Selling a property is a difficult task both for the seller and for all other parties to the transaction. If you use the services of a broker or real estate agency, you will certainly save time running around different institutions, but if you have still decided to handle it yourself, this article will certainly be useful to you.

 

Property sale process

There are several important factors before you start offering your home on the real estate market. Do not overlook the steps outlined in this section, because this could prove disastrous for the deal or unnecessarily prolong the process.

 

Market research

The real estate market is undoubtedly one of the most dynamic. It goes through different stages of development. Here, an important role is played not only by the current state of the market, but also by the balance between supply and demand, the behaviour of buyers and sellers, as well as price movements. To choose the most appropriate moment to sell your home, it is important either to be very familiar with the trends or to trust a professional in the field. 

 

Determining a fair and competitive price

One of the most important aspects of selling a property is determining a fair market price. It is important to know that an incorrectly set price can significantly delay the sale of your property, since a high price will put off potential buyers, while an undervalued one will raise doubts in them and leave you at a disadvantage. 

Presentation and showing to potential buyers

Do not underestimate the importance of a good presentation and advertising of your home to your potential clients. We advise you to use the services of a professional photographer who knows how to highlight the property’s strengths and to publish your listing only on specialised property websites. Arm yourself with patience and free time for viewings, and carefully consider the offers you receive.

 

Documentation 

The most important aspect of selling a property is precisely the documentation. Preparing and obtaining the necessary documents is also the thing that will take you the most time and can be critical to the successful completion of the transaction. If you have decided to sell your property yourself, the best advice we can give you is to visit a notary of your choice at least a few days before the completion of the deal, so that you can clarify all the necessary documents you need to obtain.

Required documents when selling a property and where to get them

Proof of ownership document

The most important document you will need when selling your property is the document proving ownership of the home. These are generally of three types, namely a notarial deed, a purchase and sale agreement or a court decision. 

 

Plan/sketch

A scheme of the individual object and a sketch of the land plot, if you own an ideal share of the land on which the building is built. You will obtain these two documents from the Geodesy, Cartography and Cadastre Office. If the property is not entered in the cadastral map, a sketch can be obtained from the technical department of the municipality in which it is located, which will take from 3 to 7 working days.

 

Tax valuation

Tax valuation - issued by the municipality in which the property is located. With the Tax Valuation Certificate, you guarantee that you are selling a home free of liabilities. Before you start the procedure for obtaining a tax valuation document, make sure that all taxes and fees for the property in question have been paid. The process takes from 3 to 14 working days depending on the order.

 

Certificate of no encumbrances 

The Certificate of No Encumbrances, or UVT, is the document that proves there are no mortgages or prohibitions registered against the property that will be the subject of the transaction. It lists all entries, annotations, and deletions of encumbrances and rights over the property as of the date the certificate is issued. The issuance process takes between 3 and 7 days. It is issued by the Registry Agency for the respective city.

 

Certificate of presence or absence of liabilities

The certificate under Art. 87, para. (6) of the Tax and Social Security Procedure Code proves that you have no outstanding tax or social security obligations to the state. It is issued by the relevant territorial directorate (TD) of the National Revenue Agency (NRA), and the process takes from 7 to 14 days.

 

Notary and notarial fees

In order for the purchase and sale transaction of a real estate property to be legalised, you will need a legitimate notary who will certify its validity with their signature and seal. Notarial fees are paid by the buyer and their amount depends on the type of transaction and the method of payment. Most often, it is determined by the amount of the material interest - tax valuation or sale price, with the fees and local tax by law being due on the higher amount. Our advice is to consult more than one notary, and it is best to rely on a recommendation from a friend or acquaintance.