What documents do I need to buy an apartment?

Buying an apartment is one of the most important actions in any person’s life, since it requires a lot of finances and is associated with many risks. That is why all buyers-to-be wonder about documents required for the sale-purchase transaction.

Buying an apartment for the full price: new build vs. old build

If you buy an apartment for your money, that is, without mortgage loans and installments, not too many documents will be required. It is the same for buying both new build and old build real estate.

To complete a sale-purchase transaction, you need the following list of documents:

— your original passports;

— your original marriage or divorce certificate, or death certificate of one of the spouses;

— in case you are married, and your spouse cannot be present at the transaction, you need to obtain a written consent from the notary and certify it.

This short list of documents is well enough for a notary to complete a transaction.

Buying an apartment in a new block of flats

Buying property in a new building takes place in 2 stages:

— investing in the developer and expecting for the building to be constructed;

— registering ownership of the apartment.

At the first stage, you close an investment contract and expect the block of flats to be commissioned. Mind that contract terms may differ from one developer to another. At this stage, you only need money and your passport.

If you are buying an apartment in a new build, then you will have to draw up the ownership yourself. To do this, you need an extra package of documents. The most important document is the technical passport for your apartment. In order to obtain it you need:

— your passport;

— an investment contract for the sale-purchase of property rights – this is the contract that you have closed with the developer;

— additional agreements to the investment contract, if any;

— the apartment transfer act.

In order to draw up the ownership with a notary public or with local authorities, you should have:

— your passport;

— a marriage certificate, the passport of your spouse;

— investment contract and additional agreements;

— certificates evidencing the payment of the costs of community;

— the apartment transfer act;

— the technical passport for your apartment;

— documents issued by the developer, which confirm the commissioning of the construction and the assignment of a postal address.

Buying an apartment with a mortgage

If you decide to buy an apartment with a mortgage, prepare the following list of documents:

— an identity card or passport;

— a marriage certificate;

— a labor contract;

— a certificate of monthly income.

This is a general list of documents. Some additional information and documents may be required, depending on the bank you apply to.

Buying an apartment by installments

In addition to a mortgage, real estate agencies and developers offer the options of stage by stage payment and payments by instalments.

A stage by stage payment assumes that you pay out the full price of the apartment before the building is put into operation.

A payment by instalments is an option meaning that you pay for the apartment after commissioning. It differs from a mortgage in the fact that the apartment is on the balance sheet of the developer or real estate agency until you pay out the full amount.

Whatever method you may opt for, you will need the same documents as with a regular real estate purchase.

Buying by installments from a developer or agency is more profitable as interest rate than buying a bank-owned property. The main thing is to make payments on time so that there are no penalties. ApartImobil.md team can help you choose the most advantageous offers and conditions for mortgage loans, stage by stage payment and payments by instalments.