Property Rights Status Trap
According to relevant laws and regulations, "real estate that has been sealed by judicial organs or administrative departments in accordance with the law, or real estate rights that have been restricted in other forms" cannot be transferred. Additionally, if a property is still under mortgage, the transaction center will not process the ownership transfer procedures for such properties. These two situations are often overlooked by homebuyers, and property owners usually do not mention them voluntarily. As a result, after the purchase contract has been signed and the buyer has already paid the first installment to the owner, it may be discovered during the process of transferring ownership that the property cannot be transferred, potentially causing significant losses to the buyer.
Prevention Method: Before signing the purchase contract, the buyer should conduct a title investigation at the real estate transaction center in the area where the property is located to determine whether there are any restrictions or prohibitions on the transfer of the property.
Property Type Trap
Most properties currently on the market are commercial housing, but there are also some usage-right properties (i.e., public housing) that have not yet been converted into property rights housing. If this type of usage-right property does not have a property certificate, according to relevant regulations, it cannot be transferred. Similarly, to avoid buyers suffering losses when processing the ownership transfer due to these issues, precautions must be taken.
Prevention Method: Before signing the purchase contract, check whether the owner has obtained the property certificate. Also, if you are purchasing non-residential property, the type of the property must be commercial use because only commercial properties can obtain business licenses. Otherwise, if residential housing is purchased, the buyer will not be able to use it as intended.
Contract Signatory Trap
It is well known that the property purchase contract should be signed between the buyer and the property owner. However, if the buyer neglects to verify whether the signatory is the property owner and whether there are other co-owners, and if the owner or other co-owners claim that the contract is invalid because the signatory did not obtain their authorization, then the buyer can only pursue very limited liability for breach of contract against the signatory, and the burden of proof lies with the buyer. This situation would be very disadvantageous to the buyer.
Prevention Method: Determine the property owner based on the property certificate or other legal documents (such as pre-sale contracts). If the person signing the contract is not the property owner, the buyer should request a power of attorney from the property owner.
Ambiguous Payment Method Trap
Many buyers and sellers usually focus only on agreeing on the price of the house and do not give enough attention to the specific payment method. As a result, disputes often arise during the performance process due to unclear payment times for certain amounts, and the party suffering the loss can only accept their misfortune because they did not initially agree on clear terms with the other party.
Prevention Method: Both parties should make explicit and specific agreements about the payment method when signing the purchase contract.
Ambiguous Delivery Agreement Trap
Sometimes, the buyer and seller have already made clear agreements about the down payment but overlook the important step of delivering the property.
This could involve the specific delivery time and settlement of related fees upon delivery. Without specific agreements, the buyer might face a passive situation where the owner delays delivery without breaching the contract, and no one settles the related fees.
Prevention Method: The delivery date and which party should settle related fees (including water, electricity, gas, property management fees, maintenance funds, etc.) before delivery should be clearly agreed upon in the purchase contract.
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Step Three of Buying a House: Signing the Letter of Intent _ Chengdu Office Buildings
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Office Buildings - Introduction
Currently, there are two popular evaluation standards for office building markets: Class A office buildings and 5A office buildings. So-called Class A office buildings are more of a common term rather than a fixed standard, as no one wants to be called a Class B office building. Thus, almost any office building with glass curtain walls, elevators, and taller structures calls itself a Class A office building. In comparison, 5A office buildings do have certain standards, similar to hotel star ratings.
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