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FAQ's
& Information Buying / Selling
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Q: Is it true I will save
money going direct to the builder to buy ?
A: No , You will not save any money because if a builder gives you a house
cheaper than the list price they will loose all their sales agents.
Also if you need help or advice the builder will not have time to attend
to you !
Q: Why use a Realtor / Agent
A: .For Buyers a knowledgeable Agent or Realtor can help sort a lot of
the selection problems . Determining how much you wish to spend will help
you focus on properties in your range. They know the pros and cons of
each location and Developer. Your buyer representative for the location
can shop for you and get the information you need to make your decision.
Q: What other costs on top
of the purchase price can I expect?
A: Normally you should allow an additional 10% plus on top of the purchase
price for legal and notary fees, Land Registry, VAT or Transfer Tax and
Stamp Duty. Your lawyer will give you a detailed estimate as part of his
quotation. If you’re considering a mortgage, the bank may charge
an arrangement fee and the cost of a survey.
Q: What if the builders
run into major problems and can’t finish the property?
A: In a lot of locations your money is bank guaranteed. However the days
when this kind of thing used to occasionally happen is very much a thing
of the past. New Spanish and EU laws have been in place for years now
to protect the interests of the purchaser.
In the USA you money is in Escrow
until the Closing is signed and you get keys.
Always ask the question
Q: Should I use a solicitor
from my own country?
A: This is not at all necessary, as your lawyer back home would still
have to use a local Spanish lawyer resulting in you receiving two sets
of legal bills. All communications from your Spanish lawyer will be in
your own language.
You may if you wish.
Q: If asked to hand over
money WHAT SHOULD I DO ?
A: It is most important your Deposit / Booking payment goes
into a legal account not to the Builder / Developer.
In the USA the money is
placed in an Escrow Account.. it goes to the Seller with a Mortgage amount
when you sign the Closing Contract. If paying cash
the money transfers to seller on Closing.
Q: Is there a building guarantee
with a new property?
A: New properties have a 10-year guarantee very similar to the NHBC guarantee
. Although this type of guarantee has been compulsory in many Northern
European counties for many years, it only became compulsory in Spain within
the last 8/9years. Most things we buy in this world have a guarantee,
so it obviously makes sense to have a guarantee on such a large investment
as a property....The Builder is responsible for at least the first year
in most cases.
Q: What are community fees?
A: Community fees apply for properties that have the benefit of services
such as a swimming pool, 24hr security, up-keep of gardens and general
maintenance.
Home.Owners.Association
in the USA
Q: Is the property freehold?
A: Yes in most cases....It should be your FIRST question
Q: Can I get a mortgage?
A: Yes, they are readily available and mortgage rates in Spain are generally
lower than most European Countries. But the fee can be high
Q: I’m buying a new
property, will I be able to inspect it before it's complete?
A: Absolutely! With a new property, before you instruct your lawyer /
(escrow in the USA ) to complete the purchase, we will inspect the property
with you and detail anything that might need putting right. Once rectified
to your satisfaction, the title deeds can be signed.
Q: Do I have to be here
for each stage of the legal process?
A: No. You can instruct your lawyer to act on your behalf, even for the
final completion.
Q: What if I change my mind
before completion?
A: You are committed to the Private Purchase Contract but (back
in the early2000's ) some people sold their new property before completion
and benefited from profits of up to 30% on the money they initially invested!
NOT ANY MORE since the drop in Prices and Demand.
If you have money and want to invest you need to be very careful.
U S A is not the same
Q: After my enquiries will
I get emails on a regular basis
A: No. One or two replies may be sent out to inform you to seek
further information regarding your query from another reliable source
. If you need to,you may contact
us for
more information.
You may phone or fax also ++353 4755901
UPDATING at present
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| Las Vegas NV.
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| Q: |
Loan applications and other forms require Social Security
Numbers - SSN. I don't have one. |
| A: |
Apply for a I.T.I.N.
- Individual Tax Identification Number can be applied for - see
form W-7
Instructions this is what you need, however we used
our Passport .Number
and our own S.S.N. / R S I Tax No.. The I.T.I.N. Number is a big
help.
http://www.irs.gov/pub/irs-pdf/iw7.pdf
Instructions
http://www.irs.gov/pub/irs-pdf/fw7.pdf
Form |
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| Q: |
Can I get a mortgage in Las Vegas? |
| A: |
Yes. But it is a bit slower than home; also keep records of money
transfers as you will be asked to account for the deposit etc. (Money
Laundering Prevention rules).
