TOP TEN TIPS WHEN BUYING LAND OVERSEAS MARGARET SUMMERFIELD
Before you get caught up and carried away, you
#4. Check Build Requirements.
should read our 10-tip guide on what to do before
you sign on the dotted line.
If you’re buying a lot in a private community you
may have to build a home within a certain
#1. Check That You Can Own It.
timeframe. If you want to build a home, ask your
attorney to check the style of house you’re
It’s not possible for foreigners to own land in many
allowed to build, the height, size and any other
countries. You may face restrictions on the
rules you’ll have to comply with. In some
maximum amount of land you can buy or a
countries foreigners have to build a house of a
minimum value. Sometimes you need an official
certain size and value within a relatively short
letter from the government authorizing the sale.
time of buying a lot.
Most countries won’t allow foreigners to buy any
property within a certain distance of national
borders.
#2. Check That You Can Get Title On It.
By that, I mean freehold title (fee simple). You’ll see
other forms of ownership such as rights of
possession
or
concession
leases.
We
only
recommend fee simple property – it’s the safest,
most secure form of ownership. In many locations,
you’ll need the infrastructure (access road, water,
electricity) in place before you can get title on the
#5. Check What You Can Do With It.
lot. So if you’re buying a lot in a pre-construction
project, hold a chunk of the purchase price back
If you’re buying land for farming, get an expert in
until they’re in place.
to carry out a soil analysis test and give you a full
report on land usage. It should cover climate,
#3. Check Out Previous Owners.
water access and the quality of the soil. That way
you’ll know if the land is suitable for growing
If the land was previously confiscated or held in any
wheat or raising cattle. Sometimes there are
type of communal ownership your attorney should
restrictions on the use of property (if it’s classed
go through past title transfers and see if they were
as protected, for example); get your attorney to
done correctly.
check the deed and with the local municipality.