Buying Property in India
India is certainly not one of the easiest places to buy property mainly due to the tedious legal process that is involved. Moreover, you may also have to come into contact with a whole lot of inexperienced brokers and various other complications which may cost you valuable time and money. There are a lot of legal matters and paper work to deal with and it is strongly advised to rake in the assistance of a competent lawyer so that you are able to proceed with your purchase smoothly and systematically.
Before buying property in India, you need to understand the various processes attached with it. You will need to contact a realtor who will guide you to the various available properties that go in with your budget. Once that part is done, get the value of the property assessed and the various agreements and legal documentation drawn up so that you can proceed further.
One of the first steps that need to be taken is to inspect the detailed title deed of the property which should give the details of previous ownership over a period of thirty years. This title report should which is prepared by the seller’s lawyer should be thoroughly scrutinized by your lawyer for any discrepancies regarding ownership because an unclear title deed that has legal complications may even result in your eviction from the premises at a later date.
It is possible for you to buy a property which is under construction or a constructed property. If you are buying the former, you need to check up the title deed of the land under construction which will be in possession of the developer. You also need to be in possession of the allotment letter or agreement from the developer which should mandatorily contain various details regarding the price, payment and construction schedule, date of delivery, plan of construction, liabilities of the builders and other possession details.
If you are planning to purchase a constructed property, you need to affirm the seller’s right to transfer the property in your name as well as the various deeds regarding possession of the property. You will need to ascertain that the property is not rented out to anyone else and that it is not mortgaged. Make sure that you are given all the original documents and certificates regarding the property.
If you have purchased property from an area which is owned by the government, you need to ensure that you have permission from the government to do so and that the various paper works regarding the same are completed.
The purchase is completed only if you pay the stamp duty to the government. The value of the stamp duty differs from state to state and only when it is paid will the land be registered in the name of the buyer. It is the local area office which is responsible for stamping and registering the final sale deed upon which you will be the owner of the property.
Buying Property in Brunei
Brunei is a state on the north coast of Borneo in Southeast Asia with a coastline on the South China Sea. It is surrounded by Sarawak, a state in Malaysia. Until recently, foreigners could only lease property unless they got permission to buy from the Head of State, which was nearly impossible. New laws allow foreigners to own up to 1600 square meters of property. Many non-residents are now starting to buy, particularly townhouses and condominiums for use as retirement homes. Because of the low cost of living, Brunei is becoming quite popular with retirees.
Brunei wasn’t affected as adversely as the rest of the world in the recent housing crash. Property is still holding its value and is actually appreciating. Now the country is trying to get its economy moving, which is dependent largely upon gas and oil industries. As of now, few properties are privately owned so there is a good variety available.
You should be prepared to pay a lot of fees, including property transfer taxes and property taxes. A survey of the property is required, which can cost up to a third of its value. Buyers should always engage an attorney to help with negotiations and contracts, as the contracts don’t always adhere to international standards. The attorney can also help with the language barrier and prevent costly misunderstandings.
Growth areas include Bengkurong, Lumapas and Dadap, where improved infrastructure is ongoing. For instance, they are building a bridge to Lumapas so it will be only a short drive to Bandar and open the area to more economic development. Dadap is prone to floods right now but drainage is being constructed; thus, you could get land cheaper now and it will increase in value.
You may want to include areas close to commercial development in your search, as it will inevitably increase in value. When considering property in Brunei, be aware that most financial institutions don’t lend to foreigners. It is best to arrange for financing before you begin your search.
Buying Property in Austria
Austria has always been a popular travel destination but now people are beginning to consider it an ideal location for a second home. Its ski resorts, beautiful scenery and burgeoning summer tourist industry contributes to a robust economy and makes it one of the best places in the world to live.
Austria has allowed EU citizens to own property within its borders since 2001. People that want to purchase Austrian property but who don’t reside in the EU must get permission from the local authority office where they want to buy the property. This is generally just a formality and easy to get.
If the property you buy is intended as a vacation home only, the Austrian law states that it must be registered with the local tourist office so that it can be rented out during the months you are not living there. However, they don’t care how high you set the rental price so you can keep it from being rented by setting an exorbitant rate.
Once you find a property you are interested in a10% deposit is usual and is returned if the sale is cancelled. Sales are handled by lawyers, the documents are signed and notarized and funds are deposited in an escrow till everything is settled and the transfer is complete. Taxes and fees are paid by the buyer’s lawyer and the seller gets the purchase price.
There are substantial fees involved in buying Austrian property, totaling about 9% of the purchase price. Property transfer taxes are 3.5%, there are notary fees of 3-4%, ownership registration is 1% with stamp duty of 1% and land registry fees run between $450-700. After the sale, the new owner information must be entered into the Austrian Land Registry, a slow process that can take as long as four months.
Property prices in Austria are increasing about 7% per year! Remember, the higher the altitude the more expensive the property will be. You should choose a property that you want.