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As with all property purchases, a local trusted lawyer should first be employed to help with all dealings and make sure the buyer avoids any potential pitfalls. The first port of call for the purchase is obtaining the required permit – if it is required at all – and this is the first point where the lawyer can be of service. Once the permit is sorted and a property has been decided on, the straightforward buying process can be initiated. A pre-contract agreement is signed and deposit of around 20-30 percent paid, final checks – legal and otherwise – are carried out by both parties involved, then the final contract is signed, remaining fees are paid and the documents are sent to the Secretary to the Foreign Investments Board to make everything official. Applicable fees include lawyer and notaries, and taxes usually amount to around seven percent of the total property cost, though this changes with the value of the property or plot of land.
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