Buying property abroad can be a rewarding investment, especially if you have carefully studied the financial and economic stability of the country into which you are investing your hard-earned money.

After that, here are the other things you need to do when investing in overseas real estate:

1. Know the requirements for getting a residence card. When you buy property overseas, it is presumed that you are planning to stay in it. To be able to do that, you often need to apply for a residence card.

How difficult or easy it is to get this residence card depends on the country you are applying to and the country you are coming from.

For instance, if you are purchasing property in an EU country and you also come from an EU country, it is likely that the application for the residence card – and its approval, as well – can be made right at the airport.

On the other hand, if you are not from an EU country, your papers will probably have to be arranged at the embassy way ahead of time.

2. Find a good broker. The buying process begins once you have found a suitable property and arrangements have been made with the person who will act as a broker between you and the vendor.

It is important to know the provisions included in the purchase, such as furniture and art pieces that comes with the house and what things you may not alter in the property. These details are often listed in the fine print – but since many of us tend to blank out when we see fine print, it helps greatly to have a good broker, who will explain them out to us.

3. Pay the reservation fee. Once an agreement has been reached, a reservation fee is expected to be paid by the buyer. The fee serves as proof that you intend to complete the sale. The vendor then takes the property out of the market.

4. Sign the contract. The next step in the buying process is the signing of the Promissory Contract of Sale and Purchase. The contract establishes the details of the sale, including the agreed price, the names of the buyer and the vendor, the payment terms, and the date of exchange and completion of contract.

Objects attached to the sale and terms and conditions agreed to by the parties should also appear on the deed.

If at all possible, it is best that you appear personally to sign the contract, but should this not be possible, get a lawyer to appear in your behalf.

The promissory contract usually requires that a 30% deposit be paid in order to finally close the sale. 5. Sign the public deed. This is the last step in the buying process. A public deed must be signed in the presence of a government official. His office will then check to ensure that all the documents in the purchase are correct and that you have completed all government obligations associated with the sale of the property. These include Purchase Tax, Registry Fees and Mortgage Stamps.

Once all requirements are met, you can finally move into your new property.

But of course, first things first: you need to find overseas property that you would like to buy. If you’re looking for a nice, sunny, politically and economically stable country, check out the real estate in Portugal. There’s good property in Portugal for sale, and you can find them in some of the country’s best locations.

There’s also something suitable for a wide range of budgets. Check them out now and see what this beautiful country has to offer.

Article Source: sooperarticles.com/real-estate-articles/buying-home-articles/buying-property-abroad-what-you-need-know-621741.html

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Find the Portugal property for sale at CSFProperty.com Author: Robinson Jackson