Sunday, February 22, 2009

Ensure Your Private Contract and Bond Cover You.

I have had a number of queries regarding the purchase process and how best to protect yourself when buying a property overseas. This isn´t specific to Calabria, but can be applied to any international destination.

Although I cannot and will not give legal advice, I can give you some tips that will assist you and hopefully make for a trouble free purchase.

- Make sure you have a full understanding from the agent of what you are actually getting for your money, IE. Size of apartment + terracing, air-con included, kitchen appliances, style of flooring etc.
Keep a note of this as it will help you reconcile the details presented in your contract. Should there be any disparity between what you were originally told and what appears before you in your private purchase contract you take the appropriate action, either renegotiating or walking away.

- Read the contract very, very carefully before signing. All the important stuff including specifications, sizes etc appear here. If you sign without checking properly and a discrepancy arises upon completion that you failed to notice at the signing stage, you will have little chance of recourse.

- Check the lawyer has the original bank guarantee, also make sure you understand the conditions of the bond. Ask what specific cover it gives, length of validity, late clauses etc. How will you action the bond should you need to and how long will recompense take.

- Be nosey, ask your lawyer questions about any aspect of the transaction you are unsure about. This is important and no question is "silly" or unimportant.

The lawyers I have worked with in the Calabria region have all done a superb job, definitely putting their clients´first. However, you should get involved with your purchase and check everything yourself carefully thus eliminating any issues.

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