You can become a homeowner even if the building lacks a usage permit
The article discusses the complexities and requirements for purchasing newly developed real estate in Estonia, emphasizing the importance of the developer's credibility.
In Estonia, the process of buying newly developed real estate can present significant challenges, especially concerning the legitimacy of the property in terms of usage permits. Key factors include the developer's background and trustworthiness, since these can affect not only the property's value but also the buyer's peace of mind. The article outlines that potential homeowners should be diligent in researching the developer's past projects, their completion timelines, and customer satisfaction levels before making a purchase decision.
The article highlights the practical steps involved in acquiring new property, including the necessity of engaging in notarial transactions. For new builds, the buyer must visit the notary twice: first to sign a debt obligation agreement, and later an ownership agreement. Legal expert Martin Kalberg provides insights into these processes and suggests that prospective buyers should closely evaluate the financial commitments, including any additional costs and the timeline for obtaining a usage permit associated with the new property.
Ultimately, the discussion underscores the importance of careful pre-purchase preparation, reflecting the unique nature of buying real estate on the new housing market compared to the secondary market. While secondary properties often carry the risk of hidden defects, new developments place a considerable emphasis on the reliability of the developer to ensure that the investment is secure and meets the buyer's expectations.