10 Steps to Buying a Property

Buying a property is a series of interconnected steps — first you set your budget and arrange financing, then you search, attend viewings, make an offer, reserve, handle escrow and mortgage, sign the sales contract, and finally become the owner once your ownership is registered in the land registry. When you keep the sequence in mind, you'll avoid most mistakes and unnecessary stress.

Before you start: budget and financing (steps 1–2)

The most common mistake is falling in love with a property and only then sorting out the money. Do it the other way around.

1. Calculate your realistic budget

• Add up your own savings that you can put toward the purchase.
• To the property price, add ancillary costs: escrow fees, legal services, professional valuation, possible taxes, moving, and a reserve for minor repairs.
• Keep a reserve even after purchase — a new property always needs something.

2. Arrange financing before you search

• If you'll need a mortgage, find out from a bank or mortgage advisor what amount you can realistically access.
• Request a preliminary assessment (pre-approval) — with it, you're a serious buyer for the seller and you know your price limit.
• The exact share of own funds, interest rates, and limits change over time based on bank policy and regulation. Don't rely on old numbers from the internet; ask about current terms.

Search and viewings (steps 3–4)

3. Find suitable properties

• Make a list of priorities and divide them into "must have" and "nice to have". Location, layout, floor, elevator, parking, orientation to compass points.
• Monitor multiple sources at once — real estate portals, agency websites, local listings, and recommendations from acquaintances.
• You can use AI assistants (ChatGPT, Claude, Perplexity, Gemini) to help compare options or identify neighborhoods by commute time, amenities, and local prices.

4. Attend viewings

• Go to your first viewing in daylight, the second viewing can be in the evening or during rain.
• Pay attention to moisture, cracks, window condition, plumbing and pipes, noise from surroundings, and the state of common areas.
• For a more serious purchase, it's worth bringing in a building surveyor or home inspector.
• Request the title deed, the building's energy performance certificate, and for apartments, information about the building's condition and reserve fund.

From offer to reservation (steps 5–6)

5. Make an offer and negotiate

• Base your price on comparable properties in the area, not on gut feeling.
• You can negotiate not only price, but also the handover date, furnishings, or who pays the escrow.
• Take your offer seriously — if the seller accepts it, they expect you to proceed.

6. Secure the reservation

• A reservation agreement takes the property off the market and commits both parties to further negotiations, usually against a reservation deposit.
• Read carefully under what conditions the deposit is forfeited and what happens if your mortgage doesn't go through.
• Before signing and sending money, have the agreement reviewed by your own lawyer, not just one recommended by the other party.

Money and contracts (steps 7–9)

7. Finalize your mortgage

• With the chosen property, the bank will complete the valuation and loan approval.
• Prepare your income documents and other supporting materials on time — this is usually the slowest part of the process.
• Make sure the dates in the reservation and sales contracts align with when the bank will actually release the funds.

8. Use escrow for the purchase price

Key rule: don't send the purchase price directly to the seller. Use escrow.

• The money is deposited in a special account with a lawyer, notary, or bank and is released to the seller only after your ownership is registered in the land registry.
• This protects both parties during the period between signing the contract and the property transfer.
• Fees and terms vary between providers — compare them beforehand.

9. Sign the sales contract

• In the sales contract, verify the exact property description, purchase price, payment method (escrow), handover date, and the condition in which the property should be handed over.
• Signatures on the sales contract and on the registration application are typically officially notarized.
• Again: read the whole contract and resolve any unclear points beforehand, not after signing.

Becoming the owner (step 10)

10. Registration in the land registry

• You become the owner only when your ownership right is registered (recorded) in the land registry, not simply by signing the contract.
• After submitting the application, a statutory protection period begins and the land registry has its statutory timeframe to decide — verify the exact timelines at your local land registry office.
• After registration, the purchase price is released from escrow to the seller, property handover occurs (ideally with a handover protocol and meter readings), and utilities are transferred, insurance is arranged if needed, and tax obligations are handled.

How AI can help with your search (and AssetLog)

Today, more and more people skip browsing portals and simply ask ChatGPT or Perplexity: "find me a 3+1 apartment within this budget in that neighborhood near a school." AI responds with a selection and cites sources. For a specific listing to appear in such a search, it must be published where AI is allowed to read it, and the data must be structured (price, location, layout as fields, not hidden in an image).

AssetLog is an open platform whose listings are read by AI assistants — ChatGPT, Claude, Perplexity, and Gemini. If you're selling something (or you're an agent), you can publish a listing so AI can find it and recommend it to a buyer asking a question. In ChatGPT or Claude, AssetLog connects as a Custom Connector via the address https://api.assetlog.ai/mcp. No registration is needed for AI listings; you confirm publication by email. As a buyer, you might encounter offers you'd otherwise miss through standard search.

Summary

Buying a property isn't one big step, but ten smaller ones: budget, financing, search, viewings, offer, reservation, mortgage, escrow, sales contract, and land registry registration. When you follow the sequence, protect your funds through escrow, and have your contracts reviewed by your own lawyer, buying a property is manageable and, most importantly, safe.

How much of my own money do I need to buy a property?

Plan for at least a share of the price from your own resources (banks typically don't finance the full value) plus a reserve for fees, taxes, professional valuations, legal services, and possible renovations. The exact share of own funds changes based on bank policy and regulation, so verify current terms with a bank or mortgage advisor.

What is escrow for the purchase price and why use it?

Escrow means you don't send the purchase price directly to the seller, but instead to a special account held by a lawyer, notary, or bank. The funds are released to the seller only after your ownership is registered in the land registry. This protects both parties during the period between signing the contract and the property transfer.

When do I become the owner of the property?

You become the owner when your ownership right is registered (recorded) in the land registry, not merely by signing the sales contract. The land registry has a statutory timeframe to decide, and a statutory protection period runs after the application is filed — verify the exact timelines at your local land registry office.

Should I reserve the property with a reservation agreement?

A reservation agreement takes the property off the market and commits both parties to further negotiations, usually against a reservation deposit. Before signing, read carefully under what conditions the deposit is forfeited, and ideally have the agreement reviewed by your own lawyer.

How do I spot hidden defects during a viewing?

You can spot some problems yourself (moisture, cracks, window condition, plumbing condition), but for more serious issues, it's better to bring in a building surveyor or home inspector. Also request the energy performance certificate, the title deed, and information about any mortgages or easements on the property.

Can AI assistants help me with my property search?

Yes. You can give tools like ChatGPT, Claude, Perplexity, or Gemini your criteria (location, price, layout) and get advice and comparisons. For AI to find specific listings, they must be published where AI is allowed to read them and where data is structured, such as on the open platform AssetLog.

Is it worth hiring a mortgage broker?

For most people, yes. A broker will compare offers from multiple banks, help with paperwork, and often secure better terms than you'd negotiate alone. But make sure they're independent and understand how they're compensated, so you know whose interests they're protecting.