Egan Overseas Properties Ltd., has been committed since its opening to protect and advise our investors in how, when and where is the proper way of investing in any overseas destination. Below some questions that should help you make an informed decision in any Real Estate Purchase.
QUESTIONS FOR REAL ESTATE BROKERS, BUILDERS CLIENTS SHOULD ASK WHEN PURCHASING OVERSEAS
PRICE. (IS THIS THE CORRECT MARKET PRICE?) ASK ABOUT SURROUNDING AREAS PRICES.
ASK FOR A BANK VALUATION ON PROPERTY. (ASK IF THEY HAVE A FAIR MARKET VALUATION CERTIFIED BY A BANK ONLY NOT ARCHITECTS OR ENGINEERS OR AGENTS)
TITLE. ASK WHO OWNS PROPERTY AND CAN YOU SEE COPY OF TITLE OR TITLE REGISTRY NUMBER. (WITH THIS INFORMATION YOU CAN PROVIDE YOUR SOLICITOR WITH TITLE NUMBER AND INVESTIGATE TITLE)
ASK FOR A CERTIFICATION OF TAXES PAID ON PROPERTY.
ASK FOR RECEIPTS OF UTILITY BILLS PAID TO DATE.
ASK ABOUT SECURITY IN THE AREA.
ASK ABOUT ELECTRICITY SUPPLY. IF IT IS AN INDEPENDENT PROPERTY YOU HAVE TO HAVE A GENERATOR IN THE PREMISES.
ASK ABOUT INSURANCE FOR PROPERTY. HOW MUCH WILL IT COST YOU ON INSURANCE PER YEAR.
ASK ABOUT TRANSFER TAXES OR PROPERTY TRANSFERS, CLOSING COSTS ETC.
ASK ABOUT CAPITAL GAINS TAX. (USUALLY 25%) VARIES FROM COUNTRY TO COUNTRY. POSSIBILITY OF SETTING UP CORPORATION TO BUY PROPERTY. (ALTHOUGH CORPORATION TAX WILL BE 30% FLAT IN DR ONLY).
IF YOU ARE LOOKING FOR THE PROPERTY TO BE RENTED OUT, ASK WHO WILL HANDLE THE RENTAL, ALSO IF THEY WILL PROVIDE YOU WITH A MINIMUM GUARANTEE!!! AS FROM EXPERIENCE RENTALS ARE VERY SEASONAL AND YOU NEED TO HAVE MINIMUM MONIES COMING IN.
ASK ABOUT FINANCING FACILITIES. CAN YOU GET A MORTGAGE, WHAT PERCENTAGE INTEREST AND HOW MUCH?
ASK TO WHO YOU DISBURSE FUNDS. TRY ALL THE TIME NOT TO HAND OVER MONIES WITHOUT A BANKING GUARANTEE OR TO DISBURSE DIRECTLY, TRY TO USE AN ESCROW AGENT UNTIL CLOSING IS DONE.
IF BUYING OFF PLANS, DEMAND A TIGHT PROMISE OF SALE, WHEREAS DISBURSEMENT OF FUNDS ARE DONE ACCORDING TO PROGRESS OF PROPERTY AND ASK FOR THEM TO INCLUDE A PENALTY CLAUSE IF THERE ARE DELAYS ON TITLE OR DELAYS ON CONSTRUCTION. (REMEMBER, ALWAYS NEGOTIATE YOUR PROMISE OF SALE OR SALES CONTRACT).
Note: If you are considering an Overseas Investment sold by other companies and would like us to carry out Due Diligence on your Behalf as to the property you are acquiring, please contact us at info@eganproperties.ie to avail of our DUE DILIGENCE SERVICES.
Drafted by Annie Egan-Managing Partner- Egan Overseas Properties Ltd.
Filed under: How Do I invest?, Uncategorized | Tagged: dominican investment, dominican investments, dominican republic, due diligence, investment, investment properties, investment property, properties, property, royal palm samana
