Buying a property abroad is a lifelong dream for many of us. With the possibilities of a better climate, cheaper property and a lower cost of living, it is easy to see why so many are opting for either a holiday home or an investment property or even a making a life-changing move abroad.
The purchase process and legal requirements will vary from country to country although in many respects will be similar and to some extent familiar to you, even if you have never previously purchased an overseas property. The process is normally broken down into a number of simple stages and below is a general guide as to what you can normally expect:
Stage 1: Once you have selected a property and decided to go ahead with the purchase, you will be required to place a holding or ‘reservation deposit’. This ensures your property is taken off the market and reserved for you. You will then have a limited period of time, normally around 30 days, during which time you should appoint a solicitor to act for you and the legal documents and contract will be sent to them by the developer.
Stage 2: Once you and your solicitor are satisfied with all aspects of the documentation and the property and you have all your funding agreed or in place, you will be required to sign the purchase contract and pay a further deposit, normally 10% or 20% of the purchase price. At this stage you are committed to the purchase.
Stage 3: In some countries and where the property is still under construction, you are required to make further stage payments as the build continues, making the final payment once the property is completed.
Where the property is already built and ready for occupation, you are given a further period of time following stage 2, again normally 30 days, at which time you are required to pay the final balance and ownership of the property is transferred to you.
The above is just a very simple guide. More detailed information, specific to each country and property, is available on the relevant resort and property in our portfolio.
Once again, we are always on hand to assist and advise you throughout the purchase process. When you decide to purchase a property through David Lloyd Signature Homes, one of our team will be assigned as your personal advisor, who will be your single point of contact within DLSH and will assist and advise you right through the purchase and continuing after the sale is complete.
We want you to enjoy the experience of purchasing and owning your property and will work with you to ensure you are entirely satisfied with your property and the buying process.
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