Buying real estate as an expat? Here's a few things to consider

Living as an expat could already be a daunting task for people who have a lot on their minds; new jobs, study, families adapting to their new environments and much more. Looking for affordable properties to live in is already like maneuvering in a jungle since there is an increasing number of real estate marketers leaving no stone left unturned to promote their businesses. Fortunately, countries like the Netherlands is already seeing an improved confidence in people buying a house instead of looking out for real estate properties to rent. With low mortgage rates and high confidence in actually buying for instance the real estate properties in Bulgaria, people are increasingly investing in buying a house than to rent. But in populated cities like Sofia, there is an increasing rate of properties as more people are quickly investing in the real estate.

Buying a property can be a tough task for people when choosing the right broker in such a vast array of real estate agents. It may be a daunting task as to which one to trust, what credentials he/she must have, should he be registered with the governments, etc.

We are here, in this blog, to combine our Miss Legalizers advice in guiding and enlightening you in a brief account of laws and tips on real estate property investments:

1) Find a reliable real estate agent

Finding a great team with all members trained to do their tasks specifically can turn out the best outcomes in your favor. The first step is to look for a realtor who is a registered member of a real estate company. It is important to find someone who is reliable in terms of the trust people have in him for his/her job. Realtors are in the business and know the rates and discounts which vary daily sometimes since the real estate is closely connected to many other businesses in the country like currency exchanges, stock prices etc. Hence, it is wise to choose a realtor who is reliable so he/she may find you the best deal otherwise impossible. Their reliability can be found out by checking their house listings, brochures, flyers or website materials or how they are marketing and dealing with other properties or maybe asking reviews from someone who has made a deal through your realtor.

Once you have decided the realtor, try to obtain and confirm every bit of information they give you – not just the history and current prices, but also the resale prices, operating expenses, billing systems for utilities, future potential of revenue and capital costs. Make sure you cover every aspect of the property you might have doubts in. One person can only do so much (as it limits their education and experience). So, next find a lawyer who can review all the details of the property your realtor has given.

2) Find a compassionate and trusted lawyer

Just like old customers are the best way of finding out the conviction of your real estate agent, a lawyers can find out the realtors license validity, any disciplinary action or complaints against him, and to investigate the property according to state issues relevance, making sure that no encumbrances on the property mortgage exist, etc. The lawyers’ fees may vary according to the countries laws, with most countries having a mandatory rule for lawyer to be registered with the Country’s Law Bar Association such as in Bulgaria, the lawyer should be registered and practicing with the Bulgaria bar Association. In this case, selecting someone who is inexperienced of just in the learning phases might not be a good option for you – that is why we suggest you contact our BossGirl’s with their up-to-date and top notch experience in the field to guide you smoothly in the process of buying a house in any country of our presence.

Next, it is very important the every trust the authenticity of the legal documents you have signed. While buying a house or deciding power of attorney, it is simply not possible to clarify and make things certain later. It has to be all in the moment. That is why notaries are appointed by governments to help deter fraud.

3) Find an experienced notary

Despite their importance, getting your legal documents notarized can be a painstakingly lengthy task if you don’t have the right person on your team. Notary publics witness the signing of important documents, verify the identity of the signer(s), their willingness to sign and making sure that the signers are aware of the contents of the documents and details of the transactions being signed. Many big institutions such as universities and hospitals also rely on the notaries so they may have full faith in the legal documents containing important investments and transactions.
In real estate notaries are important in witnessing the registry of deeds and making sure that you have evidence of your property registered in the land of records. Hence, after witnessing a signing a notary may apply his/her own information such as their signature, seal and other commission details. Having your legal document notarized is the same as swearing under oaths in a court of law – you could say in the court that the facts contained in the document are true and witnessed.

Although it is the realtor’s responsibility to provide all the necessary documents to finalize the registry of deeds, it is upon the notary to eliminate the hassle tied to in-person registrations through after having approved the documents, decide the day and the hour at which the two parties should appear (personally or through proxy) to sign the final contract for the purchase and sale of real estate.

Lastly, the notary may have to be either a native or require a translator while witnessing the deeds while you are buying a property through a real estate company. This ensures that all the parties involved in the deal understand the terms and transactions being signed upon.

In today’s world especially with everything becoming fast-paced with the advent of new technologies and Ai, many people are offering notary services and real estate marketing and bookings online. However, it is up to you to follow all of the tips our BossGirl has compiled above for you to have the peace-of-mind while investing in real estate, be it for personal use or for re sale. Since everyone is trying to get the job done and make money, from your realtor to the notary, it doesn’t necessarily ensure quality. By taking your time and asking for assistance from Miss Legal you can perhaps eliminate the ones looking for a quick penny and only have the best people on your team to work in your paramount interests getting you the awesome deal in buying a house that you deserve.

Advies nodig over dit onderwerp?

Boek een sessie met Miss Legal