Closing on Beachfront Homes Abroad

If you’re buying beachfront property abroad there are several very important precautions that you need to take in addition to the normal steps for closing on real estate. Always, always, always, find and hire a reputable local attorney. There should be several in the area that you’re buying your beach home in if it’s popular with foreigners. He will be able to tell you the easiest, quickest and cheapest way to deal with local property and tax laws. Some countries may require you invest in the land as part of a company or others may be more straightforward. But always find a trustworthy attorney and work with him to sort out your options. Most locations abroad also do not do their legal contracts in English, so you need someone who speaks the native language to ensure that the contract says the same thing in English as it does in the local language.

When you’re with your attorney, discuss at least these topics. Find out what, if any, restriction there are on foreign land ownership. In countries like the Philippines there can be tight restrictions on land ownership, but other countries like Belize and Costa Rica actually encourage foreign investment. Find out about any transaction fees or taxes that you are responsible for when closing on the property as well. These can represent a significant amount of your final price and should be factored in.

Closing on Beachfront Property Domestically

Closing on beachfront homes for sale in the United States is really not much different than closing on regular real estate. Before closing, make sure that you actually know the local and state laws that pertain to whether you have private beach ownership or if there’s a public beach. Depending on local rules, your property could actually expand or shrink depending on rising sea levels or erosion or deposits along the shoreline. If there’s no public road access to your property, also ensure that there’s a right of way clause in the contract so that you won’t be stuck without a way to get your new home.

The best advice for closing is to know the closing papers front and back. Review and re-review all the documents before you sign them. Know what the fees involved are and do the calculations yourself. Real estate agents are just as human as the rest of us and can make the same mistakes, even in legal contracts. Once you’re happy with the paperwork, go back to the property right before signing the papers. Make sure that all the work has been done that was promised when you made the offer and everything is in the condition that you expected it to be in. If it is, you can sign the papers with a sound mind.

Closing on beachfront real estate is not much different than closing on other property in the U.S. as long as you keep in mind the few features, the ocean for starters, that make beachfront homes unique and of such value. If you’re planning on buying property abroad however, make sure to always have room in your budget to enlist the help of a lawyer who can inspect the contract for you and make sure that everything is legal.

Related posts:

1. Beach Homes for Sale: Making Sure Your Dream Home Isn’t a Nightmare
2. Shopping for Beachfront Homes
3. Finding Your Perfect Beach House for Sale