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Buying Property In Eastern Europe

Final Checklist

Author Leaonne Hall is an expert on the overseas property market and has written extensively for a number of newsstand titles. She previously produced three editions of the Red Guide to Buying Property in Eastern Europe, and has been writing in detail on the individual markets since 2003.

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FINAL CHECKLIST

  • Always establish a budget and stick to it.
  • Always view the area and as many properties as possible before committing to buy and consider renting in the area to get to know it better. Try to view a property you are considering buying at different times of day and year.
  • Think twice before you buy: is the area right for you? Make sure the answer is yes before you sign the legally-binding preliminary contract.
  • Make sure that the property corresponds to its description with both the estate agent’s details and the title in the land registry, and get your lawyer to carry out a thorough background check before purchase.
  • Make sure you’re paying market value for the property and aren’t the victim of overcharging, as foreigners in Eastern Europe can be.
  • Always check the additional costs of the purchase, such as taxes and fees for the notary, estate agent and lawyer.
  • Make sure that planning permission has been granted for the property and that any future work you want to do will also be given the OK.
  • Always clarify what is, and what is not, included in the sale, such as fittings and furnishings.
  • Have any documentation translated into English before you sign it.
  • Appoint a power of attorney to the preliminary and final contract on your behalf if you can’t attend.
  • Make sure that there are get-out clauses in the preliminary contract for any issues such as the seller backing out, or failure by the developer to complete an off-plan property.
  • Never sign a document unless you know exactly what you’re signing.
  • Be sure of any key dates or deadlines and adhere to them – missing a stage payment could lose you your property.
  • Always use a professional to check that the paperwork relating to the property is in order.
  • Have a survey done on the property and check the exact boundaries, clarifying all rights of way and access routes.
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