Wednesday, October 17, 2018

Checklist Before Buying A Property Overseas

When buying overseas, it is really important that you approach the process with
caution. There are lots of things to consider; not only selecting the location of your
required property but also practical issues such as finding a solicitor, obtaining
a mortgage (if required), dealing with taxation issues and overcoming any
problems that you may encounter during the process.
It is of utmost importance that you find a solicitor who is thoroughly experienced
in the land of the place you are moving to and the law, as the process of buying
property may be very different. Sometimes you may prefer to deal with a firm
who are based in the US, but if you do, make sure that they are experienced
in completing property transactions and possess relevant experience
in the completion of international transactions. If, on the other hand, you
opt for a solicitor in the country you are buying in, ensure that they are
registered with the local association. Your solicitor will be able to tell you
about the required credit score to buy a house, the process entailed, checks
required, and anything else specific to the country in question.

In addition, one of the main problems that people often face when looking for
property abroad is the language barrier. It is always recommended that you
employ a translator who can accurately translate all of the contracts and
legal documentation issued by the solicitor.

Proceed with caution and ensure that you are happy with everything before
signing. In particular, make sure that you have viewed the Land Registry
extract in English and verified that the property and related land correspond
with the details which have been registered and that the vendors are the
registered owners of the property and any surrounding land.

Also verify that there are no outstanding debts on the property or any legal
proceedings due to breach of land planning regulations. It is really important
to check that the required planning permissions have been sought to ensure
that the property has not been built illegally. The last point is particularly relevant
if you are buying a property ‘off plan’ and are in negotiations with the developer.
If you are considering purchasing a property off plan, then check that the
property has been certified by a registered architect and it has been submitted
to the new build register. This register should contain information about
the developer and information about any structural defects which may arise at a
later date.

This is by no means a full checklist, but an overview of the main points which
will safeguard the purchase of property and reduce any potential problems which
may arise in the future. As well as undertaking various checks, you should also
make sure that you obtain several important documents.

The first of these is a fully paid receipt relating to the previous owners annual property
tax along with a certificate from the town hall proving that there are no outstanding
rates. You should also obtain the licence of first occupancy, receipt that all utility bills
have been fully paid and a certificate to show that there are no debts on the property.
The most recent requirement is that all properties now need to have an energy
performance certificate so ensure that this is also provided.

If you follow the above, you can ensure you are as protected as possible when
buying a property overseas.

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