Whether you’re a property seller or a buyer, there is a set of processes to be followed before a property transaction can take place. The procedure to buy or sell property is different in different places, and it is important to understand the regulations wherever you intend to buy or sell.
A property needs to be valued before it can go onto the market. This process of valuation involves a survey of the property, done by a surveyor. Different kinds of surveys are possible and there is a wide range of areas where special kinds of surveying may be needed. A basic survey of a property is the first step in calculating the current value of the property.
When a property is bought and sold, the rights to the property need to be transferred to the new owner. A solicitor or conveyancer is usually required to carry out the necessary procedure to make such a transfer. Different locations have different regulations, so make sure to find out the regulations in your choice of location.
For example, with property in France, the deal becomes legally binding much sooner in the process than it does in the UK. This little difference, if not understood correctly, can and indeed does, result in several botched up deals every year!
Investing in property abroad is all very well, but it is no small matter and should be handled very carefully to avoid trouble later. The first step is to thoroughly understand the local process and regulations and only then enter the fray of property buying and selling.