Thinking of buying a property abroad?

buypropertyabroadBuying property comes about with a huge process of researching, finding the property and starting the purchase process. For one considering buying property in a foreign country, one should consider that the legal steps and processes differ from one country to the other.

A person considering purchasing property abroad should first deeply research the area of course 🙂 After this, one should find out which laws and regulations govern the purchase or leasing of property in the country one wishes to purchase. One should also opt for a written confirmation rather than electronic or email for any receipt of any currency transferred. The buyer should also confirm that the one selling property is in possession of the property title deed and thus is the owner of the property. This means that the seller can have an easy time in transferring the property to you.

  • The buyer should be extra careful while buying a new or a property under development from the owner and check that the property in question exists as stated on the title deed. This may be easier since the government is the one responsible for issuing the title deeds to its citizens and also maps out the land of the nation according to ownership in certain countries like France and Southern Europe. The government may also assist the buyer of the property in determining whether rates and taxes for the property in question have been fully cleared.
  • The buyer should be sure to check if the property in question has not been signed or offered as collateral for any loan. This is because the seller may have failed to pay off a loan and thus may be just disposing the property on the unknowing buyer. This may lead to withdrawal of property from the buyer by the financial institution or the buyer may be forced to take full liability of any outstanding loans, tax demand or bills on purchase of the property.
  • One should also investigate whether all utilities including electricity, sewer and water are available on a real estate property and are fully functional and usable. One may also consider consulting with other property owners near the area to ascertain if there may be any special issues one should be aware before purchasing the property. These issues may include lack of water or electricity in summer or even floods in winter. Lastly ascertain if the developer of the property has any outstanding debts to suppliers of utilities such as the ones supplying water and sewerage services.

 

monaco1Monaco

Monaco is a city state located in Western Europe. It is bordered by the country of France. Monaco has a geographical area of 2.02 kilometers squared. It has a population of approximately 36,371 people. It is a small state with a high population density. Monaco is governed by a monarchical constitution. The head of state is Prince Albert II.

The countries burgeoning tax-free lifestyle has buoyed an inflated monaco real estate agents market which is mainly based in Monte Carlo. This market is well known since it has a Place Du Casino. The most prestigious is the Square Of Gold known as Carre D’Or which is located near Place Du Casino. Prices of property decrease usually by ten or fifteen percent as you move away east or even west from this point. Property in Fontveille district, which is diverse with economic and industrial activity is cheaper and more affordable because it is so far a less gentrified version. Due to the change of environment, value of property here is likely to appreciate.

Property in Monaco and Monte Carlo include penthouses, triplexes, apartments or small studio. Property close to the harbor and Formula I circuit is more highly valued. There are also available selections of beautiful townhouses and luxury villas and these are more valuable. For one wishing to acquire property in Monaco, it is quite a straightforward process because one is not discriminated. All one needs are services of a notary to ensure that agreement terms are accurate and are accord to the law. There are two stages in purchase of property in Monaco which are executing a transfer deed and signing of a contract before a notary. After signing the contract , the buyer is requested to pay a small amount of the property value as the deposit of ten percent of the value of property is held by a notary or an estate agent. The one wishing to buy a real estate may be asked to sign a pre-contract. This is common while dealing with an unstable real estate market.

In a nutshell value of property is high in Monaco. The buyer is subjected to payment of registration tax, notary’s fee and estate agent’s fee.