Understanding the purchasing process
Once they’re confident on the country, and confident on the specific location, would-be buyers should make sure they understand the entire process of buying a property in the area: from making the bid through contract exchange through to completion – don’t assume the process is the same as it is in the UK! Estate agents that list properties in the US, for example, act solely on behalf of the seller’s best interest – not yours. IAP’s investigations in Spain revealed that at times developers go ahead and build properties without all the necessary licenses and permissions in place; however the prospective buyer won’t be able to arrange a mortgage on the same property without them. In order to get an understanding of the local property buying process, buyers can talk to others who’ve bought in their location – and who’ll be able to warn of any potential pitfalls and complications. Meet with local dealers and ask them to talk through the whole process and provide an overview of the housing market. Talk with local authority offices and to gain an understanding of local tax laws. Don’t expect local British businesses to be either reputable or in the know just because they speak with an accent you’re comfortable with!
