Hi:
If you are thinking of buying overseas real estate, there are a few of things to keep in mind.
1. Be prepared to pay cash; mortgages are not necessarily available in every country.
2. Deal with licensed and knowledgeable real real-estate companies. In some countries, people can call themselves real estate agents, even though they are not trained as such.
3.Purchase title insurance. Do not rely on developer guarantees.
4. Pay to translate all documents into a language you and your independent lawyer can read.
5. Hire independent legal counsel, especially if you are buying off-plan.
6. Know the real-estate cycle of the country in which you are buying. Every market has cycles and knowing the cycles gives you perspective.
7. Prepare an exit strategy and some tentative time-lines drawn up.
8. Keep a reasonable time line. Don’t be pressured by affairs at your end or at the sales end to purchase now. Snags can and will occur. Allow enough time to let things evolve as they naturally would in this new-to-you country. Once you have lived long enough you know there will always be other deals.
Happy looking
M.
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