New member - advice please!
Posted: 18 Jan 2012 22:59
Hi,
I'm new to the forum and I would like to say how good it is, having spent much of last night finding my way around.
I've aleady picked up a lot of tips such as the need to get a good lawyer and to get a structural survey and independent valuation.
My question concerns how to deal with estate agents, at what point to make an offer and at what point to pay a deposit. I do not know to what extent the system is different to that in England.
I am interested in a re-sale property built in 2004 in Paphos, which I have yet to view. Title deeds are available. Let's say that I like the property after viewing it. Should I make the agent an offer there and then, and get the offer agreed subject to a satisfactory survey report? If I pay a deposit at this stage (what % should this be?) will the agent take the property off the market pending my survey report? Is the deposit at risk if, following the survey report, I decide not to go ahead with the purchase? Could there be an argument over the meaning of "satisfactory survey report"?
The second approach would be to say to the estate agent that I like the property and will put in an offer after I have a survey done. The downside here, as I see it, is that the property stays on the market and the agent could sell the property to someone who does not see the need for a survey, or who is quicker at arranging a survey than I am.
Which is the best approach?
I look forward to any advice.
Kevin
I'm new to the forum and I would like to say how good it is, having spent much of last night finding my way around.
I've aleady picked up a lot of tips such as the need to get a good lawyer and to get a structural survey and independent valuation.
My question concerns how to deal with estate agents, at what point to make an offer and at what point to pay a deposit. I do not know to what extent the system is different to that in England.
I am interested in a re-sale property built in 2004 in Paphos, which I have yet to view. Title deeds are available. Let's say that I like the property after viewing it. Should I make the agent an offer there and then, and get the offer agreed subject to a satisfactory survey report? If I pay a deposit at this stage (what % should this be?) will the agent take the property off the market pending my survey report? Is the deposit at risk if, following the survey report, I decide not to go ahead with the purchase? Could there be an argument over the meaning of "satisfactory survey report"?
The second approach would be to say to the estate agent that I like the property and will put in an offer after I have a survey done. The downside here, as I see it, is that the property stays on the market and the agent could sell the property to someone who does not see the need for a survey, or who is quicker at arranging a survey than I am.
Which is the best approach?
I look forward to any advice.
Kevin