Selling a flat: With this checklist you won't forget anything!

You own a condominium or have just inherited it, but you have no use for it (any more). That's why you want to sell it. But what is the best way to proceed? What documents do you need to obtain? How practical would a checklist be to sell your flat quickly and without any problems...

I would like to provide you with such a checklist in this blog post so that you do not forget anything.

Selling a flat: These are the first steps on the checklist

The first thing you need to do is obtain the necessary documents. This includes:

• Land register extract
• Building decision
• Building plans
• Permit of use
• Energy certificate

You can obtain these documents from the relevant authorities - such as the building authority or the municipality - but also from lawyers, notaries or estate agents.

Please note: Fees may apply when issuing the documents.

Underestimated challenge when selling: Determining a market-oriented sales price

It sounds relatively simple, but I can tell you from experience as an estate agent in Tyrol: The "right" price is crucial for the sale.

A selling price that is too low means that you are giving away part of your condominium - of course you want to avoid that. But a selling price that is too high can also become a problem.

If you do not find any interested parties due to a too high price proposal, your flat will remain on the market for a long time. Real estate professionals take advantage of this situation and offer their properties cheaply. A downward auction spiral begins and you have to sell your condominium below value.

But how do you find the "right" price? Firstly, you should keep an eye on the current property market in Tyrol. What are other flat owners in your area asking? Secondly, you can contact an expert for real estate in Tyrol. He or she will carry out a valuation of your flat and suggest the right price.

Checklist: You need to give these key data to interested parties

As a seller, you are obliged to provide potential buyers with the following information in addition to the documents mentioned above:

• Year of manufacture
• Useful area
• Land register encumbrances: If a third party has rights to the flat, you must disclose this: Prior notices, restrictions, restraints on disposal, mortgages, land charges or liens on property.
• Any defects/damage: If you know of any obvious defects and damage, these must be listed.
• Dependent litigation: If your home is currently in litigation with a third party, you must provide the buyer with this information.
• Sun exposure: If your flat is in a shady location, you must also disclose this.
• possible natural hazards
• Developments: Which supply and disposal lines, as well as road developments are available and are they legally secured?

Je mehr Informationen Sie zu Ihrer Eigentumswohnung bereitstellen, umso weniger Zeit verbringen Sie mit dem Beantworten zahlreicher Interessenten-Mails, die nach diesen Daten fragen.

Selling a flat: Checklist for the notary/lawyer

Once you have found a potential buyer with an actual intention to buy, you should consult a notary or lawyer to draw up the purchase offer - the preliminary contract. The purchase offer must be signed by you and the buyer.

A legally binding purchase offer already contains the most important contractual points. This means that in the event of a breach of contract, you are legally protected before both parties sign the purchase agreement that is ready for entry in the land register. This gives you the opportunity to legally enforce individual points that have not been fulfilled by the buyer.

The purchase offer signed by both parties must be sent to the buyer's lawyer or notary within the deadline. The latter will draw up the purchase contract on this basis. The land register documents must also be sent. If you do not do this yourself, the buyer's lawyer or notary will do it for you. However, you may be charged for obtaining the documents.

Important: Make absolutely sure that the documents are submitted on time. Late or incomplete submission can have devastating consequences: from delaying the sale to cancelling the sale. Read more about the possible consequences in the blog post "At the notary/lawyer: Without these documents, the house salefalls through".

Conclusion: Wrong action has devastating consequences

In the high-price province of Tyrol, a wrong sales approach can have serious financial and/or legal consequences. A wrongly set sales price means a financial loss. Other, legal stumbling blocks result from an amateurish examination of the legal documents or a missing written purchase offer.

This checklist should enable you to sell your flat seriously - and above all - without making mistakes.

To avoid all these mistakes, you can also hire a reputable real estate agent for your sale. He or she will take care of all the legal checks of the documents, prepare the legally binding purchase offer and set a price in line with the market.

If you have any further questions about selling a flat or would like to get a first impression of us as an estate agent in a non-binding initial meeting: You can contact us at any time by e-mail(immobilien@arealita.at), telephone(+ 43 512 580 242) or via the contact form(click here!).

With kind regards

Yours, Bernhard Großruck