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Buying a Property Abroad? Don’t Risk Losing Out!

By : acelegal, November 18, 2016

If you’re looking into buying a property abroad, you will need to ensure that your purchase is handled by an experienced solicitor. Many people have been caught out by the legal complexities of buying property abroad, and you should realise that you may risk losing your money, your property, and your existing assets if you do not do your research properly.

Here at Irwin, Kilcullen & Co Solicitors, we have deep experience in property law and can help you to explore the legal implications of buying a property abroad. Whether you’re buying as an investment, as a rental property, or to establish a home for your retirement, we will work with you to ensure a positive outcome.

We are members of the International Alliance of Practising Lawyers IAPL and can provide you access to a network of reliable  lawyers in any part of the world to facilitate your needs.

What To Do When You’re Buying Abroad:

To a certain extent, the way in which you conduct your purchase will be determined by your individual situation, and by the country you are planning to buy a property in. There are some general guidelines, however, that will be relevant to most people considering making a purchase abroad.

These include:

•    Opening a bank account in the country in which you are buying a property. This will often be a legal requirement of a sale, especially if a mortgage is needed, and will make it much easier to transfer funds and complete your purchase.

•    Understanding property laws and inheritance rules. The laws of the country you are buying within may be very different to those with which you are familiar, so don’t assume that you will automatically be able to pass a property on to your children, for example. Look into inheritance tax, and consider any local laws that may restrict your ability to sell on or make adjustments to your property.

•    Check that your property is in good condition and free from legislative problems. Find out what legal requirements there are for buying property in the country of your choice, and make sure that you don’t cut corners! Ensure that you engage a good surveyor to check that your property is sound, and if you are buying a new build, ensure that it has been built legally and registered correctly.

•    Have all documentation translated. Never sign a document you don’t understand, even if someone assures you it is legitimate. Insist that all documents are translated by an independent translator, and check them carefully with your solicitor. Raise any questions with your solicitor and return these to the vendor, and do not take any risks if there are areas you are unsure about.

Find Conveyancing Solicitors in Cork

The most important factor when you are purchasing a property abroad is to ensure you have good, sound legal advice. Contact Irwin, Kilcullen & Co, Property Solicitors in Cork for a free consultation without obligation. Simply contact us online or call us today on +021 4270934 to talk to our experienced and helpful team.