How to buy property abroad?
Buying a property abroad is a pretty important decision, typically preceded by a period of serious discussions with your partner and a detailed financial calculation. Even at this early stage, it is a good idea to get in touch with a specialist and talk about the possibilities. Explore various locations that could be suitable for you, get a better understanding of prices, fees and the cost of ownership. You will thus be able to base your decision on a more concrete foundation and a wealth of information.
If you finally decide to buy, you move to the pre-selection phase where you try to pinpoint both your preferred location and the type of property. The choice of location is typically influenced by several factors: how often do you want to visit the property, how do you propose to travel to the location, whether or not you have children and, of course, your preferences and love of a specific country and culture, your language skills, etc. The choice of the type of property largely depends on your privacy requirements and, naturally, your budget.
- In order to prepare a selection of properties for you, we will need to know your answers to the following questions:
- How big is the property you seek (number of bedrooms and bathrooms)
- Distance from the coast (some people prefer properties directly on the beachfront, while others do not mind being within a walking distance from the sea, but require a nice view, while others still are willing to use their car to get to the beach…)
- Distance from the airport, restaurants and other services (schools, doctors, etc.)
- Other requirements (garden, pool, terrace, view…)
- State of the property (some would only buy a property in mint condition, while others are more interested in the location and are willing to do some refurbishment work on their property, including a remodelling to suit their personal taste and style…)
- Price ceiling including all fees and charges related to the purchase.
Based on your wishes, preferences and requirements, we will prepare an up-to-date selection of available properties in your chosen location. If some of the houses or apartments catch your attention and you express a wish to visit the sites in person, we will agree on the scope of services that you would like to use and we will plan your first trip.
A trip to visit selected properties and locations usually takes 2-3 days. Each day, you will have time to view several properties, ideally 5-7 a day. In most cases, clients decide which property they want to buy already during their first viewing trip. If you do so, you are moving to the next phase.
It is a good idea to reserve the chosen property to make sure that while you are dealing with all the formalities nobody comes in and snatches it. Reservations are typically arranged through fairly simple reservation agreements that include a EUR 5,000-10,000 fee (max 10% of the property price) paid upon signature. The reservation fee is then included in the payment of the purchase price. However, if you later change your mind, you will lose the reservation money. If, on the other hand, the seller changes his mind, you usually get back double of the fee.
The first step in this phase is usually hiring a legal representative who will act on your behalf. Then you will apply for a tax identification number and open a bank account in the country where the property of your choice is located. The lawyer verifies the property documentation and the respective collateral, identifies and works to solve any unclear legal matters and gets in touch with a notary public who will prepare a notarial deed. In most Mediterranean countries, properties change ownership by way of a notarial deed.
You can either sign the notarial deed in person or you can give Power of Attorney to do so to your legal representative or any other person. Once the notarial deed is signed and the purchase price is paid – usually in the form of a covered banker’s cheque rather than by wire transfer – you become the owner of the property and can immediately start using it. Likewise, all fees and charges related to the property purchase are paid immediately. The notarial deed is immediately submitted to registration in the Property / Land Registry, which is a process that may take up to several months but de jure constitutes a mere administrative formality.
Why use our services?
The Mediterránea Real Estate Investments brand has been present in the Czech market since 2002. You can rely on our extensive experience gained while arranging dozens of property deals for our clients as well as our own experience with ownership of real estate across several countries, real estate investment and even property development.
- From the first moment you get in touch with us throughout the entire process, our main priority will be your satisfaction – both with the process of choosing and buying a property itself and with your long-term experience of owning a seaside home.
- We will seek properties exactly according to your dreams and specifications.
- We can recommend a suitable location if you have not decided yet.
- We will personally accompany you to the location, show you the area and selected properties.
- We will negotiate a good price for you.
- We will guide you through the entire process.
- We will have all contracts translated for you. We will help you open a bank account and assist you with all other related services.
- If you wish, we will help you furnish your property and get it up and running.