Buying property in Europe…..???
May 4th, 2009 by admin
Hi! I was just wondering if anyone has bought property in Europe? I am thinking of buying an apartment in eastern europe (Slovakia) to rent out to ski couples/families in winter and hikers/outdoor people in the summer months (by the way its only an idea..its not like happening tomorrow!) I was just wondering if anyone has any advice on what to look out for and any tips on how to make things run smoothly…also..gosh i know this sounds lame…but can anyone explain to me how the whole process happens when you buy abroad please? If anyone can give some advice to help my plans come together a bit better i would be really grateful! Thanks x
The process to buy in Slovakia is relatively simple.
Once you've found the right property and buyer & seller agreed a price, you place a 10% deposit with the agent. This secures the price and the formal process begins. Also, at this stage you should be aware the agent withdraws his expenses but only if you decide not to proceed.
If the seller withdraws, he's responsible for paying the agents costs and repaying your 10% deposit.
Assuming nothing changes from your original selection of home, a pre-contract to purchase is raised via the selling agent. Thereafter, a survey views the property and sends his report direct to the solicitor appointed for the sale. Given all is satisfactory, a final contract is prepared & signed by all parties and sent to the Kataster (Land Registry) and, circa 4 weeks later the property becomes yours in legal title and you are then the proud owner.
Incidentally, the contract is usually formally translated by a certified translator in advance of your sginature, etc.
Mortgage; not so easy in Solvakia and, probably not the best way to raise finance to purchase there. Numerous, specialist brokererages are available but, if you want help and, one of the lowest rates for most European locations I've personally found is a guy called Alex Boston offered the best rates through their affiliate (can't remember name off-hand) he also has good knowledge of the process when I bought my place. He also turned me on to the fact Austrian's like renting there since it's very close to Vienna.
Good luck