The increase in property prices and the decrease in purchasing power have made people choose to pre-purchase property as a way to become a homeowner.
Pre-purchase of apartments is done in two ways, definitive and cooperative, each of which has its own characteristics.
In order to be able to pre-purchase an apartment safely and profitably, it is necessary to proceed through a reliable cooperative.
In this article, we are going to discuss the difference between pre-buying an apartment with a fixed price and cooperative in a more specialized way. So stay with us.
What is pre-purchase and pre-sale of an apartment?
When a property is sold before it is complete and habitable, it is called pre-sale, and on the contrary, when the property is bought before it is completed, it is called pre-purchase.
The pre-sale rules of apartments in 2019, consisting of 25 articles and 4 notes, were approved and put into effect.
According to this law, the person who does the pre-sale can transfer the ownership to the person who does the pre-purchase at the time of the start of the construction or after the completion of the process.
The seller must properly comply with all the necessary conditions for construction and apply all the necessary permits for the implementation of the project. To deliver the property to the buyer after it is completed according to the specified specifications.
If a dispute or a problem arises in this field, it should be handled properly according to the law.
Advantages of pre-buying an apartment
Undoubtedly, pre-purchasing an apartment will bring many benefits to the buyer; High financial profit and the possibility of paying the desired amount during several stages, as well as the possibility of applying the desired opinion and changes in the project are among these advantages, which are discussed in more detail below.
1- Financial profit:
As you know, the pre-purchase price of the property is lower than that of the ready-made property, and the buyer can sell it for a higher amount after completing the property and thereby achieve profitability.
2- Multi-step payment:
Among the other advantages of pre-purchase is the payment during the construction process, which is done through the agreement between the buyer and the seller. In this way, the buyer pays an amount at the beginning and the rest is paid to the seller during the construction process.
3- The possibility of applying the desired changes:
When you pre-purchase a property, you have the possibility to comment on the interior design of the residential unit and apply your desired changes.
4- Visibility of the construction stages:
When you buy a ready-made property, you don’t know much about the type of materials and appliances used and how to build it. Meanwhile, in a project under construction, you can have sufficient monitoring of the quality and type of materials used in it.
Important points in pre-buying an apartment
Having sufficient awareness and knowledge in the field of pre-purchasing an apartment and property allows you to have a high level of satisfaction from doing it. For this purpose, you can take help from the knowledge of knowledgeable and expert people in this field as a consultant or lawyer or act through a trusted and successful manufacturer in this field.
Among the things that you should pay attention to when setting up the apartment pre-purchase agreement are:
1- Names and details of the parties to the contract:
When pre-purchasing an apartment, all the details of the parties to the contract must be entered carefully and completely. Specifications such as; Name and family name, date of birth, birth certificate number, etc., which should be taken care of.
When setting up the contract, pay attention to the fact that the seller is the owner of the land or the owner of the document, so that you can proceed with the transaction after being completely sure that the seller can transfer the property.
For this, to things like; Read the property document, the construction contract, how to divide the property between the owner and the builder, etc. completely.
2- Item of transaction:
The next thing that exists in this field; Registration is a transaction item that you want to pre-purchase. Full specifications and details such as the area and size of the property, the number of rooms, property registration number, parking and storage, etc. should be entered completely.
3- Property area:
The area of the property is also one of the things that must be carefully written in the text of the contract. If there is a dispute in this field after the completion of the project, the deal can be canceled on the condition of proving the claim.
4- property specifications:
You must record all the details of the property, including the map, the number of bedrooms, the materials used, etc., in the contract.
5-Technical and architectural specifications of the building:
Due to the lack of exterior of the property, all the technical and architectural specifications of the building must be specified. Things like; The infrastructure of the building, number of floors and units, land use, type of building facade, etc. should be entered correctly.
It can also be stated at the time of drawing up the contract that if the property does not meet the mentioned conditions, there is a right to terminate the transaction according to the opinion of the experts.
6- How to pay and number of installments:
Determining the price of the property and how to pay its installments are among other important things that must be determined.
Therefore, points such as; How to pay the principal amount and installments, when to pay the installments, its amount, etc. should be entered in full detail.
If the payment is not made on time by the buyer, the seller can delay the delivery of the property or give himself the right to terminate the contract for days late in payment.
7- Delivery time of the pre-sold unit:
In order for the buyer to be able to take delivery of his purchased property at the appointed time, he must have a solid performance guarantee in order to be able to compensate for possible losses in case of delay.
The appropriate solution in this field is to specify the delay damage according to the rental price of the property, so that the possible damage can be compensated in a favorable way.
8-Determining the time of preparation of the official document and definitive transfer:
Determining and specifying the time of drafting the official document is one of the other points that should be taken into account when drawing up the contract.
Another thing to keep in mind when preparing the deed is that the seller has an official deed or power of attorney. If he does not have a lawyer, it can cause many problems.
9-Insurance and assignment of possible damages:
The seller of the apartment is obliged to insure his responsibility for the damages that may occur in this field, and if the amount of the damage exceeds the amount of the insurance, the seller is responsible to pay the damage caused.
The difference between definite pre-purchase and cooperative
Many people may have the question of what is the difference between definitive pre-sale and cooperative, which is further explained in more detail in this field.
The difference between a definite contract and a cooperative is as follows:
The delivery time of the property does not change in the final contract and its price is specified and determined per square meter. In the cooperative contract, the construction price changes according to annual inflation.
Since the delivery time of the project is specified in the final contract, if the buyer does not deliver the project within the specified time period, he must pay the damages. While in the cooperative contract, the delivery time is specific and varies in the short term.
Pre-sale of apartments in the form of a cooperative also has disadvantages, including; He pointed out that the final price of the unit is not known, there is competition for the selection of the unit, the change in the delivery time of the project and the possibility of increasing the construction cost due to the annual inflation, etc.
Royal Construction Group is one of the best reliable cooperatives in the 4th district of Qom, through which you can pre-purchase an apartment.
This cooperative has many successful projects in its work history and has been able to bring a lot of profit to its customers.
Conclusion
Undoubtedly, pre-purchasing an apartment will bring many benefits to the buyer; High financial profit and the possibility of paying the desired amount during several stages, as well as the possibility of applying opinions and desired changes in the project, are among these advantages, which are discussed in more detail above. The pre-purchase price of the property is lower than the ready-made property By completing the property, the buyer can sell it for a higher amount and thus achieve profitability. Royal Construction Group is one of the best reliable cooperatives in the 4th district of Qom, through which you can pre-purchase an apartment.
