Buying property on exchange land

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Wysiwyg
Posts: 4
Joined: Wed Jun 27, 2018 9:59 pm

Re: Buying property on exchange land

Postby Wysiwyg » Wed Jun 27, 2018 10:08 pm

I have been looking at apartments in NC and am impressed by what I have seen on line and considering a viewing trip. What is the risk with buying an apartment over there? I have seen posts about the title deeds and it makes me wary about buying. Do the owners of apartments on these sites with swimming pools etc have the deeds, if not what happens if you want to buy a property?

Gram
Posts: 67
Joined: Sat Feb 21, 2015 2:21 am

Re: Buying property on exchange land

Postby Gram » Thu Jun 28, 2018 5:09 pm

Disclaimer - You will probably find that every house/apartment/site is different from every other... ;)
However, on my site (completed 9 years ago) 4 or 5 apartments are still owned by the builder. Of the remainder, most owners now have their kocans (deeds) - one or two are still experiencing difficulties with "lawyers".
Further to this, each owner's kocan is actually a deed on a percentage of the site (i.e. 40 apartments; each kocan is 1/40 of the site) rather than individual apartment deeds.
As such, we are all now in the process known as "parcelisation",which will when completed convert the 1/40 share of site deeds to individual apartment deeds.
If you want to buy any property and the owner does not have the deeds, who has? And how much more money and time before you get them? Almost certainly, a h**l of a lot!
We were very lucky; we have TC friends who gave us advice and their family notary sorted out the legal stuff. The apartment had been previously bought from the builder, and that latest owner had the kocan - the sales advert highlighted that point.

Wysiwyg
Posts: 4
Joined: Wed Jun 27, 2018 9:59 pm

Re: Buying property on exchange land

Postby Wysiwyg » Thu Jun 28, 2018 7:34 pm

Thank you for that information.


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