When working with International clients, it is imperative that you become familiar with the ways other countries practice real estate.  Today, I will focus on working with clients who are looking to purchase real estate abroad. 

1.  First step is to become familiar with the “ownership regulations“ of other countries. Know, what, if any restrictions are placed on foreigners buying real estate in that country.  Check back to my blog as I discuss this in greater detail.

2.  Next, amass your team of experts in the other country who will help facilitate the real estate transaction.  These experts include, but are not limited to, a Public Notary, a Real Estate Attorney, a Translator, an Inspector/ Surveyor. 

Please be aware that all contracts must be written in the native language of the country that the property is located. 

Please note that a Public Notary is an important State Official, usually an attorney, who is a neutral party in the transaction.  (S)he will prepare the documents needed to purchase property. The contract is not valid unless it is signed in the presence of a Public Notary. 

The real estate attorney will read over the contract and all other relevant documents to protect your interest in the property.  The attorney or the Public Notary will also be responsible for insuring the seller has the right to sell and that there are no outstanding debts on the property.  (S)he will also determine that the construction was completed in accordance to all planning and building permits and the property does not encroach on another’s land. After closing, they will also register the property in the buyer’s name.

***  Did you notice that I did not mention finding  a title company to do business?  Title companies are largely an American Phenomenon, but other countries are slowly starting to use them. Check and see if the country you are selling property in does business with title companies. ****

3.  Your client will need to obtain the country’s ID number for its citizens, much like our Social Security Number.  It is best to complete this task early in the process in case of delays.  When your client tries to fund the transaction, they will need to do so out of a foreign bank account, and the only way to open the bank account is with that number.  The ID serves a multitude of purposes.

Check back to my blog often for more information on international real estate.    www.HotOnProperty.com coming soon.  Check me out on twitter as well…HotOnProperty