There are around five steps involved between buying your dream property abroad to receiving the keys to your new home.
Step 1 – Initial Contact
An initial meeting or phone conversation with one of our property consultants to identify if property investment is suitable for you, what type of investor you are and what type of property and geographic location is suitable for you.
Step 2 – Reservation Fee
If you wish to proceed with the purchase you put down a €3,000 reservation fee to take the chosen property off sale. This can be done before or after a viewing trip (if you choose to visit the area).
Step 3 – Contract
Once you have paid the deposit you will receive a purchase contract which will stipulate all the relevant details which should be checked out by your solicitor.
Step 4 – Deposit
You have 28 days from the reservation date to put down a deposit (from 10% to 50% of the purchase price) plus VAT. This will be paid into the lawyers client account for security. If you fail to meet this deadline then the builders / promoters reserve the right to re-sell the property so it is important to have a clear idea where the funds for a deposit are coming from when you reserve a property. The €3,000 reservation fee will be deducted from the amount due at this stage.
Step 5 – Completion
Once your property is built in the case of an off plan property (from 4 to 12 months build scale) you will attend a completion meeting with your lawyer, the constructors lawyer and a notary. The balance of monies due can either be paid in cash or via a mortgage although the mortgage will not cover local VAT and legal/notary fees.
In the case of key ready properties or resale property you will have around one month to complete on the property.