WHEN YOU HAVE DECIDED
1. Confirm the status of the title to the property and if the property has any charges and/or encumbrances.
2. Ensure you do not inherit a debt on the property before you purchase, which a solicitor should be able to check - i.e.: If the developer has borrowed money to build and this amount has been allocated against each plot as additional security to the developer's bank.
3. Always give yourself a "cooling off" period when you see a "must-have property" and are tempted to put down a deposit there and then.
4. If you are arranging finance on the property, ensure that this is stated in a contract and that you have an "opt-out clause" if the loan is not agreed (which will ensure any deposit paid is refunded).
5. Try to arrange the financing of your mortgage BEFORE agreeing to purchase the property, or before signing any contracts and paying over a deposit .
6. Never sign a contract that you do not understand (for example - if it is in a foreign language).
7. Arrange your mortgage in the currency that you earn in where possible, unless you are going to receive rental income from that property in the local currency and then this may be a possible alternative option, depending on the lender's criteria.
8. Think about combining your cash with friends or family: it could bring a Villa with pool within your financial reach, rather than simply an Apartment.
9. Check with the Estate Agent or vendor that you are aware of the costs charged by the legal and government authorities for purchasing a property in your chosen country.
10. Open a bank account in your chosen country and ensure you get a Certificate of Importation for the money you bring in from your home country.
11. Set up standing orders in a local bank account to meet bills and taxes. Failure to pay your taxes in some countries, such as France, Portugal and Spain, could lead to court action and possible seizure of your property.
12. Remember that bills do not end at the asking price. Lawyer's fees, Taxes, Insurance etc. must all be met in your host country and can often be more expensive.
