The procedures for buying property abroad can be vary a great deal country to country.
Below are some basic considerations you will need to contemplate during your purchase. Please contact us to discuss your individual requirements in finer detail.
Selecting a region
Consider the location first and foremost. Decide on a particular town, village, development or hillside where you'll want to spend a lot of your time or even live permanently. This involves a whole series of individual choices. Research the area to find out what it is like in different seasons, what facilities are available and the travel times to different places. And ask yourself, would you be happy living there? Look at estate agents in the region and find out the prices that you would expect to pay.
Type of property you are looking for
The area, size, and number of rooms is the primary consideration. But keep an open mind. It could be worth looking at different types of properties in different residential areas. By looking at a variety of homes you'll build up your knowledge of the present market values in the area you are looking.
Contact estate agents
Only negotiate with those that are officially registered and hold a licence. Make sure you feel comfortable with the agent and start looking at as many properties as you can. What you'll need the house for will change your considerations.
Research all legal issues and costs involved
Find a Lawyer to advise and assist you. Before you decide on a property it is important to be fully aware of the legal process and costs involved in your property purchase. Obtain professional advice and check your finances take account of these additional costs.
Make an offer
Make the offer in writing if possible (of course, subject to contract), and include not only the price, but also the amount of deposit, when you are prepared to pay it, when you are prepared to complete, what you consider to be included in the price (for example furniture and fittings if applicable) and, an often neglected point, that all machinery equipment and installations should be in normal working order.
When an offer is accepted
The solicitor will take the legal responsibility for checking the land registry and if all is well will then prepare a private contract which will bind both parties to the deal (you may be asked to lodge a deposit on the property, to take the property off the market). When the balance of the purchase price is paid and vacant possession of the unencumbered property is granted, the sale is completed.
Immediately after completion
The notary will fax details of the title deed to the local land register to inform them of the identity of the new owner. This will prevent the property from being sold twice. The notary and the land register act together to protect and guarantee your interests. Your solicitor can also arrange for the transfer to your name of utilities and services such as water and electricity and organise their payment through a local bank.
Please contact us to discuss your individual requirements, and we will be pleased to advise and help you.
