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CO-OPERATIVE SALE PROPERTIES
The concept of buying into a Co-operative is normally a good one; a
group of investors would come together and develop a build and
allocate plots of land within the scheme to buyers.
All
involved
would then make monthly payments to ensure the finish of the build
and the installation of the amenities for
completion of
the development.
Unfortunately the concept of this type of scheme is open to numerous
pitfalls, such as buyers not meeting their monthly payments
therefore delaying the completion of the build. On occasions
investors can't agree on financial and development matters and yet
again the build is delayed. Needless to say
Co-operative schemes have received bad press and ill - advised
foreign investors have avoided this type of purchase.
Elite Homes carry out through checks on
the background of any
Co-operative before advertising sales
of this type of
property and will
be able to inform our
clients
of monthly payments and any future extra costs.
After Elite Homes have completed these checks,
then the buyer should have no reason for concern.
The purchase of a property within these schemes is a little quicker
as clearance is not required from the Army;
they regard you as an
investor not a purchaser of an actual property. When purchasing,
Elite Homes will
ensure the seller is the legal owner and that all the debts (monthly
payments are up to date) and bills have been paid. On completion of sale you
will receive legal documentation stating that you are the official
shareholder of this house and plot of land. All the above takes
place under the legal framework of a Legal Notary and a translator
will also be necessary for you on the day to ensure you understand
the terms of sale.
Title Deeds are not usually issued until the co-operative is
completed and this is verified by the local town council. Until this
time each individual has to continue with their monthly payments -
please ensure you are aware of the date they are due to finish.
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