Wednesday, June 12, 2024

Island Checklist - Island Sellers

This is an important point to note.

If you deal with the owner, you should make sure that you do your due diligence and consult a totally independent legal advisor. Your solicitor will then escort you through the closing.

If you deal with an agent, make sure that the agent has a real estate licence in the area where the island is located.

If the agent works on an international level, he/she should be associated with a local agent in the area where the island is located. Both the owner and licensed agent are both obliged to represent the island specifications and details in a true manner. This representation should not just be the photos and headlines on the website but also in the real official offering memorandum.

If you decide to deal with third parties, you will have to find out to what extent these third parties have an obligation. If they do not, you should place more emphasis on your own due diligence.

To find out who is registered as a local or international agent, check with the international real estate association FIABCI

Your local embassy will provide you with a list of solicitors in the area where you wish to buy. You may also speak to the real estate board of the country in question.