What is your role in this transaction?

We are estate agents only, our job is to source negotiate and sell the property, legal work is to be done with solicitors and we have no involvement once the contracts start. 

What risks are involved with buying in this way?

You must speak to solicitors to advise on any risks as every country has different laws and ways of doing things. You must get independent representation as well as the seller, as this is not a straight sale then obvious challenges can arise with this but the contracts are there to protect you and the seller at all times.

What happens if I want to sell the property at any stage during the payment term? 

Solicitors in most cases can make the agreements assignable but make sure you check this with your solicitors, so you can sell your interest if required.  

How are we protected and able to stop the seller from just selling the property once in agreement?

Your solicitor will help you with this, in most countries you can lodge the contracts at the land registry which will place a warning notice on the title, or they may advise you have a charge on the property, it varies from country to country and does have some extra costs involved so speak to your solicitor about this.

Can the seller change their mind?

No, once they agree and sign the contracts they are bound by the terms.

Can I make overpayments?

Yes, you can but it may be wise to put the funds into a high-interest savings account that will grow and at a later stage pay off the balance on the property.

Can I see a copy of the contracts I will sign?

We draft an ‘agreed terms’ document that goes to the solicitors so they can draft the legal contracts, so you will need to instruct solicitors or get drafts from them. 

Can I use my own solicitors?

Yes as long as they understand this method of delayed purchase.

Who is responsible for taxes, bills, and the property?

You will be as the buyer.

Who sets up my bank accounts and standing orders for bills, payments etc?

You will need to work with the owner and solicitor to set these up.

Who is responsible for checking the title of the property?

The solicitors.

Can I sub-let the property?

You will need to check with the owner and if they agree this will need to be detailed in the contract.

Who insures the property?

This depends but in most cases the owner does and you will need to pay the premium and be noted as an interested party, check with your solicitor the best practice based on the laws in the country, etc…

Can I speak to solicitors before I move forward with this?

Absolutely and this is advised.

Can you recommend a solicitor?

Yes, but we will not be held liable for any issue that may arise from using them now or in the future as we are introducers only.

What countries does this system work in?

We have done these in many countries worldwide. However some countries have different regulations, please get in touch to find out more.

Do we need to do an inventory before the payment plan starts?

This is strongly recommended yes.

Can I make structural alterations to the property?

You will need the owners consent in writing for anything like this but usually this is not acceptable until you have purchased in full.

Can I make overpayments to clear the balance early?

Yes, you can but you may want to consider put the money in a high interest savings account instead as you will gain interest on your money.

What happens once I pay off the property?

Depends on the structure but you will most likely need to use a solicitor to transfer the title in to your name which will incur other costs also in some cases taxes are also payable so check with your solicitor as to what this may cost so you are prepared.

Can I change my mind while in the contract?

No, you must honor the agreement and allow the buyer to pay you over the agreed period although the buyer may clear the balance at any time.

Who insures the property?

Usually, you will carry on insuring especially if you have a mortgage on the property but the buyer will need to be named as an interested party you may get the buyer to cover the cost but this is to be negotiated and agreed upon before the contract starts.

Who is responsible for bills, taxes, and so on?

The buyer will pay for all of these so you will need to work with them initially to set up the standing orders.

Will I have to pay tax on the income?

You will need to check with your accountant as every person's situation is different, In most cases, accountants can offset losses against income certainly if you have lost any money on this property within the said tax year.

What risks are involved with this way of selling?

This is not a straight sale so obvious challenges can occur but that’s what contracts are there for so make sure you speak to your solicitors for advice, in most cases problems are rare as most people are invested in this from the start.

What role do you play in this transaction?

We are estate agents only and source, negotiate and sell the properties.

What will the buyer do with the property?

Most will use them as holiday homes and may use them as holiday lets subject to consent. 

Can I inspect the property now and then?

This is usually not an issue but you will need to agree with the buyer on the frequency and this will need detailing in the contracts, what we do suggest is maybe the buyer could do a video walkthrough from time to time and send it to you.

Do we need to do an inventory before the payment plan starts?

This is strongly recommended yes.

Can you recommend a solicitor?

We can but this will be an introduction only and we will not be held responsible now or in the future for any issues that may occur from using them.

What happens when the payments have all been made or the buyer clears the balance before the end of the agreed payment term?

Then if any mortgages are outstanding on your side this must be cleared in full and the title must be transferred to the buyer.

If the title is in your name then you must transfer this to the buyer.