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by Phillip Townsend
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et of rules and nuances, the process of buying abroad generally works like this: First, the buyer and the seller to agree on a price, a security deposit (generally, 10 to 25 percent) will probably be required to take the house off the market. Your attorney should then receive a copy of the title and verify that the property is free from any liens or claims against the property. They should also advise you of any strange archaic laws, like those in parts of Canada that allow anyone to fish on your land, those in England and France that allow sheep to pass through your property, those in rural Italy that give your neighbors first-refusal rights on any land used for agricultural purposes (which could leave someone else with the fruit in the vineyard or olive grove on "your" property), or historic construction bans that prevent you from making any external changes to a property (even installing a pool). Also, if you are buying anything in need of restoration (or more than a hundred years old), have a structural survey done.
5. Mortgages? Financing your dream home may not be possible abroad. Your U.S. bank will only lend you the money for your foreign abode if you're willing to use other assets for collateral, like your existing home or automobile, CDs or brokerage account. Some foreign banks will extend a mortgage once you've opened an account, but most likely, you will have to pay cash. If you decide to open a foreign bank account, you must report its existence to the U.S. Treasury Department. The IRS recently warned U.S. expatriates that they risk up to a $10,000 fine or 50 per cent of the value of the account if they fail to report overseas bank and financial accounts. For details, get IRS Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad online at www.irs.gov/publications/p54/index.html.
6. A word of caution about renting. You may be |
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