With circa 22,500 properties currently available for sale in the Algarve (Source: Rightmove Overseas, 30th May 2015) there are a lot of frustrated sellers looking for an alternative solution to the traditional selling process.
Mark Dunsmore, Founder and Managing Director of Goliath Property Solutions, believes his company has come up with the answer - an alternative solution which is fast becoming the method of choice for sellers across Europe who are looking for a solution which generates an excellent monthly income, removes all property related expenditure and secures a sale at the end!
So how does it work and what are the benefits?
The principle is quite straightforward. A future sale price is agreed now. The term of the agreement is agreed now. The monthly payments are worked out by taking the sale price and dividing it by the number of months in the Agreement.
Once the balance has been settled (final payment made or balance settled early) the title deeds are transferred to the buyer and they become the new legal owner.
During the term of the contract the seller remains the legal owner of the property. The buyer has full control of the asset (within the terms of the contract). The buyer takes on full financial responsibility for the property including management fees, ongoing maintenance, utilities, council tax, holiday rental management etc.
The seller therefore has a secure monthly income with no outgoings and the buyer has full control of an asset (the property) without tying up a lot of their capital or needing to apply for a foreign mortgage with large deposits required up front.
Our solution doesn’t suit everyone and if a seller needs the capital in order to purchase another property then this method is not going to work.
If a seller doesn’t need to sell and they are interested in earning a consistent monthly income with the expenditure associated with their property taken away and the certainty of a sale at the end then this could be a solution worth considering.
To find out more information or to get a free, no obligation quote on what your property could achieve please get in touch via email
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