Real Estate Transactions: Invisible Risks
Real Estate Transactions: Invisible Risks
Of course, it is possible to make these risks significantly lower for both sides. A qualified expert can explain how to do it. We suggest getting acquainted with a vivid example of such a situation. This example can teach somebody to be more careful with your property. And somebody else, thanks to it, will understand how important it is to check the documents before the transaction of sale is done.
Real estate purchase in marriage
The participants of this story are a married couple. Let's call them Mrs. N and Mr. V. At the beginning of their married life they entered into a contract of share building with the property developer, the flat was ready on time. Moving into the new flat they made the ownership of husband.
After three years of living in this new flat, V and N made a decision to divorce. The documents necessary for the divorce were ready and applied immediately. They agreed not to divide the property and mentioned it in the corresponding documents. It was the year 2001.
Eviction as a reason for mobilization of character
Mr. V was quite satisfied with the situation, because the flat was officially his property. So, in three years his ex- wife couldn't claim the right to this flat (it's just the period of time necessary to make the limitation period expired).
Eight years passed. During this time V fell in love with another woman and got settled in her apartment. It is important to mention, that V's ex- wife had been living in his flat taking care of their sick child all this time. Five of these eight years Mr. V was sure that his ex- wife had almost no right to live there.
This story could last this way for a long time but for the decision of a legal owner of the flat to evict Ms. N from his territory. The eviction was successful; the court supported the ex- husband's position. But this event was only the first stage of the race for real estate. Ms. N was not going to give up without a fight for the marital property.
It's necessary to share
After Ms. N was left homeless in 2008, she turned to the lawyers to help her sue her ex-husband of the part of his flat. As a result, thanks to competent actions of experts, she managed to get half of the real estate of Mr. V. Of course, up to the last moment V was sure that five after the divorce his ex-wife wouldn't be able to claim the right to the flat and he was shocked.
As it turned out, there are conditions mentioned in the legislation, which allowed Ms. N to sue her ex-husband 50% of the apartment after three years of divorce.
The lawyers proved that in spite of the fact that ownership of V was officially legalized in fact the flat was jointly owned by the spouses. It was evident that during all the years while Ms. N lived in the flat of her ex-husband nobody was against it. This means that N could claim the right to 50% of V's flat, even despite the fact that the divorce took place in 2001. Therefore, the limitation period expired for her only in 2011, but not in 2004 as her ex-husband supposed.
Conclusion: every spouse has a right to claim to his part of the marital property after the divorce. Signing divorce documents it is necessary to pay special attention to the item of division of property. It will help to avoid numerous and tiresome litigations.
Warning for buyers of real estate
There can be hundreds of such stories, if not thousands. A lawyer's practice can come across even more difficult situations, for example there can appear people willing to buy a flat belonging to one of the divorced owner of it. Such deals end in failure.
Imagine V selling his flat without consulting his ex-wife. The court would consider this deal illegal and the buyer would stay with nothing.
It could happen because only one of the owners disposed of the marital property. In such cases buying flats is out of the question.
In order to have no problems it is quite necessary to check the history of the flat thoroughly: you should know who owned this flat and when, if the seller was married or divorced at the time of buying the flat on sale, if divorced it's necessary to find out if the ex-wife (ex-husband) has the right to the flat and so on.
Conclusion: buying a flat on the secondary market you shouldn't ignore the status and the marital status of the sellers at the period of getting their right to the real estate. Of course, these facts of the deal are always evident. That is why, taking a decision about a purchase, it is necessary to examine thoroughly all the documents you have.