Serious steps like buying a property are always exciting, even if the purchase takes place on the territory of a well-known country. Buying accommodation abroad is heartening, promising you a house in a country with a more pleasant climate and wine prices, a potential residence permit or just an additional passive income. But without a personal financial Advisor, or someone familiar with successful practice, real estate transactions in the countries outside the Russian jurisdiction can seem a complex and risky process.
You might even want to leave the idea of cash infusion into another country's economy and invest in the real estate within your state, because:
1. I AM AFRAID NOT TO UNDERSTAND THE DOCUMENTS AND LOSE MONEY INADVERTENTLY
This is clear - when it comes to buying the real estate in Russia, search services output dozens of frightening checklists, thanks to which you can choose the right developer and make the deal successfully.
Westarp deals only with licensed lawyers and court translators, and our managers are able to make legal language understandable. This means that in your personal account you will find clear deal processes for each transaction and study clear true translations of documents. Available lawyer's license also means that his activities are insured. If something goes wrong, the insurance will cover the costs of the client.
2. HOW TO MAKE SURE THAT I AM NOT CHEATED?
Even if the risks are assessed for you, when it comes to a serious financial investment, you want to be sure of the developer's reliability, the reputation of the selected object, and the authenticity of permits. In other words, you want to know for sure that the developer does not conduct business "from scratch", and you are here just to give money and to get the completed object in return, but not paperwork and a heap of problems.
Westarp starts checking the developer long before posting on the website. First of all, we check the reputation, analysing media reports, comments of specialized publications, analytical agencies. After that, we list the projects and make physical visits to random sites and inspections using “mystery shoppers”. After initial negotiations, we perform financial and legal audits of the submitted documents – the status of legal entities in the official registers, absence of court discharges, as well as financial feasibility of buying the selected objects.
3. SHALL I INVEST IN CONSTRUCTION OF THE FACILITY AND GET NOTHING IN CASE THE DEVELOPER IS BANKRUPT?
This scenario is at the top of the list of fears associated with purchase of the real estate under construction. It is the one that is more often forcing to make a choice in favor of the secondary housing market. Pleasant promises and ambitious deadlines can result in lawsuits and impressive associated costs – few people would wish protection of their rights complicated by use of a foreign language and legislation.
To protect both parties under the deal, even dealing with high reputation developers, Westarp uses common European saving escrow accounts. This means that you will pay the full amount only after the developer fulfills its obligations. We assist you not only to open an account, but also support you with necessary documents for the costs and revenue declaration. In addition, our managers monitor the deadlines, the developer and the client are liable to adhere under the contract – you will receive notifications about them in your personal account, where you can also see what exactly your funds are spent on.
4. WILL THE FINISHED FACILITY VARY FROM THE ONE PROMISED TO ME?
One thing was promised on the pictures, but you will be asked to take over "as is", or, with no deep involvement in the process of construction and finishing of the object, you will miss the technical faults.
Technical inspection before signature of the sales contract is the most important part of the commissioning process. The developer undertakes to correct the deficiencies before commissioning. Westarp works with local engineers and technical experts. They help to carry out technical acceptance of objects and prepare reports and protocols. In case of any revealed faults, we undertake control of their elimination
5. WILL MY DOCUMENTS BE OF LEGAL POWER AND IF SOMETHING GOES WRONG WILL I HAVE EVIDENCE?
There is also a risk of getting confused with the documents in the final stage because the next most important thing after the transfer and taking-over of the object is to obtain the ownership certificate.
Westarp task is not only to help to buy property without loss but also to explain the system of property ownership in Europe. We will tell you how registers are formed (registers of property, land registration chambers), and in your personal account, you will find information on timing and current notarized documents. For each new deal, we arrange the process individually, so you will always be aware of what's going on exactly
6. WHO WILL TAKE CARE OF THE APARTMENT WHILE I AM ABSENT?
If you plan to remain a tax resident of Russia and prefer that apartment generated income in your absence - the agent acting to your interests, will help you with rental operations.
Westarp deals with a large number of management companies, including not only private agencies, but also the own operators of developers. We chose local partners with a proven history and technologies that allow us to monitor the status of objects in real-time. We also reserve the right of regular monitoring and quality control and we are responsible for the delivery timing for both a long-term and a short-term lease.
TO SUM UP:
1. Real estate purchase in Europe is a very transparent and clear process. Despite the legal differences between the countries, the principle remains the same, the risk of losing money when investing tends to zero.* Publicity of public administration in Europe allows quick financial and legal verification of the developer's assets.
2. Developers secure full financing for their projects without attracting the buyers' money for construction. You never pay more than 20% of the contract value before the completed construction of the object.
3. Each new building has a guarantee for finishing and constructional structures, developers care of their reputation, so they always try to correct their faults as quickly as possible.
4. All deals are done either by a notary or a specialized state Registrar (depending on the country).
5. Many developers have their own management companies ready to perform commissioning of apartments for a pre-negotiated level of income.