Phoenix Magazine 07.07

Sound Advice...Phoenix Magazine
July 2007

DESPITE a number of years advising overseas property buyers, solicitor Tom McGrath continues to be appalled at the reckless decisions some people have made. He and his team are often in the position of trying to clear up the legal morass that uninformed buyers have exposed themselves to. However the bottom line when buying any property here or abroad is to have expert and professional legal advice to protect your investment.

He adds: "I have had people come into me in tears when the property they bought out of the back of a van has a myriad of problems and debts attached to it, that they are now responsible for." It is really important to research the developer, agent or vendor as much as you can, so you know who and what you are dealing with.

McGrath is particularly strong regarding undeclared payments to developers or vendors. "For a start, it is illegal and there can be serious consequences if you are found out. Spain used to be very bad for this kind of thing but there has been a significant tightening up of the market there. Not only would you have to pay the difference, there is also a fine," says McGrath. He strongly advises anyone not to get involved with any person suggesting any underhand payments. In Transparency International’s corruption perceptions index 2006 more than 150 countries were surveyed, the result are in descending order with number one being the least corrupt; Spain was 23rd, Ireland 18th, the UK 11th and Finland 1st.

However he doesn’t always hear the bad news. McGrath says: "For the small percentage of bad experiences, there are plenty of people that are enjoying their properties and making a good return on their investment".