Top tips for buying a property abroad.
Purchasing a property abroad can seem daunting however with some research and a reputable lawyer purchasing your dream home can be a breeze.
- research and follow local laws on buying and renting out property
- always get written confirmation of what has been agreed in any negotiations and always insist on a paper (preferably not electronic) receipt for monies paid
- check that the seller or property developer owns the title deeds to the property or land and can transfer them to you. If buying brand new, or partially built, from a developer, check that the title deeds for the property in question actually exist
- check that the deeds to the property or land have not been offered as collateral for any loans
- check whether the owner has outstanding utility bills, local tax demands etc that you may be liable for on purchase of the property
- check that all utilities e.g. water, sewage and electricity, are connected and that you will be able to use them
- talk to other property owners in the area or on the development to establish if there are any issues you should be aware of before purchasing (such as floods in winter, lack of water or electricity supplies in summer)
- ask the developer to show you some projects that s/he has completed and talk to owners of properties on these developments to see if they have had any problems
- establish whether the developer has outstanding commitments to utility suppliers to bring water, sewage, electricity etc to the development