Key Questions to Ask When Buying Off-Plan Property Abroad
When you’re buying property overseas it is important to ensure you’re completely clear about what you’re buying and any legal issues involved. This is especially so in countries where you may not speak the language or be fully confident with the legal process.
Hiring a lawyer who speaks your language to help you through the legal minefield is crucial, but it also helps to be keyed up on the issues you may need to discuss with your lawyer and the developer you’re buying off-plan property from. Acquiring a property abroad is a big decision, especially if you’re also planning to move there, so don’t be afraid of speaking out and asking questions to ensure everything is clarified from the start.
So here are some ideas about the key questions that you may need to ask your lawyer and the company you’re buying the property from as you go through the, often taxing, process of making your dream come true and securing your property purchase abroad.
- Is there a building warranty in existence? How long is it for?
- How much deposit do I have to pay and is it non-refundable?
- When does the balance payment have to be made?
- Is it possible to obtain a mortgage for my overseas property purchase?
- What legal and tax costs will I have to pay as part of the property purchase?
- What inheritance, income and capital gains taxes will I have to pay?
- Is the land that my property is built on classed as urbanised or rustic? What are the implications of buying on both urbanised and rustic land?
- What happens if the company I’m buying the property from disappears or goes bankrupt before completion? Is there any insurance against this?
- Do I have to be present for each stage of the legal process and when signing the title deeds on completion?
- What happens if I change my mind before completion?
- Are there any annual maintenance fees to pay?
- Is it possible to make changes to the construction plans, such as specific interior elements or fittings?
- How long will it take for the development to be completed?
- What sort of redress can I seek if the project is delayed?
- When will I be able to move in?
Most of these questions should be asked before you sign on the dotted line and commit to buying the property. If you encounter any reluctance to definite answers from the developers, then use your gut feelings and don’t be afraid to walk away if you have doubts. After all it’s your money on the line.
Also see:
10 Top Tips for Buying Property Abroad
The 4 Essential Questions that Property Investors Should Ask… But Don’t
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