How Foreigners Buy Property Overseas: A Practical Legal Checklist > 공지사항

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The first thing to check is what foreign buyers are actually allowed to own. A number of countries allow freehold ownership of flats but restrict land; elsewhere, governments require a locally registered company or a long-term lease as the workaround. These rules are revised from time to time, so check them at the time of the deal, rather than from a dated article.

What follows is due diligence on the property itself. A local lawyer you hire yourself should examine the title, existing charges, building permits and whether the registered owner is actually the person entitled to sell. In many markets, unpaid local taxes transfer with the property, not the previous owner.

The funding deserves as much attention as the property. Setting up a local account is often necessary nisantasi real estate for sale the transfer, and banks routinely ask where the funds came from. The exchange rate can change the final figure significantly, so treat it as a north bali real estate line item.

The preliminary agreement generally comes first: a holding deposit takes the listing off the market while checks are completed. Pay attention to the refund conditions if the inspection reveals something serious. A clear provision refunds the money when the problem lies with the property.

Completion usually happens in front of a notary or a registered conveyancing agent, depending on the country. The new title is only complete after registration, and this can take days or months. Retain all the paperwork — the signed agreements, proof of taxes paid and registration certificates. They will be needed at resale.