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Land & Legals
While the economic fundamentals of foreign markets can be very exciting, investors are inevitably cautious about differences in the way that business is transacted on a day-to-day basis in distant locations.
We have an established network of legal specialists who work with us in the countries that we operate in. We ensure all contractual and final transfer of ownership procedures have been carried out in the correct manner and adhere to the differing land laws and regulations. We undertake due diligence checks to demonstrate the commercial viability of the developer and proper legal status of the projects i.e. land ownership, title type, access, planning permissions, company papers, director references and checks etc.
Generally there are 5 basic stages to securing ownership of a property when buying direct from the developer :
- Reservation Stage : Intent to buy. A reservation fee is paid confirming intent to purchase. In most case the buyer will then have 7 days to reverse course, after which the deposit is committed.
- Reservation Contract : Signature of the reservation contract occurs 21 days after initial reservation or booking stage and represents formal reservation of a unit. In most cases the first installment, a percentage of the property price is made.
- Preliminary Sales Contract : Signature of the preliminary sales contract commences the official sales contract period. In most cases this coincides with payment of the second installment. The buyer should receive an official bank guarantee securing all payments made.
- Intermediate Payments : The agreed payment schedule will then be followed.
- Final Sales Contract : Signature of the final sales contract signifies completion of the unit with the final installment payment. Full ownership of the property will be transferred to the buyer upon signature of the final sales contract and registration of the title to the property.
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