Guide for Buying Property in Poland
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A Guide for Purchasing a Property in Poland
• Ensure that you have full ownership of the property upon completion, and that the relevant documents are available for the lender.
• With newly constructed properties, ensure that you know the date that the property will be registered to you. The lender cannot lend on the security of the property until it has registered.
• Due to the Polish legal and administrative system, there may be slight delays on securing your loan, despite the fact that all reasonable steps will be taken to avoid this. So be prepared.
• Make sure you have researched every possible cost that you may incur, whilst purchasing a property in Poland . Note, you may be charged by the government in addition to the lenders legal costs (the Lenders costs however are usually specified when the Lender offers you the mortgage).
• Unless you are very experienced in purchasing abroad, it is very important that you seek some sort of legal advice before signing the contract for a property or paying a deposit. The Lender will require a copy of these signed documents together with an application form, however you will be able to sign these documents 'subject to mortgage finance', once the contract is signed it is legally binding, so if you do not state this and the Lender does not wish to do business with you, this could be a huge problem
• Legal advice may be costly, so ensure that you receive a complete quote, incorporating all costs, before applying for a loan.
• A New Polish bank account will be required (however some lenders may offer this as part of the package).
• The completion of a Polish mortgage takes place in front of an appointed Polish notary and all parties to the mortgage, including the vendor, lawyers and a representative of the lender need to be present. However a power of attorney may be used to sign on your behalf for the mortgage and land deeds. A copy of this power of attorney will need to be presented to the lender in good time before completion.
• It is advisable that a life assurance policy is set up on all mortgages.
• Properties in Poland can be purchased by an individual or in joint names.
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