If you want to buy real estate abroad should consider several aspects, one of them is to hire an expert who will guide and explain all the conditions of the property that is acquired, and this can save you thousands of dollars.
When you look at buying property overseas, don’t think of your attorney as a high-ticket item you don’t need. Sure, hiring an attorney adds to your buying costs. But it can also save you tens of thousands of dollars.
A good attorney will walk you through the sale contract, explaining all the terms and conditions. He’ll help negotiate a better price or payment schedule for you. Most importantly, he will tell you exactly what type of property you’re buying.
When you’re buying overseas, I recommend that you only buy freehold titled property, also called fee simple. This is when the property is in your name (or that of a corporation you own), and it’s yours until you sell it, with no timeframes or restrictions on ownership.
Check the title chain carefully, though. If it includes a con?scation, communal or government land, your attorney should carry out additional checks to make sure those transfers were clean and don’t affect the freehold title. A lot of Latin countries don’t allow foreigners to own land within a certain distance of their borders or coast. Some countries don’t allow foreign ownership at all. Make sure your dream destination isn’t one of them.
You’ll come across other ways of holding property, too, most of which you should avoid. You don’t get title when you buy Rights… continue reading
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