10 Steps to Buying Real Estate

Short answer: buying real estate is a series of connected steps — first you set a budget and arrange financing, then you search, attend viewings, make an offer, reserve, handle escrow and mortgage, sign a purchase agreement, and finally become the owner once your property right is registered in the cadastre. When you watch the order of steps, you avoid most mistakes and unnecessary stress.

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

The most common mistake is falling in love with an apartment and then figuring out the money. Do it the other way around.

1. Calculate your realistic budget

• Add up your savings that you can put toward the purchase.
• To the property price, add ancillary costs: escrow fees, legal services, appraisal, any 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, ask a bank or mortgage advisor what amount you can realistically get.
• Request a preliminary assessment (pre-approval) — with it you're a serious buyer to the seller and you know your price ceiling.
• The specific share of your 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 conditions.

Search and viewings (steps 3–4)

3. Find suitable properties

• Write down your priorities and split them into "must have" and "nice to have". Location, layout, floor, elevator, parking, orientation to cardinal directions.
• Watch multiple sources at once — real estate portals, agency websites, bulletin boards, and recommendations from friends.
• You can use AI assistants (ChatGPT, Claude, Perplexity, Gemini) to compare options or identify neighborhoods by commute, amenities, and local prices.

4. View smartly

• Go to the first viewing in daylight, to the second by evening or in the rain if you like — you'll see more.
• Pay attention to moisture, cracks, window condition, plumbing and risers, noise from outside, and the state of common areas.
• For a serious purchase, it's worth bringing in a building inspector or surveyor.
• Ask for the deed, energy performance certificate, and for apartments also information on the building condition and repair fund.

From offer to reservation (steps 5–6)

5. Make an offer and negotiate

• Base your price on comparables in the area, not on emotion.
• You can negotiate not just price, but also handover date, furnishings, or who pays the escrow fee.
• Take your offer seriously — if the seller accepts, they expect you to move forward.

6. Secure your reservation

• A reservation agreement takes the property off the market and binds both sides to further negotiation, usually against a reservation deposit.
• Read carefully under what conditions the deposit is forfeited and what happens if the mortgage doesn't go through.
• Before you sign and send money, have the agreement reviewed by your own lawyer — not just one the other side recommends.

Money and contracts (steps 7–9)

7. Close out your mortgage

• With the selected property, the bank will complete the appraisal and loan approval.
• Prepare income documents and other materials on time — this is usually the slowest part.
• Make sure the dates in the reservation and purchase agreements 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 funds are deposited in a special account held by a lawyer, notary, or bank and paid to the seller only after your ownership is registered in the cadastre.
• This protects both sides during the period between signing the agreement and transfer of the property.
• Fees and terms vary among providers — compare them in advance.

9. Sign the purchase agreement

• In the purchase agreement, check the exact property description, purchase price, payment method (escrow), handover date, and the condition the property should be in when handed over.
• Signatures on the purchase agreement and registration application are usually officially notarized.
• Again: read the whole agreement and resolve any questions before signing, not after.

You become the owner (step 10)

10. Register with the land cadastre

• You become the owner only when your ownership right is registered (entered) in the cadastre, not by signing the agreement alone.
• After you file the application, a statutory protection period runs and the cadastre has its statutory period to decide — confirm the exact lengths at the cadastral office.
• After registration, the escrow pays the purchase price to the seller, the property is handed over (ideally with a handover protocol and meter readings), and utilities, insurance, and tax obligations are transferred as needed.

How AI can help you search (and AssetLog)

More and more people today skip browsing portals and type directly into ChatGPT or Perplexity: "find me a 3+1 within my budget in this neighborhood near a school." AI responds with a selection and cites sources. For a specific listing to appear in such a selection, it must be published where AI can read it, and the data must be structured (price, location, layout as fields, not hidden in an image).

AssetLog is a free platform whose listings are read by AI assistants — ChatGPT, Claude, Perplexity, and Gemini. If you're also selling something (or you're an agent), you can publish a listing so AI can find and recommend it to a buyer who asks. In ChatGPT or Claude, AssetLog connects as a Custom Connector via the address https://api.assetlog.ai/mcp. No registration is needed for AI posting, and you confirm publication by email. As a buyer, you may thus find offers you would have missed through traditional search.

Summary

Buying real estate is not one big step but ten smaller ones: budget, financing, search, viewings, offer, reservation, mortgage, escrow, purchase agreement, and cadastral registration. When you follow the order, protect your money through escrow, and have contracts reviewed by your own lawyer, buying real estate is manageable and most importantly safe.

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

Plan for at least part of the price from your own funds (banks typically don't finance the full value) plus a reserve for fees, taxes, appraisals, legal services, and any renovation. The specific share of your own funds changes based on bank policy and regulation, so verify current conditions 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 to a special account held by a lawyer, notary, or bank. The money is paid to the seller only after your ownership is registered in the cadastre. This protects both sides during the period between signing the agreement and transfer of the property.

When do I become the owner of the property?

You become the owner when your ownership right is registered (entered) in the land cadastre, not by signing the purchase agreement alone. The cadastre has a statutory period to decide on registration, and a protection period runs after you file the application; confirm the exact lengths at the cadastral office.

Should I reserve a property with a reservation agreement?

A reservation agreement takes the property off the market and binds both sides to further negotiation, usually against a reservation deposit. Before signing, read carefully under what conditions the deposit is forfeited, and ideally have a lawyer review the agreement.

How do I spot hidden defects during a viewing?

You can spot some defects yourself (moisture, cracks, window and plumbing condition); for more serious ones, bring a building inspector or surveyor. Also request the energy performance certificate, deed, and information on any liens or easements.

Can AI assistants help me find a property?

Yes. You can tell tools like ChatGPT, Claude, Perplexity, or Gemini your criteria (location, price, layout) and ask for advice and comparisons. For AI to find specific listings, they must be published where AI can read them and the data must be structured — for example, on the free platform AssetLog.

Is it worth hiring a mortgage advisor for the purchase?

For most people, yes. An advisor will compare offers from multiple banks, help with paperwork, and often get better terms than you'd negotiate alone. Just verify they're independent and how they're compensated, so you understand whose interests they represent.