Thursday, 18 January 2007

Overseas Top Ten Buying Tips

  1. Never sign a contract that you do not understand.
  2. Always ensure that you seek specialist advice from independent Solicitors, Architects and Surveyors before considering a purchase overseas.
  3. Before proceeding with the purchase of a resale property ensure an Independent Valuation is carried out.
  4. Try to have mortgage/finance arranged before searching for property.If you are paying a deposit do ensure this is refundable if the mortgage is not approved, this you must have in writing.
  5. Arrange your mortgage in the currency that you earn where possible. If you are going to receive rental income from the property in the local currency then you may need to raise mortgage in the local currency this will be dependent on the lender's criteria.
  6. Check with the Real Estate company of the charges by the legal and government authorities for purchasing a property in your chosen country.
  7. Open a bank account in your chosen country and ensure you get a Certificate of Importation for the money brought in from your home country.
  8. Set up standing orders in a local bank account to meet bills and taxes. Failure to pay your taxes in some countries, such as France, Portugal and Spain, could lead to court action and possible seizure of your property.
  9. Think about combining your cash with friends or family: it could bring a Villa with pool, rather than an Apartment. In this case it is recommend you draw up legal documentation so everyone knows where they stand.
  10. Remember that bills do not end at the asking price. Lawyer's fees, Taxes, Insurance etc must all be met in your host country and can often be more expensive.

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