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Buying Real Estate

  • Date: 2019-03-20
  • Issued by: Land Administration Bureau

In theory, this is easy enough and similar to procedures overseas. A qualified property agent is usually involved to assist in finding real estate, handling contracts and to act as a witness. The price, payment method and transaction procedures are noted in a contract, the contract is signed and witnessed and the property and keys are handed to the buyer.

As in most countries, checking documentation properly, checking on all taxes due, noting availablity of parking, determining ownership of equipment or items present on the real estate, checking on availability of utilities and related internal infrastructure are important. Ensuring that the present owner is indeed the legal owner and checking out whether current tenants may have any outstanding leases is also important.

Normally the buyer will need to pay deed tax, property registration fee, notarization fee, insurance premium, the service fee to the certified property registration agent and (hopefully) a bank loan application fee

Difficulties arise in securing mortgage or home buyer's loans. In Taiwan, banks rarely extend credit to foreigners without a local co-signee - not for legal reasons but as bank policy.

There are 'rights and duties' that both the buyer and seller must observe. For a list of those, see the link below.

  • Date : 2010-01-26
  • Hit: 832