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Purchase There are different types of property purchases:Residential Purchase: Usually through an Estate Agent, a Residential Purchase is when a property is bought with the intention of the purchaser(s) using the property as a primary or secondary residence. Commercial Purchase: Usually through an Estate Agent, Auction or a Property Club, a Commercial Purchase is when the property will be used for commercial purposes (e.g. Restaurant, Bar, Shop, Offices etc.). Depending on the commercial use of the property, each purchase can differ greatly. Off-Plan Purchase: Sometimes through an Estate Agent, but usually through Development Companies and Property Investment Clubs. An Off-Plan Purchase is when the buyer enters into a contract and purchases a property that is yet to be built based on the plans of the property – hence the term “Off-Plan”. This type of purchase is becoming an increasingly popular way to invest money, but make sure that you receive independent financial advice and specialist legal advice before you enter into contract. Powell Davies Solicitors have vast experience in acting for purchasers of Off-Plan properties and we will help you every step of the way. Step-by-Step Guide to a Property Purchase | |||||
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