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Buying a Repossessed property
Buying a Repossessed property
by garyizme » Sun Apr 29, 2018 10:21 am
HI
We are looking at repossessed properties. From peoples experience the these is the process just the same as buying normally from a resale point of view or are there any hidden costs I should be looking for except re connection of water and electricity and are the taxes the same? Thanks
We are looking at repossessed properties. From peoples experience the these is the process just the same as buying normally from a resale point of view or are there any hidden costs I should be looking for except re connection of water and electricity and are the taxes the same? Thanks
- garyizme
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Re: Buying a Repossessed property
by jpeg » Sun Apr 29, 2018 10:49 am
Do not forget that all debts are on the property, make sure you have a top class legal team working for you and not the seller
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Re: Buying a Repossessed property
by garyizme » Sun Apr 29, 2018 10:59 am
jpeg wrote:Do not forget that all debts are on the property, make sure you have a top class legal team working for you and not the seller
Thanks, we used Abaco to sell our old house so will use them again
- garyizme
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Re: Buying a Repossessed property
by scubydoo » Sun Apr 29, 2018 2:11 pm
If you are using a solicitor like that you should have no problem if the property is below market value the tax payable could end up being more when assessed by the tax people a good solicitor will normally inform you of this basically if you buy a property 50,000 euros less than market value they can come back and ask for 10% of this amount ie 5,000 euros the solicitor will know from a tax point of view the perceived value. So just keep a bit in reserve and they come for it pretty quick now!
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Re: Buying a Repossessed property
by garyizme » Sun Apr 29, 2018 2:17 pm
scubydoo wrote:If you are using a solicitor like that you should have no problem if the property is below market value the tax payable could end up being more when assessed by the tax people a good solicitor will normally inform you of this basically if you buy a property 50,000 euros less than market value they can come back and ask for 10% of this amount ie 5,000 euros the solicitor will know from a tax point of view the perceived value. So just keep a bit in reserve and they come for it pretty quick now!
- garyizme
- Posts: 396
- Joined: Sun Nov 26, 2017 10:30 am
- Location: From Perthshire Scotland
- Which part of Spain are you from?: Atalaya Park
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