Our sales team are here to assist you at every stage of your overseas property purchase. There are 3 key stages when you buy your new property:
The reservation form sets out the agreed details of the purchase, such as the price and the timetable for exchange of contracts (usually 14-28 days later).
Signing the reservation form will give you an exclusive hold of the property, giving you the security to instruct solicitors to perform pre-contract legal work without fear of competition from other purchasers.
Appointing your solicitor / legal advisor
Your solicitor will act for you throughout the purchase period, check the draft contract, apply for local searches and look after your interests.
Developers often endorse a solicitor already briefed to act on a particular development at a reduced fee. Remember that they act for you and will only take instructions from you. Orion Property Services can also recommend a selection of legal advisors experienced with working with purchasers based in Shanghai.
Arranging a mortgage
If you require a mortgage and have not already arranged one, you will need to do so at this time.
Please remember that a mortgage can be agreed in principle (subject to survey) before placing an offer on a property. This is necessary as your lender cannot issue a full mortgage offer until a physical survey can be completed, which when buying a property off plan could be quite a long time away.
We do not provide in-house financial services advice, however we work with a number of partners on a regular basis. Please contact us for details.
The sale contract will clearly state all the terms of the transaction, including price and an approximate completion date. The developer cannot guarantee the exact date construction will complete, but will generally do its best to deliver the completed property within the timescales set. Orion Property Services will keep you advised in this respect.
After you have exchanged contracts, if you were to withdraw from the transaction, for any reason, there would be financial penalties imposed upon you. It is therefore vital that you have completely understood the commitment before you exchange contracts.
Upon completion of the development and once funds have been received, keys can be handed over and you will own your new property!