Sales Process In 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, the amount of the deposit varies, but usually between 1,000 and 3,000Euro.
- The Preliminary Contract will then be sent to you. This is a very important contract as it demonstrates both your and the developer’s legal obligations and rights.
- At this stage, we advise that you instruct an independent lawyer.
- Once your lawyer approves the Preliminary Contract and you sign it, you will be due to pay the first installment of approximately 30-40% of the total Sale Price.
- This payment is expected within 14-30 days of you receiving and not more than a week after signing the Preliminary Contract.
- 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.
- 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 sign for the Title Deeds of your property, we suggest that this be done in person, however, many people give Power of Attorney to their lawyer to do it on their behalf.
- The process is slightly different for completely finished and ready-to-use apartments. In this case the payment plan is 10% of the purchase price as a down payment to reserve the property after signing a preliminary contract and then 90 % at transfer of the ownership papers in front of a Notary. 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. The period of time between the two payments is about a month.
- You now own your apartment!
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