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buying
Nov 5, 2003 12:10:17 GMT 1
Post by Richard Ireland on Nov 5, 2003 12:10:17 GMT 1
Hello I wonder if anyone has ever done this before? We are in the process of buying in Hvar, the person we are buying from wants to move very quickly. The solicitor in Hvar has suggested that we sign the contract and pay within the next 2 weeks. The other paperwork in Zagreb will then be done after we have the contract and keys etc. Should I be worried or is this ok? Any comments welcome
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buying
Nov 5, 2003 12:23:02 GMT 1
Post by BL on Nov 5, 2003 12:23:02 GMT 1
What sort of paperwork in Zagreb? I am puzzled here!
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jules
New Member
Posts: 3
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buying
Nov 5, 2003 12:29:47 GMT 1
Post by jules on Nov 5, 2003 12:29:47 GMT 1
I assume he means Ministery of Foreign Affairs approval.
We are doing a similar thing - i.e pay for and use property prior to getting the approval from the MAF. It seems most agencies work like this.
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buying
Nov 5, 2003 21:02:37 GMT 1
Post by ri on Nov 5, 2003 21:02:37 GMT 1
Jules
Nice to know someone else is doing it this way. As we are in the early stages, can you tell me how long you think it may take?
Hi BL
It's the MAF in Zagreb paperwork.
R
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buying
Nov 6, 2003 14:10:28 GMT 1
Post by Jules on Nov 6, 2003 14:10:28 GMT 1
Hi We are at exactly the same stage as you, i.e just about to pay and sign contracts, so I'm not sure how long the Ministry Approval will take - could be a couple of months, 6 months or more. The 5% VAT is not paid until you have this approval.
Fingers crossed!
Cheers
J
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buying
Nov 6, 2003 15:43:04 GMT 1
Post by architect on Nov 6, 2003 15:43:04 GMT 1
I am in Dubrovnik right now only yesterday a couple of agents were suggesting the ministry approval could take up to 3 years. When pressed they were not sure what the average was or if any of there clients suffered such a long wait - so make of that what you will. Not much use i know!
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buying
Nov 6, 2003 19:16:19 GMT 1
Post by architect on Nov 6, 2003 19:16:19 GMT 1
Peter i agree with you. I was a bit surprised when it entered the conversation, especially if one takes the view there isn't really any thing in it for the agent to encourage buyers down the company purchase route?
It was mentioned however that while you are waiting for ministry approval and holding the property under license as you say, the vendor could in theory raise capital on the property ie. a mortage. I don't know if this is true and havn't had the chance to check it yet. What do you think?
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buying
Nov 6, 2003 19:21:36 GMT 1
Post by Peter on Nov 6, 2003 19:21:36 GMT 1
Makes a change to have a couple of us online at the same time. If the lawyer does his work properly, he gets a marker put on the property in the Land Registry, so that any lender or possible gazumper can see that there is a registered interest already.
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buying
Nov 7, 2003 2:08:24 GMT 1
Post by Anja on Nov 7, 2003 2:08:24 GMT 1
Looking back to the original question, you would be wise to insure the property. Peter you mentioned earlier your company insurance service. Is this through a Croatian Insurer? How much are the insurance costs compared to UK ones? Many thanks..
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buying
Nov 9, 2003 17:35:10 GMT 1
Post by Peter on Nov 9, 2003 17:35:10 GMT 1
Sorry for the delay. Just back from 3 days in Istria looking for new property. Got offered a beautiful block of apartments, really first class work..........then we discovered that the planning permission was for 5 and he has built 9! Why do they do this? They invest a fortune in building places that then have dodgy paperwork. (Rant over!!)
Insurers : Kvaerner Wienerstadtische
Buildings insurance is based on a multiple of the floor area and the building value. The rate is 1.25 o/oo
As an example, a house of 150m² valued at €750/m² would be worth €112,500. The premium would be €1.25 for every €1000, so €140.625 per annum
This rate is applicable to any home built less than 60 years ago. It also assumes that the house is not left empty for extended periods. For other situations, please ask.
Contents insurance, unlike in the UK, is also based upon the value of the building in the same way. The rate is 1.45 o/oo. You are advised to identify any articles of particular value and to retain receipts for them.
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buying
Apr 4, 2004 18:10:16 GMT 1
Post by Littlemags on Apr 4, 2004 18:10:16 GMT 1
Richard,
I am thinking of buying in Hvar - apartments for rental. I would like to get in contact with you regarding the island's potential.
I may be contacted at margaretking02@eircom.net.
Look forward to hearing from you.
Mags
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buying
May 10, 2004 16:26:38 GMT 1
Post by LawyerHr on May 10, 2004 16:26:38 GMT 1
Dear all,
I can se thet there is a doubt about some papers- approvals relating to the buying the property in Croatia.
There are many ways to buy a property in Cro. but if you are buying it as a private person only then you we'll need to worry about it. There are ways to get around it.
Any way my suggestion is not to pay anythink before the approval is obtained. Not even the agents fee, cos you might never get thhe approval.
It is always useful to sign a conditional sale-purchase agreement.
Hope this might help.
Bye
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