How to Buy Overseas property
World globalization made the world seem smaller to all of us, and because of that many people have started investing in overseas property. After all having a small haven in a foreign paradise seems appealing to everyone. There are many advantages to owning overseas property, but there are several aspects that are important to keep in mind.
Make Sure You Know What You are Doing
Make sure you study the situation carefully. You need to know the laws and the customs of the country in which your are considering buying real estate, this is the main reason why buying overseas property can be time consuming.
- Buying overseas property will require that you study tax restrictions on that property for that country. Faced with this situation many people prefer to use reliable tax and real estate consultants. IT is difficult to know all the ins and outs of real estate buying as a foreigner
- Read up on the politics of the country where you are considering buying the home. The last thing you want is to buy overseas property in a country that is politically unstable, where you could lose your home and the money you invested.
- Look for a reliable realtor. The best type of realtor for this type of transaction is a realtor that has experience selling to foreign nationals, because there are special requirement that foreigners have to meet for that country. Make sure your real estate agent is reliable. The best way to find a reliable realtor for this type of transaction is to ask other foreigners who have bought overseas property who they have used. You can also find an attorney that can help you find a good realtor. Remember to shop around, that means looking at properties from different realtors. If they both give you the same information you will be more comfortable with the process.
- Choose an attorney as well to help you through the buying of overseas property process. The attorney will be able to advise you as to the legalities of the process and if everything is going as it should. When you choose an attorney for buying foreign real estate, don’t choose a fly by night attorney. This is one of those things that you want to do perfectly. So, look for a reliable attorney. Ask around, many people will be able to recommend one.
The Process
Every country has its own rules and regulations when buying overseas property, but generally the process is similar to this: First you will agree to a price with the seller, make sure your attorney and real estate agent are there when you do. Get that agreement in writing. Have your attorney write the proposal out and have the seller sign. The seller usually requires a 10 to 25% deposit on the house in order to take it off the market, this is why it is important to get a signed contract (if you don’t speak the language, it may be a good idea to have a translator present as well, so he, or she can read to you what the contract states). Prior to this your attorney should have made sure that the house is free of liens and claims. After the contract is signed, your attorney will need 15 to 30 days to get all the government regulation paperwork in order. Make sure you ask your attorney if there are any strange or ancient laws referring to property in that country. For example; in Canada a person can fish on any ones land or property without asking permission.