When it comes to resale agreements, there are a few aspects you need to consider before proceeding.
1. Before entering any sale agreement, make sure you have an expert report made up on the structural condition of the property intended for resale. Also have an independent firm of surveyors and valuers assess its market value.
2. If you wish to make any extensions, changes, repairs, additions or modernizations to the property get firm quotations first and make sure that they will be acceptable to the Town Planning Authority.
3. In the case that the present owner has proceeded with any structural changes, extensions or additions to the property, all the required permissions and permits have been acquired. If a title deed has been issued, ensure that all changes are included in it.
4. If you are buying any furniture that is already in the property, it’s advisable to include this in a separate furniture agreement, as it will reduce your Property Transfer Fees and the vendor’s Capital Gains Tax liability.
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