Tips on buying and managing property overseas
Legal systems that govern buying and management of property will change from country to country. You might need to know these laws and regulations into details when buying property in Burlington, especially if you are not engaging any Burlington property management, Hamilton property management and Georgetown property management firms to assist you.
Below are tips that help you manage your property overseas:
1. Research and follow local laws: As said, you need to familiarize with laws that govern property purchases and selling in Burlington. The intention of doing research should be to help you learn the steps followed in buying property, doing transfers, selling it and paying, taxes, mortgages and ownership restrictions. You also get to know legal institutions and departments that deal with various matters.
2. Have it put down on paper and follow legal procedures: Legal contracts and agreements are the right words in this case. Do not accept a word of mouth agreement with overseas agents. Agents from Burlington property management, Hamilton property management or Georgetown property management firms will confirm any agreements through writing. They can get the document through emails and postage according to your needs and every document that needs to be ascertained by a lawyer is ascertained before sending.
Note that you might need to travel in person once you get into advanced purchase processes and want to possess the property, unless you have a company or family representative. That may allow you to better confirm with authorities that the seller or property developer actually owns the said title deed to the property, although you can do that through a trusted agent. You should also confirm that the land or property is not held as collateral to any loan.
You should confirm that the owner has no outstanding utility bills and pending taxes that may impede the process of purchasing the property. Besides, you should confirm that all the property is connected to necessary utilities.
3. Get independent legal piece of advice: While your developer, seller or overseas agent may recommend you to see some lawyers and translators or interpreters, you need to research about and appoint an independent English speaking lawyer (or one that speaks and understands your language and English) and who is licensed to practice in property sales, most appropriately internationally or in the target country. You might not have heard about it but there are so many lawyers who are not only licensed to practice in Canada and international property markets but also have experience in helping clients buy overseas properties in Burlington, Hamilton and Georgetown. You can check with law organizations in these areas.
You also should get good translation of the documents even if it means getting someone who understands your language and English (if you do not know, understand or speak English).
4. Contact other property owners in the area or neighborhood: This can be done once you travel and will let you know more information about the property.