Considering a property purchase overseas?
A quick quide for you to read before you sign or commit to anything- Please make sure you have confirmed:
1) Who actually owns the property. Please, please don't take for granted that the person trying to sell you the piece of real estate...actually owns the piece of real estate. Verify title using your own (not the property developer's) attorney. I would also strongly suggest you invest in title insurance. It's not expensive.
2) The developer's background and experience. Ask what else he's done. Go to see his other projects if possible.
3) The development timeframe. What is the schedule for planned infrastructure and improvements? Does it fit in with yourown time scales
4) The developer's capital adequacy. Does the developer have the resources and financial resources to do what he's promising? This is more important if no infrastructure is yet in place.
5) The plan for basic utilities - electricity and water. If these services are not in place...when will they be...and where will they come from
6) The distance from an improved major road.
7) Plans for the homeowners\' association...and the related costs to you.
8) Any build requirements and other owners covenants. A build requirement isn't a bad thing...but you don't want to commit to building a house in 12 or 24 months without realising it.
9.) All associated carrying costs (property taxes, other fees, etc.).
10.) If your physical presence is required for closing. If it is, you may want to prepare a power of attorney so someone can stand in for you.
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