12 Key Questions You Need to Know Before Buying Overseas Property
12 Key Questions You Need to Know Before Buying Overseas Property
#1. Who am I dealing with? Am I dealing with the actual owner of the land? How do I know?
Investing in overseas properties is wide open with stories of every kind and complexity. It offers all of the challenges of not knowing the country's laws as well as the language. What we understand in Canada and the USA is totally different in foreign countries. Therefore your due diligence is more important than ever before. You can loose everything in a heart beat. So make sure of whom you are dealing with and work with a team of professionals that you can trust.
#2. Are there people living on the land? What rights do they have?
What or how have the people acquired the access or rights if you will to live on this land if any at all? What are the country's laws in regards to matters such as this? Are they regional, provincial or federal in nature? If you buy this land can you have them removed from your land without recourse? You certainly do not want any fallout from any action that you take in claiming what you think is yours. Most of all if you are going to disturb their living ways you do not want any legal recourses taken against you. The key here is due diligence you've got to be absolutely sure.
#3. What are the boundaries of the land or property you are proposing to buy?
Again how do you know? Is there a legal cadastre that certifies the location, while confirming the size and dimensions of this property or piece of land? How do you know if the cadastre is legal, certified, original and even registered within its counties, or city? You will need to verify this and be positive of its authenticity.
#4. Do you have a registered title or merely a possessory title?
An absolute title is the highest grade of title possible and amounts to full recognition of the rights of the proprietor. When an owner cannot produce sufficient evidence of title on an application for the first registration, he may be registered with possessory title. What is the difference and how do you know; again here you will need to have your lawyer/ Attorney verify this to make sure everything is clear and signed on the dotted line. This is where your lawyer will be of extreme help with the research of the title. Like everything that I have shared with you make sure you do your due diligence on the lawyer/ Attorney as well.
#5. Is there a confiscation, "cooperativa" or "ejido" in the chain of this title?
A "cooperative" is a group of people controlling the same piece of land.
"Ejido" land is not private property and cannot be bought and sold as if it were.
"Ejido" land can be converted into private property and sold to third parties, including foreigners. But you must check in the country you are investing in to be absolutely sure.
#6. Does this land have any restrictions on ownership?
Your local lawyer/ Attorney will be your go to man or woman for this kind of knowledge.
#7. What is the access and is this access public or easement?
Easements may be considered public or private. A private easement is limited to a specific individual such as the owner of an adjoining tract of land. A public easement grants the right to a large group of individuals or to the public. A public easement is one that grants a general easement to all, such as on the public streets, or the right of all to navigate a river. Easements over public and private land are used in Mexico, as well. You want to know this in regards to property probably located in most cases on waterfronts such as ocean beach front, lake fronts and even in the cases of river fronts. These types of properties tend to be more often then not subjected to thesekinds of circumstances. Again your Lawyer/ Attorney can best help you here.
#8. How did the seller obtain the title?
Here again you will need to conduct good sound in depth due diligence to double check, quadruple check the title and the transactions leading up to the title you may vey well be buying. You will need trusted authorities and a very good lawyer/ Attorney on site for this.
#9. What rights do others have to the land?
Again finding out the countries real estate laws in regards to this question and any other must be accurately and adequately answered.
#10. Do I need a local lawyer/attorney?
Finding a good local lawyer/attorney is one of your first priorities! One who speaks your language and who has the experience of working with foreign property buyers, yes? This should be your number one priority when you enter a new market, your first order of business, best accomplished before you begin scouting, searching, or viewing property. Your lawyer/attorney is not your agent's attorney or the developer's attorney or the seller's lawyer/attorney. He or she must be separate, unique, and independent, beholding to nobody sitting around the negotiating table but you.
#11. Can the government take my property in the future?
Be sure of what you are buying, your lawyer/ Attorney will certainly have information in regards to such question which can give you the peace of mind that you are making the right decision.
#12. Do you mind if I get title insurance?
If you are starting to consider buying property in Central America, you need to be aware that there are often serious problems with free and clear title to land.
The listed questions were published By Turalu Bradley Murdock a title mortgage Attorney / lawyer from Florida now living and working from her office in Nicaragua.
Was this information useful for you? Good or good? Did it help you to understand the complexities and importance of having a key professional team that guides and supports you through this process? This is what the Zen Investor team provides you when you participate in their projects. Marie France is very much hands on and surrounds herself with only the pest professional people to not ensure her acquisitions but yours as well.
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