Know the Legal Issues while Buying Property Abroad

It is a fact that no two countries will have similar legal systems. And policies related to property acquisitions are no exception.

It is common to see people buying property in other countries without knowing the existing rules governing properties and end up losing the whole property or battling in the court of law.

Now the European Union have simplified the rules and any foreigner buying property abroad are now subjected to the same rules and regulations as the locals or any other European Union citizens for that matter.

However, there are certain local amendments made and again that makes the system unique again.

To quote one example, in Spain the responsibility of repaying the attached liability is passed on to the buyer and the new owner has to necessarily pay the attached debt.

In Italy if you plan buying a farmhouse or a villa with agricultural land, your farmer neighbors has got the right to pre-empt, meaning that they can buy the intended property even for lesser amount.

So it would be much better to get someone who is competent in this line to guide you in your endeavour of buying property abroad.

Again within the same country, the laws are different in different regions. For example, in Spain the Valencian Legislature have passed legislation that give power to local developers for demanding and recovering payments for infrastructure improvements under certain circumstances.

Panama Real Estate has become very popular for speculative buyers and also retirees. It's a good idea to always have a Panama Lawyer review your real estate agreement. Never sign any documents in Panama without lawyer review. Never send any money for real estate without lawyer review of the agreements, contracts etc.

In Croatia any purchase contract has to necessarily be approved by the Ministry of Foreign Affairs. However, the same may change if Croatia gets into European Union and you may have to wait till the end of 2006 to see the change.

In Turkey, foreigners are prohibited from buying properties in villages, rural areas or in the vicinity of any military land.

In New Zealand limits are prescribed over the size of the land a non-citizen can purchase, while in Australia outsiders will not be able to buy newly built properties.

In the United States, the laws are still different. For instance, Britons can freely buy a US holiday home but there are restrictions regarding the period of stay, which normally may not exceed 90 days in one go.

In Florida there are restrictions while you try to rent out your property and you cannot rent out more than the prescribed period.

In South Africa there are no laws to restrict foreigners in acquiring properties, but the amount involved in the transaction has necessarily to be declared with the South African Reserve Bank.

As buying property around the world are quite varying in nature, you should take sufficient care to know the basic and fundamental legal aspects such as local taxes, registration fees, stamp duty, death duties and tax treaties.

Understand local terminologies involved in the real estate deals. Though unfamiliar, you are supposed to know them for dealing better in your buying spree.

And do not assume that a particular housing term in one country will have the same meaning in another country.


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