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Purchasing a House
 
  

Purchasing a house has been a topic of much concern for many people because of the new housing reform policy. Different consumers have different tastes while buying a house, such as transportation, price, property management and location. Purchasing procedures are all the same after these consumers have selected their houses. Due to the great number of transactions for commercial housing and the complicated transaction procedures, consumers must be careful when placing a bid to avoid making mistakes. Generally speaking, there are six procedures in purchasing a house, including signing a subscription agreement, signing a purchase contract, handling advance-announcement registration, handling the occupation permit, signing a management contract and applying for a Certificate of Property Rights.

Signing a subscription agreement When a commercial house is for sale, consumers can go to the sales office for consultation. After making the decision to buy, the first step is to sign a subscription agreement and also to pay a certain amount for the deposit. The developer will provide promotional materials and related documents to the purchaser and also explain the development of the project. A subscription agreement includes the following items:
• Property management subscription;
• Housing price (layout, area, price per square meter, currency) and total price;
•  Payment methods: lump sum payment, progressive payment or mortgage payment;
• Subscription conditions: when signing a subscription agreement the purchaser should pay attention to the following items: the deposit, the time for signing an official contract, the place of payment, the account and the place for signing a contract.

After signing the subscription agreement, Contract notes distributed by the seller include:
• place for signing the contract;
• vouchers needed;
• the proxy if the purchaser authorizes others to sign the contract;
• Explanation on loan certificate;
• Explanation on relevant tax and due payments;

Signing a purchase contract:

This is the most important point in the process of purchasing a house. Purchasers' rights and obligations are all included in it. Some developers write various commitments in different promotional materials or some sales offices making oral promises, and purchasers may be careless and credulous. If problems occur in the future, purchasers cannot prove the original commitments and disputes which happen at this time. Thus, please put the issues you want to discuss and sensitive issues into words. If the consumer purchases the house with a bank loan, the consumer must be clear about the time length and requirements of the mortgage. Purchasers often neglect relevant matters such as the dates of hot water supply and gas supply.

It is important to protect the interests of both the seller and the purchaser. The agreement shall come into force only after advance-sale and advance-announcement registration. Generally speaking, the purchaser will apply for advance-sale/advance-announcement registration at the municipal housing management bureau within one month after signing the purchase contract.

Handling the occupation permit: Before occupation, the developer will examine the purchaser's payment condition with the assistant of lawyers. .

Signing a management contract: Every developer has its own property management company. The Purchaser needs to know the regulations and conventions stipulated by this property management company. The purchaser will sign the management contract with the management company before occupation. In this way both parties need to be clear of rights and obligations to make sure no arbitrary charge will be laid to or by the management company.

Handling transfer of property rights and obtaining a House Proprietary Certificate: After the above procedures, you need to ensure that the developer initiates the procedure of property rights transfer and in this way you obtain the legal Certificate of Property Rights. The process might take a long time. One reason is that the developer may not obtain the House Proprietary Certificate right after the completion of construction. The developer also needs to deal with various legal procedures and the process is quite long. Therefore you should be ready for this. Only after obtaining the House Proprietary Certificate is the transaction of a commercial house completed. The specialization degree of the process is fairly high. Only in this way can you be ready for problems which may occur due to the specialness of the commodity and avoid unnecessary economic loss.

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