How to Buy Residential Property Overseas

Investing in residential property overseas is popular. Good deals exist but there is the danger of making mistakes by misunderstanding the laws and customs of the country where you are buying. Before you sign on the dotted line, take your time and learn about the property and any risks that come with the purchase. Read on to learn more.

Instructions

1. Buy in person to make sure the property is as advertised. It's tempting to rush through a deal, even if you haven't seen the property, when you find an ad or auction detailing a great buy that won't last. If at all possible, view the residential property in question before purchasing.

2. Shop with a reliable real estate firm. Laws in other countries are not exactly like the laws in the United States, and you may not have recourse from a shady real estate sales person. Ask for recent references from clients and check them out. A satisfied client is a sign you are on the right track.

3. Search for available properties online. Overseas residential real estate listings are booming on the Internet. Use the term "real estate listings" and the country of your choice for the best results. You can narrow it down by adding "for sale by owner" or other search terms.

4. Subscribe to foreign real estate investment magazines before you buy to learn the local customs and avoid the problems. "The Property Investor" lists numerous subscriptions specifically geared to different nations, available properties, buying tips and the laws that govern real estate transactions. (See Resources)

5. Hire an attorney in the country in which you want to purchase property. They are well versed in the regulations and can help you secure the transaction. Be sure to choose your attorney carefully. Ask for recommendations from friends.

6. Sign up to receive the Global Property Guide newsletter by email. You can choose which countries you're interested in and you will receive a monthly newsletter with timely information. (See Resources).

Resources

• Property investing magazines for foreign countries
• Sign up for a monthly global property newsletter.