3 ESSENTIAL SERVICES
SECTION CHECKLIST: WHO’S WHO IN THE PROPERTY-BUYING PROCESS?
When buying abroad you will encounter a number of companies as part of the transaction. Here are some pointers.
We do go on about it, but using an independent lawyer is essential to ensure your interests are protected. No one else impartial is on hand to check everything for you.
Sort out financing before you go shopping. You may need to act fast, and getting a mortgage abroad is not quick and easy these days. Which currency would your mortgage best be in?
Use a currency exchange broker to transfer funds for your purchase and protect you against currency swings
Budget for taxes. You’ll pay tax on the purchase price, and you’ll pay tax on rental income, and tax on any capital gain when selling the property.
What about inheritance law and inheritance tax? Ask your lawyer for advice.
Don’t forget to insure your property, and if you let it out you’ll need public liability insurance.
Consider taking out title insurance and latent defects insurance which can give peace of mind and help resolve issues of ownership and build quality, see page 41.
AIPP CONSUMER GUIDE 45
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