Breckenridge Real Estate Blog

Buying Real Estate Overseas

If I can say three words about buying real estate over seas it would be… “Proceed with caution”. Buying and owning a home in other countries, even developed ones can be very different even more complicated then buying real estate in the U.S.A. Buying property in a foreign country is no small task. But more and more Americans are finding benefits to moving abroad. Today there are four million citizens living outside the country. Sometimes the grass isn’t always greener across the globe. You’ll need to find out the rules about foreign ownership for the country you’re interested in. Some countries restrict foreign ownership altogether, like Switzerland, for example.

Here are some helpful tips for buying over seas;

1. Don’t buy on impulse. Consider renting or doing a house exchange first.

2. Seek advice from American expatriates.

3. Call or visit the U.S. Embassy or consulate in the foreign country. They can usually provide a list of attorneys willing to work with Americans and share informal information on real estate conditions.

4. Hire a real estate agent, lawyer or buyer’s representative who is fluent in both lamguages and fully understands the practical, legal and tax aspects of buying in that country.

5. Learn how currency fluctuations will affect your investment and payments.

6. Secure financing if needed: You can usually get a mortgage in the foreign country, but terms and rates are often differnt then they are here or avalible to nationals.

7. Set up a bank account in the foreign country.

8. Call or visit the foreign countries consulate in the United States for information on visa, residency, immigration and any other issues.

9. Check the Title - When you buy property in America, you get a warranty title that states you are the owner of the property. But if you buy overseas, sometimes the distinction isn’t as clear.

It depends on the country you’re going to. Boundaries all over the world have shifted so it’s quite possible that once you buy a property, someone who is seven generations removed from the original owner could come back and make a claim on the land. This is especially true in Eastern Europe where World War Two shifted many boundaries.

Of course, don’t start to panic just yet. The burden of proof is still on the person making the claim. But you can try to assess this risk by seeking the help of a notary. They specialize in verifying legal documents. These notaries, (or Notarios) help you read the title history to see if there are any gaps in the property’s history or numerous property claims.

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If you would like additional information about real estate in Breckenridge Colorado as well as anywhere in Summit County Colorado contact us at 1-800-791-3990 ext 421.

Jeffery McClintock, is a real estate broker in Summit County and prides himself on providing clients with professional guidance in all phases of residential new construction, including market research, product development, consulting, marketing and advertising. His personal mission is to bring to you a level of knowledge, experience, commitment, high standards and results to answer your real estate needs. He believes, the most effective way to provide superior service is to build a strong working relationship with you. His system includes regular consultations and feedback, which is the best tool for identifying and clarifying your real estate objectives and help define strategic solutions.