War brings new challenges to all areas of life, and the real estate market is no exception. The conclusion of agreements for the purchase and sale of housing in wartime is accompanied by additional risks and complexities that require greater caution and diligence. Buyers and sellers must be aware of certain legal and financial aspects to minimize potential problems and preserve their investment. Next, we will consider the key points that should be paid attention to in real estate transactions during the war.
Basic aspects when concluding real estate transactions
In the process of buying and selling real estate in wartime, it is worth paying attention to the following important aspects:
- audit powers of attorney. Very often, in the conditions of war, transactions are made by power of attorney, especially if the owner is abroad or in another city. Be sure to verify the validity of the power of attorney by contacting the owner via video link or in person;
- duplicate documents. Due to the fact that the original documents may have remained in the occupied territories, duplicates may be used during the agreement. Importantly check legality such documents to avoid legal complications;
- minors in registration. In the event that children or parents are abroad, it can be difficult to remove minors from registration. This issue requires a careful approach, because without the consent of one of the parents or without the personal presence of minors, it is impossible to remove them from the register in Ukraine.
Legal and financial issues
Dealing during wartime also requires greater due diligence in the financial and legal aspects of property:
- outstanding loans and mortgage. Before concluding the agreement, you should carefully check the presence of debts or mortgage obligations of the owner, which may create problems for the buyer. It is recommended to contact the registers to check the absence of debt;
- consent of spouses to sell. If the real estate was purchased in marriage, the written consent of the other spouse is required for the sale of the property, even if it is registered for one person;
- receiving funds abroad. Under war-related restrictions, owners may face problems obtaining funds, especially if they are overseas. It is important to provide a secure mechanism for transferring funds that guarantees their timely arrival to the owner.
Wartime creates special conditions for the real estate market, requiring greater effort and caution from buyers and sellers when concluding deals. In addition to complying with legal regulations, it is important to engage professional consultants and lawyers who can help avoid problems, protect your interests and ensure the success of the transaction.
