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Homebuyers warned to exercise caution

Despite the huge selection on the market and the sellers’ willing to cut prices there are still many pitfall threatening careless buyers, warns the national association of consumer interest groups FEOSz.

Homemakers looking to buy an apartment have their work cut out for them, even if it is a buyers’ market for the time being. Although there are many agents on the market who can help customers chose the best property, FEOSz advises caution. As a farily new practice, agent sometimes ask customers to write down our personal data on a piece of paper “for administrative purposes” without explaining what the document contains.

It is usually a statement, the fine print on which clearly states that if the client does not purchase the apartment trough the estate agent he has to pay hundreds of thousands of forints in reparations to the agency.

Also it is highly advised to collect information about the real estate, about the community, neighbors, the area, the building structure, reconstructions and maintenance. The buyer should make sure to check whether there is any sort of debt on the property, and if the real is estate is actually registered to the person selling it.

If buyers should find concealed defects in a newly bought second hand apartment they are entitled to demand the seller to conduct the repairs or accept a price reduction. If all else fails neglecting to expose such flaws could also serve as grounds for withdrawing from the contract. In case of newly built apartments, there is a warranty period of three years during which the new owners can make claims directly to the seller.