Whether you’re an experienced homebuyer or a novice, buying property overseas involves research and planning to avoid making a costly mistake. Living abroad or being a long-distance owner necessitates changing your perspective and familiarizing yourself with local real estate customs. “People fall in love with their vacation destination before they do the research that should be done before buying abroad,” says Bryant McClain, director of sales and marketing with Itz’ana Resort & Residences in Belize. “Often they don’t even realize that they may have to overcome complex legal issues about foreign property ownership.” Here are eight questions to ask yourself before taking the plunge.Q: Can you legally buy property in the country? A: Every country has its own regulations about noncitizens owning real estate. In some countries, you need to establish a trust or corporation to buy real estate. Other countries restrict foreign ownership.”Having a good local lawyer is as important abroad as it is at home,” says Dan Prescher, senior editor of InternationalLiving.com. “If you’re not an expert on local legal and financial matters, hire one.”Erika Berry, a teacher at Sidwell Friends School in Washington, and her husband, Curtiss Kolodney, who has a computer services business, purchased a home… Read full this story
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