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Buying! Checklist help needed?

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  • #47545
    PaulaJ
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        • Topics: 3
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        • BIC 2.0 Newbie
        Member since: 28th August 2015

        We are in the throes of buying a property in North West Crete, offer accepted, engineer’s inspection complete (though not yet seen) and before we part with a deposit, wanted advice on what would be essential for us to have in place before we do so. We are being asked to provide a 15000 euro deposit in order for our seller to fund legalising the property.  Last owners were their parents, now deceased. What should we have before we submit any funds please? We have a solicitor who is asking for power of attorney to get a bank a/c for us and to start the process of getting the deeds into our names.  Advice needed please!

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        BullionVault

        #47972
        Fowles
        Participant
            • Topics: 102
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            • Practcally Cretan
            • ★★★★★★
            Member since: 22nd March 2007

            Hi Paula, please see my PM.

            #48132
            Kefalas
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                • Practcally Cretan
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                Member since: 8th March 2014

                From the limited information you’ve provided, I would say "run".
                I, personally, wouldn’t commit any funds *unless* the house was already legal and everything in order. A really good lawyer will check all the details.

                #48220
                x5kmt
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                    • Practcally Cretan
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                    Member since: 12th November 2005

                    The house can not be sold until it is legal, if they wish to sell, the sellers should be prepared to fund the cost of legalisation themselves. As has been said already, run!

                    There are plenty of other properties to choose from so don’t take any risk as far as your money is concerned.

                    Kathleen

                    #48282
                    moggy1923
                        • Topics: 89
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                        • Practcally Cretan
                        • ★★★★★★
                        Member since: 29th April 2007

                        I agree with Kathleen’s comment below

                        As an aside, I believe the tax to be paid on a recent name change might be considerably higher for the buyer.

                        I can not find the article now, but it is my opinion that the amount of Tax a buyer pays on a property depends how long it was owned previously. I might be wrong it might be that the Tax is higher for the seller?

                        Another BIC person might be able to advise?

                        2F623C3A23570 wrote: The house can not be sold until it is legal, if they wish to sell, the sellers should be prepared to fund the cost of legalisation themselves. As has been said already, run!

                        There are plenty of other properties to choose from so don’t take any risk as far as your money is concerned.

                        Kathleen

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