It’s a major financial commitment to invest in a holiday home. With that kind of money riding on the transaction you need to be sure that your interests are protected especially since 1) you are a foreigner and not aware of the ins and outs of the real estate industry and 2) you need to be prepared for the hitches and delays that can plague any real estate purchase in any country.

These are just some of the questions that keep people up at night. Have you just seen your dream home? Are you about to sign a purchase contract? Are you sure the property you are buying is all legal? Are you sure the vendor is the rightful owner? Will you get your deposit back in case there is something the matter?

Finding a Lender

Before you even look for a property begin the process by getting a mortgage in principal from a trusted Mortgage lender/ broker. Do this first. With a mortgage approved it will significantly strengthen your offer when you find a property.

Finding a Trustworthy Agent

A real estate agent can really help you with the problems of finding a home. This is especially important if you are buying a property off plan. An off plan is a property which is not yet built and which may not even have planning permission in place.

The criteria of finding an agent is that he must be licensed, he must be part of a respected organization, he must speak English well, and he must be an agent that you trust. It is important to do this before you go rushing off looking for homes or you may end up with no representation.

Finding a Finance Expert

If you are applying for finance in order to buy the property most faults, such as the legality of the build and possible local (council) issues are likely to be discovered. That’s why it’s ALWAYS recommended to have finance on the property even if you don’t need it. If you haven’t prepared the finance and if you haven’t protected yourself by stating the wording mentioned above you can lose your deposit if you decide not to proceed for whatever reason.

Finding a Lawyer

Before you start looking for the property arrange for a solicitor to represent you. He/ she will be needed at the very moment you decide to put in an offer. When you have made an offer and it has been accepted you need to put down a deposit. Unfortunately this is where a lot of people go wrong. If you go it alone it is recommended that you have at least the wording “subject to mortgage and valuation” in the purchase contract.