The first thing to check is what foreign buyers are actually allowed to own. Some countries permit full ownership of built housing but restrict land; in other places, malibu apartments the authorities demand a local company or a leasehold arrangement instead. The requirements shift every few years, so confirm them for the current year, not from second-hand advice.
What follows concerns the legal status of the property. An independent legal adviser should check the registered title, existing charges, building permits and whether the registered owner is actually the person entitled to sell. In a number of countries, unpaid utility bills transfer with the property, not the person who ran them up.
The payment side needs as much attention as the property. Getting a local account is often necessary for paying taxes afterwards, and banks will ask manacor real estate for sale documented origin of the money. Moving money across borders can change the total cost noticeably, so it is worth comparing providers.
The reservation agreement usually comes first: a holding deposit takes the listing off the market while checks are completed. Check carefully the terms of the deposit if the inspection uncovers an issue. A well-drafted clause returns the deposit when the problem lies with the property.
Closing usually happens in front of a notary or a licensed conveyancer, depending on the legal system. The change of ownership only becomes final when the register is updated, a step that can take anywhere from days to months. Store all the paperwork — the signed agreements, payment confirmations and registration certificates. They will be needed at resale.
