of both parties in the transaction, be cautious when receiving advice from them – if they have relationships with the other party or their broker, you will receive poor advice.
Seek the services of colleagues-lawyers specialized in real estate transactions. Unlike brokers, lawyers have undergone extensive legal education – completing a five-year law degree, passing state exams for a master’s degree in law, completing mandatory internships, passing an exam conducted by the Ministry of Justice, and then passing an exam for admission to the Bar Association conducted by the Supreme Bar Council. Unlike brokers, lawyers are required to have professional liability insurance. Therefore, if an attorney still makes a mistake during the transaction, you can seek compensation from their insurer. In case of violations, lawyers are also subject to disciplinary responsibility, enforced by the respective bar association to which the lawyer is registered. Brokers are not accountable to anyone. With a well-prepared lawyer who has theoretical knowledge and experience in property law, you save yourself from stress and financial loss because the lawyer will thoroughly examine the ownership and prepare the contract to best protect your interests.
For more information about the recurring problems faced by those who have entered into construction contracts, read the article on OFFNews: “If you don’t sign a clause with a higher price, construction companies unilaterally terminate ‘green’ contracts.”
