What to Remember before Buying Property Abroad

Recent property booms in Spain and Eastern Europe have drawn a lot of investors. Some are looking for cheap retirement or vacation properties, others want to buy low, then sell years down the road for as much as 200% profit. However, there are scam artists waiting to prey on foreign investors. How to avoid them:

• See it to believe it. The photos on the website can easily be manipulated, while the sales brochure won’t mention problems like flooding or the ghetto located right next door. So before you buy, arrange a property tour. It’s the only way to weed out the hype.
• Get credible local representation. Deal only with bigger real estate companies won’t risk their reputation to cheat you, and consult with a local property lawyer (remember their laws may differ from yours).
• Go to the land registration office. Make sure the property is not under contest, and that you’re buying from the legal owners. Remember documents can be forged.