Whether wishing to have a property built or buying ready built, we will help you with this procedure from start to finish and make the transition from potential buyer to home owner a stress free procedure. From Lawyer to Architect to Builder we have a full team of experienced professionals. A rough purchase guide is outlined below.
1. Secure the property at the agreed price.
2. Use a Solicitor to draw up a contract stating the terms and conditions such as price, time scale, penalties etc., between the vendor and the purchaser.
3. Purchaser and vendor to sign contract.
4. Purchaser pays 25% deposit or an amount agreed with the vendor.
5. A Purchase Permit is applied for by the solicitor through The Council of Ministers. This can take up to 12 months.
6. Normally 1% of the remaining balance is held back until the Purchase Permit has been granted or for the snagging to be completed.
7. Once the purchaser has paid the balance the vendor will sign the deeds over to the purchaser.
8. The sale is now completed.
N.B. A stamp duty of 3% is levied by the land registry, plus VAT of 5%.
Buying a Leasehold Property
Much the same as a freehold purchase but this time you must apply directly or through a solicitor to The Ministry of Tourism and they will grant the lease.
1. Secure the property at the agreed price.
2. Use a Solicitor to draw up a contract stating the terms and conditions such as price, time scale, penalties etc., between the vendor and the purchaser.
The Solicitor will also carry out all searches that need to be done in relationship to the land or building being purchased.
3. Purchaser and vendor to sign contract.
4. They must apply to The Tourism Office in order to transfer the lease.
5. Purchaser applies to take on the lease. N.B. This may include a personal interview.
6. A 10% deposit or agreed amount is transferred once the purchaser’s application has been approved.
7. The lease is transferred from the vendor to the purchaser once the balance has been paid.
8. The sale is now complete.
Note: If you are buying off plan or having a property built, payment plans and time scales will vary.
A typical Sale Agreement or Purchase Contract is enclosed for your information.
