Typical Mistakes When Purchasing Real Estate Overseas

The biggest one involves taking legal advice from the other side. The agent is paid when the deal closes, which is a different interest than protecting the buyer. An independent lawyer represents a small fraction of the purchase and is money well spent.



Putting your name to untranslated contracts ranks close behind. A sworn translation is inexpensive set against what is at stake. Assurances given by the agent carry no weight if the written contract says otherwise — the document governs.



Purchasing off-plan on trust has wrecked a great many buyers. Ahead of a deposit, look at what the company has already delivered, the building permits, and whether payments are held in escrow. Late deliveries happen frequently with even the best developers; abandoned sites are the exception but genuinely ruinous.



Forgetting about resale is a subtler error. Any property in aspen will one day be sold, and the resale market decides what you get back. A home attractive only to a narrow group sells slowly in a weak market.



Finally, many buyers misjudge the ongoing obligations. Local tax returns can be required even property for sale in bologna years with no rental income, and missed deadlines lead to penalties nobody warns you about. Setting up a local accountant from the start prevents the majority of these headaches.