It is said that no two countries in the world have the same legal systems, nor are the systems and policies that rule the acquisition of property the same. Unfortunately, people who are buying property abroad often assume otherwise, making them susceptible of getting into a mad run with the legal intricacies of a foreign property market.
But thanks to the European Union you can now take some comfort in the knowledge that the foreigner buying property abroad are now subjected to the same rules and regulations as the locals or any other EU citizens for the matter.
But don’t be so relaxed because even though the EU have already systematized the property buying procedures there are still some amendments done locally so this mean no single EU country has the same buying procedures. Individual countries have their own property laws.
One good example of this is Spain, in this country outstanding debts attached to a property becomes the responsibility of the buyer or the new owner. And if you purchase a farmhouse or a villa with agricultural land in Italy, your farming neighbors could have the right of pre-emption. This mean they could buy back the land for less than its usual purchase price.
“This is a complicated area of tax and law” warns international estate agent Knight Frank. So it would be much better to get someone who is really good at these things to be able to make your “buying property aboard” excursion a satisfying one.
Another complication is not only countries but different regions too have their own specific property regulations. For instance, the National Spanish Law on development was revamped and passed by the Valencia Legislature in 1994 which gave local developers in certain specific circumstances the right to demand payments for infrastructure improvements or to obtain repossession orders.
Outside of the EU – from Eastern Europe to Down Under and the United States to South Africa – the legal aspects of buying property are equally variable. (continue reading…)
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