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Mon, 18.09.2006 - 16:04
Real Estate: Top 5 Tips For Buying Bulgarian Property Off-Plan
In August 2004 I entered into a disastrous agreement to purchase an off-plan apartment in Bansko, Bulgaria. Eventually after around a year of heated correspondence with the developer and a court action...
In August 2004 I entered into a disastrous agreement to
purchase an off-plan apartment in Bansko, Bulgaria. I
encountered numerous problems such as the sales literature
being misleading, facilities not being included as thought,
no real views from my balcony, late completion and so on.
Eventually after around a year of heated correspondence with
the developer and a court action with the agent, I did get
the majority of my money back. Below you will find my top 5
tips for ensuring an off-plan purchase proceeds as smoothly
as possible.
1. DO NOT RELY ON SALES LITERATURE ALONE - There is no
substitute for travelling to the proposed development site
yourself, taking a good look around the area and seeing what
other developments are on offer. You may just find that the
development you thought was only 30m from the beach is more
like 300m, or the stunning ocean views are actually little
more than a glimpse of the sea through the surrounding high
rises. Do not simply believe everything you read on the
agent's website and in the glossy brochures or sales packs.
2. DEAL DIRECTLY WITH THE DEVELOPER - If you can, contact
the developer directly and by pass the agent. This way you
can be assured of more accurate and often more timely
answers to queries but more importantly if you can negotiate
a sale with the developer, you will save yourself a few
thousand on commission usually charged by the agent.
3. INSTRUCT A LAWYER BEFORE YOU SIGN ANYTHING - Even if you
are sure you have found the perfect off-plan apartment and
are keen to get things moving and secure the property, do
NOT sign anything until you have had your own lawyer go over
the contract with a fine tooth comb. Make sure the contract
is clear and unequivocal on points such as completion date
and what completion means, what is included in purchase
price, when instalments are due and so on. Ensure there is
no room for confusion on your part of the developers or
agent's part.
4. GET EVERYTHING IN WRITING - While this may be easier said
than done, try and ensure anything agreed outside the
contract is put down in writing and signed by both parties.
If changes are made to the layout of your apartment or when
payments are due, make sure such agreements are in black and
white and signed so the developer cannot back out of agreed
changes.
5. MAKE REGULAR INSPECTION TRIPS - Do ensure you make time
and budget for regular inspection trips to check on
progress. You should, if possible, ensure you go and inspect
the apartment before each and every instalment is due and
particularly before the final payment is due. Ensure you are
happy with the standard of the work and quality of the
finish before you hand over payment.
Rachel Gawith is the author of "My Bulgarian Property
Nightmare"
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