It is important to let your Broker / Lender know that you are a foreign
national. |
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|
| Q: |
Where would you recommend me to buy in Las Vegas? |
| A: |
Las Vegas is expanding
so fast and I don't know a lot of it. But I like the West and Southwest,
Henderson in the Southeast and for retirement Sun City Anthem.
For Luxury, Spanish Trails on Tropicana West and Lake Las Vegas
are just two out of at least four excellent communities.
The standard in Las Vegas
New Home Communities is very good. |
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|
| Q: |
Are the properties Freehold? |
| A: |
Yes. But do take care as some older homes may not be; and always
ask that question. Also, manufactured homes are often Lease Land,
which to our way of thinking is Leased. |
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|
| Q: |
Are the homes near the Strip? |
| A: |
Most new developments are minimum 35 to 45 minutes away. Watch for
New Beltway – 215. It is a ring road good for going from East to West
and avoids Downtown.
There is a good Public Bus Service and even 45 minutes or more from
the Strip (Las Vegas Boulevard) you still have a wonderful Casino
/ Hotel near-by.
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|
| Q: |
Is the cost of living high? |
| A: |
A difficult question because we all have various standards. However,
you can eat out in local food places for as little as $10 per person
for an evening meal and in quality food places near the Strip (Las
Vegas Boulevard) where the sky is the limit from $35 . Most of the
hotels offer Buffets at an average of $12 per person.
The supermarkets are good value (compared to Dublin) and other stores
are very good e.g. Wal-Mart etc. |
|
|
| Q: |
What other attractions are there in Las Vegas (should I need them)?
|
| A: |
Of course you will need them if you are there for six months or
more a year.
Golf, Boating, Fishing, beautiful Red Rock Canyon and Mt. Charleston
are just some of the other places to visit and enjoy while in Las
Vegas. |
|
|
| Q: |
W ill a builder sell direct |
| A: |
Some builders have a sales agent who makes a living at that location
,and that agent will rely on other agents to bring in clients, so
a builder will send you to him... |
Gaeilge,
Espanol and Francais Translations
.....or scroll down
|
| Q:
|
Are the Legal requirements different to Europe in the
USA |
| A: |
A good question , I can't
answer clearly.
I will point out that this
is very important at the early stage of your selection , Because
there are more difference between some of the European Countries
than between USA and Europe. The Agents or their web sites will
have this information and you should study it!
The selling and buying details
vary between countries. |
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|
Q:
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How much do I have to pay the Buyer Representative |
A: |
Nothing. The Agents get their fee from the Sellers agent. See more
questions below |
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|
| Q: |
If I am buying land who do I talk to or how will I know
what is good. |
| A: |
Talk to the agent and ask
him for the Local planning phone numbers, ask about Access ,Water
, Electricity and get information form any source available. Click
here to see an example of what you should expect from a Quality
Realtor. |
|
|
| Q: |
What do I have to do to avail of free Buyer Representation ? |
| A: |
Just contact your choice
of Agent first. It is not possible to agree a purchase and then
introduce a Representative. If you do end up in discussion with
a seller always inform them your Rep. [ give their name ] will be
in touch. |
|
| Q:
|
What is the
land in Arizona like, will grass grow,can it be used for Fruit or
vegetables |
| A: |
I am told anything will
grow out there if you water it.
There is a Citrus farm close
by, and you have your own Joshua Trees on some parcels.
It does get hot in the Summer
so you will need a well or large water tanks for to grow fruits.
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|
Q:
|
Are the Homes in Arizona
as good as Las Vegas |
A: |
I would say yes, but I
did not get the opportunity to look around as many Homes as I have
done in
Las Vegas or California.
Building codes / standards
are good. |
|
|
| Q: |
How will I know a good Builder / Developer |
| A: |
Anywhere in the WORLD you
face this question ,so rely on your agent and shop around a number
of Builders. Ask them to educate you on their construction process
and you will get to know a bit about what to look for. In any event
get information form any source available. In my opinion Some
of the codes for Condos could be better ! |
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|
| Q: |
Can I buy Land with a friend
or relative.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXX
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| A: |
Yes, in fact a number of
Parcels are in various names. You will be joint owners, and split
the Parcel after the sale. eMail
mem
for more info |
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