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- Never sign a contract that you do not understand, for example if it is in a foreign language.
- Always ensure that you seek specialist advice from independent Solicitors, Architects and Surveyors before considering a purchase overseas. These specialists should be proficient in your chosen country's laws and processes.
- Before proceeding with the purchase please ensure an Independent Valuation of the property is carried out, which should point out any problems with the property, which could include things like subsidence, damp, wiring defects or more unusually boundary disputes.
- Ensure you do not inherit a debt on the property before you purchase, which your solicitor can check for you e.g. if the developer has borrowed money to build the development and this amount has been allocated against each plot as additional security to the developer's bank.
- Always give yourself a `cooling off` period.
- If you are arranging a loan on the property purchase, please ensure that this is stated in any contract and you have an “opt-out clause” if the loan is not agreed (this will ensure any deposit paid is refunded).
- Try to arrange your mortgage “in principle only”, before agreeing to purchase the property or before signing any contracts and paying over a deposit.
- Check with the Estate Agent that you are completely aware of the costs charged by the legal and government authorities for purchasing a property in that country.
- Open a local bank account in your chosen country and ensure you get a Certificate of Importation for the money you bring in from your home country.
- Set up standing orders in your local bank account to pay bills and taxes. Failure to pay your taxes in some countries, such as France and Spain, will lead to court action and possible seizure of your property.
- Please remember that bills do not finish at the asking price. Other things to consider are the lawyer's fees, local taxes, insurance cover, etc.
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