Buying a property. We analyze all stages.

HomeBlogBuying a property. We analyze all stages.

Undoubtedly, each of us strives to become the owner of our own home, be it an apartment or a private house. The realization of this dream seems simple - choose a property, apply for a mortgage loan, and voila - you have the keys to a new home in your hands. However, in reality, everything is somewhat more complicated, and the process is much more complex. In this article we will describe in detail how the process of purchasing real estate occurs, step by step.

Stage 1. Property selection

First you need to analyze all the offers on the sitewww.casahub.md,compare them usingfree comparison tool, and also calculate monthly mortgage payments usingonline calculator(HERE),if you are applying for a mortgage.

Stage 2. Reservation of the selected property

After selecting the offer you want, you must reserve it to prevent it from being purchased by someone else. Usually the reservation takes place through a real estate agent, with the signing of a formal contract andby depositing an amount of 1,000 euros,which is ultimately included in the total cost of the property. So you need to prepare this amount in cash in advance.

Stage 3. Applying for a mortgage loan

After reserving the property, you mustapply for financing at the maib Mortgage Center(HERE). There you will fill out an application for financing and submit all the necessary documents(list here)and wait for an answer.This process usually takes from several hours to 3 days.

By the way, through the platformwww.casahub.mdyou can get a 0.52% discount on your mortgage.To take advantage of this discount you need:

Find your new dream home on the CasaHub platform;
In each ad, look for “mortgage discount voucher”;
Download the voucher and print it;
Present the voucher to the mortgage center manager along with a set of documents.

Stage 4. Signing a mortgage loan agreement

Immediately after approval of your dossier and application, you will be notified by phone by the mortgage center manager. You will then need to visit a mortgage office to sign the financing agreement. Here you will also need to provide an "Evaluation Report" of the property, which you can order in advance (ORDER AN ASSESSMENT REPORT) or, as is most often the case, real estate agents will provide it for you.

Stage 5. Signing the purchase and sale agreement with a notary

The next and probably the most important stage is the signing of all documents related to the sale and purchase of real estate at the notary's office. Here you will meet the seller (owner) of the property and a representative from the maib mortgage center. You will sign several documents regarding the mortgage of real estate, its acquisition, and so on.

Also at this stage you should be financially prepared, as you will have to make several payments:

Single tax when purchasing real estate - from 0.5% to 1% of the value of the property;
Notary fees - are set depending on the price of the apartment and the number of documents that need to be completed and certified: purchase and sale agreement, documents for mortgage lending, and so on. Often these fees range from 0.5% to 0.7% of the property value;
Mandatory insurance of pledged property - from 1000 lei per year.

On the same day (through a real estate agent or yourself) you will also have to register all documents with the cadastral department at ASP (47 Pushkin St.) in urgent mode. This service will cost from 1500 to 5000 lei, and after receiving them you will provide them to your manager from the mortgage center.

In total, at this stage you will have to pay about 20,000 lei.

Stage 6. Receiving and transferring money

On the same day, after all the documents have been completed, you, together with the agent and the seller, will go to the MAIB branch in the same building where the mortgage center is located to receive the money and transfer it to the seller.

Important: the amount will be provided to you in lei, and you can immediately exchange it for euros. However, it is recommended that you request a few days' advance reservation at the branch for the amount of currency you will need.

Stage 7. Final stage

Congratulations, you have reached the final stage of acquisition and become a co-owner of the property. Now you need to visit the cadastral office again at ASP and request:

Registration of your documents;
Removing the previous owner from the list of co-owners (the property remains only in your name);
Changing your place of registration to a new address (if necessary).

These operations can be performed as usual (without urgency) and their cost varies from 150 to 350 lei.