Sales ProcessIn case you are new to buying property abroad, we have prepared an example of how a sale would proceed. If you have any questions or comments please do not hesitate to contact us .
When you have chosen your apartment you reserve it with a reservation deposit: for different developments or single apartments, the amount of the deposit varies, but usually it is approximately 3,000 Euro. We suggest you use a local solicitor to advise you on every step of the deal and represent you if necessary in front of the local authorities. After you’ve paid the deposit, the Preliminary Contract should then be negotiated between you and the sellers and your respective solicitors. This is a very important contract as it demonstrates both parties’ legal obligations and rights. Once your lawyer approves the Preliminary Contract and you sign it, you will be due to pay the first installment. This payment is expected within 14-30 days of you receiving and not more than a week after signing the Preliminary Contract. With off-plan developments two further payments will then fall due. They will normally be at the stage of build completion to the roof shell, and finally on the building’s overall completion as certificates will be issued at each of these stages to prove the development has reached the required standards. On completion and after an inspection done by you or an authorized representative, you or a legal representative of yours sign for the Title Deeds of your property. The process is slightly different for completely finished and ready-to-use apartments. In this case the payment plan is 50% of the purchase price as a first installment after signing a preliminary contract and then the balance at transfer of the ownership papers in front of a Notary. The period of time between the two payments is about a month. There is also the option to pay only a reservation deposit, sign a preliminary contract but pay the balance at notary completion without any interim payments. Payment options for ready-to-use apartments are agreed between the seller and the buyer at reservation stage. Please note that the purchase of a ready-to-use apartment can be completed within 8 weeks. You now own your apartment!
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