The economic crisis is inevitable in many ways, so many investors are now trying to find the best options for investing and saving their money. But on the territory of many countries, quarantine has been established, borders have been closed, air traffic has been stopped, and movement within the country has been limited. However, quarantine and this whole economic situation makes it possible to earn money - many developers and property owners are ready to make very good discounts and give flexible conditions. Thus, now, during the crisis, it is possible to purchase real estate for 20-30% below the market value. In order not to miss out on such options, there is a so-called "online deal" or, to be more precise, a purchase by proxy. Let's take a closer look at what steps are being taken to do this.
1. The choice of real estate. A real estate specialist selects the best properties for you - for starters, photos and a detailed description are provided. When you stop at a particular object, the specialist records a video for you or shows you the object online (via video link).
2. Followed by negotiation for price, payment terms and other details. The specialist (your agent) sends you a sales contract for review.
3. Now you still have to leave the house once - in order to sign notary's power of attorney. A power of attorney is issued to your real estate agent to sign a contract on your behalf, indicating the specific terms of the contract (ie, to purchase such and such an apartment at such and such a price). You send this power of attorney by dhl-mail, the agent organizes a licensed translation of the power of attorney, now everything is ready for the deal.
4. Done signing the contract of sale at the notary. If we are talking about Montenegro, then here notaries are accredited by the state and are financially responsible for the transactions; the notary is obliged to check the documents of the property and notify your representative of any encumbrances, if any. But usually a real estate specialist checks the documents for problems and encumbrances long before the transaction. The contract specifies the bank details of both parties, and usually within 14 days from the date of signing the contract, the buyer is obliged to deposit funds to the seller's account or the notary's account (it is considered safer if the transaction is complex).
5. When the funds are received by the seller, notary fixes this fact and sends documents to the cadastre for re-registration of ownership. In Montenegro, depending on the region, it takes from 2 weeks to 2-3 months.
6. Now you congratulations on a good investment! Now you can arrange with your agent or any management company to rent out the property so that the property starts working for you.
