Buying Property in Guatemala

The property prices in Guatemala vary depending on the location. The foreigners can purchase the property just as the citizens. There are however, a few exceptions. A non resident of Guatemala cannot purchase a property next to rivers, ocean or any international border.

The buyer once has decided on the property to buy, discusses the price with the seller. Once a price is agreed upon, a seller needs to obtain a Certificate of Property Registry as a proof of exact fees and the title of the property. An official value of the property also must be obtained from the city’s municipality along with the registry numbers. The lawyer from the buyer’s side must also verify for any incumbencies. The buyer must verify whether the property has been gifted to or purchased by the seller. In case it has been gifted, he/she would need written permission from anyone with any legal interest in the property.

With the verification done and these documents are made available by a third agent or a notary chosen by the buyer; a sales agreement is prepared. Once this is signed by both parties and notarized, the buyer makes an initial payment as a deposit. This is held in escrow. The amount is forfeited in case the buyer cancels the deal.

Then a Public Deed is prepared in order to transfer the title. The buyer now has to pay the taxes and transaction costs for the deed. A point to be noted is that the Sales Tax is 12% of “Stated” value of the property. This can be as low as 10% to 25% of the amount actually paid. Once the required payments are done, the deed is sent to the Real Estate Office for recording. It is now that the remainder payment must be made. This transaction is then notified to the Municipality for tax purposes.

Buying Property in Greece

Under normal circumstances, a foreign national can purchase property in any part of Greece, but if the buyer is not from European Union, then he/she must obtain prior approval from the local prefecture. This permission can be sought by the help of real estate agents.

The first step of the property purchase is to obtain a tax role number also called AFM. Passport is to be shown by non EU residents and any government issued id is to be shown by members of other EU nations for this. Then the buyer must open a bank account where all the transactions are done in Euro. This is vital because the purchase of land in Greece must come from a Grecian bank. This is followed by the process of obtaining a “Pink Slip” which means that the government allows wire transfer of money for purchase from abroad. With the “pink slip” available, the buyer can get money transferred to the account via wire transfer. However, the taxes will be applicable as per the Grecian laws.
Simultaneously, the notary creates a preliminary contract basis the agreement between the buyer and the seller. This is as soon as the offer is made on the property. During the execution of this agreement, up to 10% of payment is made. This amount is not refundable unless the seller stalls the sales process or the title of the estate cannot be had in the allotted time.

It is between the signing of the preliminary agreement and the final one that the buyer has to verify the credentials of the seller and vice versa. Then a final contract is signed between the 2 parties. Then the title deed is recorded under the name of the buyer at the land registry which can take up to 8 days. Lastly, the transfer is registered in Cadastre. The process takes up to 5 days during which the registrar checks the legality of deeds transfer.

Buying Property in Germany

Anyone can purchase property in Germany including the foreigners. So long as the foreigner owns a valid passport and proof of funds for purchase, he/she can purchase the property. Purchasing a property does not give the foreigner the right to immigrate to the country.

The purchase is completed with the assistance of agents and notaries. A buyer has to hire a notary who seeks information on the property chosen by the buyer. This information includes the verification of the property being free of burdens and mortgages. In Germany, the notaries have privileged access to the registers to obtain information on properties. Most of the information can be found online but that which is not is made available on request. The process can take place between 5 to 7 days.

The notary is also responsible for creating the sale and transfer agreement. It must be noticed that the notary fees is fixed at EUR 4494 and other costs which can range up to EUR 7317.75 plus VAT at 19%. For the maturity of the purchase price, the registration of the priority notice is to be done to secure the rank of the buyer and the seller. Along with this consent of public authorities regarding cancellation of encumbrances is also required. The fee of this notice depends on the property value.

Once all the conditions of maturity “Fäligkeit” of the purchase price are met, the notary issues a statement of maturity called “Fäligkeitsmitteilung” to the buy buyer. Once this is issued, the buyer has to pay the agreed price. Once the payment has been confirmed by the seller or the bank, the notary forwards the declarations to the land register. The declarations in Rem, are in a format according to the land register regulation (Grundbuchordnung), and the transfer has to be registered in the land register. Then the transfer tax has to paid and a confirmation obtained. The process is completed with the application for the registration of the new owner and deletion of the priority notice to the land register.

Buying Property in Bahamas

Bahamas encourages foreigners to buy a property on the islands. The International Persons Landholding Act Enacted in 1993 makes owning Bahamian property very simple. The process starts with the buyer registering the purchase with the Investment Board and paying a registration fee.

Foreigners can easily buy a single family home or vacant land without a permit. However, there are some cases where a permit is required. This is in case the property is undeveloped land of five acres or larger in size or it is not a private residence, or won’t be developed as such. Also, foreigners can lease or let their Bahamas property without permit unless for trade or business purposes.

If a permit is not obtained; given the choice of property meets the above criterion; the acquisition is rendered null and void. However, the purchaser can recover any money already paid in consideration of the acquisition.

Once the property is chosen, the title search fee of up to $500 is to be paid to the attorney. This is the legal price for the attorney who is responsible for verifying whether the property is good enough for purchase.

Also, the attorney sends a mandatory application is sent to Ministry of Finance for approval to purchase land on behalf of a non resident. Simultaneously, the owner should apply for the Annual Homeowners’ Residence Card. Then a down payment of 5 % to 10% of the property value is to be made. This amount is held and in case of defaults on payment, it is not to be returned.

Then a sales agreement is drafted by the attorney where the costs involved can go up to $500. After a green signal from the attorney about the readiness of property and agreement, the buyer pays the agreed amount to the buyer.
Upon transfer of property, a stamp duty is to be paid to the government.