What is the purchase procedure?
Each developer will have there own set procedure of payments for new-build. After an initial administration deposit to start the purchase contract, monies are generally paid as “stage payments.” 20% to 50% of the unit price may be asked on the signing the purchase contract usually around 30 days after deposit. An arranged % of the unit price is to be paid according to each individual contract and time-scale after signing the purchase contract. With the final payment and after signing of the final contract, clients will receive the keys for their property. Full Deeds of Entitlement will be released in accordance with the Authority of the location of each property.
A. Once you have chosen your unit type, you will be required to pay a reservation fee of £1,000. Following, You should appoint a solicitor of your choice (we can recommend) who will deal with the contract. You are able to appoint him/her power of attorney if you are not able to travel across at that time and he can then also apply for the purchase permit from the Interior Ministers office and transfer of title. Most solicitors charge approximately £1,200 for this service. Q. Extra purchase charges A. The closing costs are at present 6% stamp duty and 5% VAT. These taxes are based on the valuation, by the Tax Authorities, of the cost of replacing the building; therefore this total is significantly lower than 11% of your purchase price. There is currently available a one off opportunity for foreign investors buying for the 1st time, to reduce the stamp duty to 3%. These taxes are payable several months after key handover. There is also initially a small contract stamp duty to pay; your s
Once you have chosen your unit type, you will be required to pay a reservation fee of £1,000. Following, You should appoint a solicitor of your choice (we can recommend a few) who will deal with the contract. You are able to appoint him/her power of attorney if you are not able to travel across at that time and he can then also apply for the purchase permit from the Interior Ministers office and transfer of title. Most solicitors charge approximately £1,000 for this service. The transfer of title takes around 6 months to complete.
