Essential Buyer’s Guide for Overseas Real Estate
Tuesday 19 February
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by Rhiannon Williamson
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It’s been said many a time that overseas real estate buyers leave their brain on the plane when they step out into the sun in their overseas destination of choice. They’ve already fallen in love with the country, its people, climate and lifestyle and they’ve come to snap up that dream home.
The trouble is the real estate agents in these popular destinations know that they have a captive buyer and so the buyer is in the ultimate vulnerable position! Add to this the fact that legal and financial processes differ from country to country and many people don’t appreciate this fact and you have a real estate disaster waiting to happen!
So, here’s the essential guide to buying overseas real estate to protect the unsuspecting buyer from unscrupulous sales techniques or falling foul of misunderstandings and misinterpretations.
1) Get yourself independent legal representation – do not take the recommendations of the developer or sales agent you’re thinking of buying from, do your own research. Check out whether your country’s embassy in your overseas destination of choice has a list of lawyers they recommend. If not then get on the internet, find forums and sites dedicated to your country of choice and ask the people on these sites for their recommendations.
2) Never assume anything! Purchase processes differ from country to country, legal processes differ from country to country and your rights as an overseas buyer differ from country to country. Find out from your lawyer what your rights are and how the entire process to purchase should proceed.
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