Nicholas Wallwork
Editor-in-Chief
Staff member
Premium Member
The worldwide property market is enormous whether you are looking to buy, sell or rent. It is also worth noting that the property market has become a very important income stream for governments around the world and rules and regulations seem to change a regular basis. Legal advice regarding property is not always cheap, there are different levels of expertise available but if you are looking at any property-based transaction it is vital that you take professional advice.
The emergence of the Internet has given more and more property investors the confidence to go it alone, only to find that further down the line there are problems and issues. There are many reasons why you should take legal advice when dealing with property which we will cover below.
Changing regulations
As we mentioned above, the rules and regulations covering property investment, rental and buy to let transactions can and do change on a regular basis around the world. Whether you are looking at property in Dubai, America, Australia, Spain or the UK, each market has its very own specific characteristics and you are better off taking advice from "somebody on the ground". What do we mean by somebody on the ground?
There is no point engaging a UK-based property adviser if you're looking to buy property in Brazil, as one example, unless perhaps they have regular and trustworthy contacts in the country. This then prompts a very difficult question, how do I find a property adviser in a particular market around the world?
Research and word-of-mouth
While the Internet has given some investors false confidence to carry out all elements of a property transaction, without the advice of experts, it has also opened up communication lines between expats and similar minded international investors. Even though you will have to be careful, there is the opportunity to at least receive an array of recommendations from friends and acquaintances you may have contact with online. Do not treat these leads as "cast-iron" instead use them as your first stage of investigating overseas advisers.
There is nothing better than a recommendation from an acquaintance or a friend who used a property adviser in the past with expertise in your chosen market. It is also very easy to filter out overbearing and aggressive sales people from property advice companies because the reputations of the best companies speak for themselves.
Do not cut corners
As we touched on above, it is often very tempting to cut corners and do much of the legal and administration work yourself. Well, if you search for property scams, property ownership problems and property fraudsters, you will very quickly come across an array of heart breaking stories with investors losing millions upon millions of dollars.
While the better property investment advisers will not be cheap, the money they charge you could be minimal compared to what you could lose if you go it alone. The simple fact is that you get what you pay for so if you decide to go with a less well-known company, with a chequered history then you could well be setting yourself up for a significant fall and significant losses in the future!
The emergence of the Internet has given more and more property investors the confidence to go it alone, only to find that further down the line there are problems and issues. There are many reasons why you should take legal advice when dealing with property which we will cover below.
Changing regulations
As we mentioned above, the rules and regulations covering property investment, rental and buy to let transactions can and do change on a regular basis around the world. Whether you are looking at property in Dubai, America, Australia, Spain or the UK, each market has its very own specific characteristics and you are better off taking advice from "somebody on the ground". What do we mean by somebody on the ground?
There is no point engaging a UK-based property adviser if you're looking to buy property in Brazil, as one example, unless perhaps they have regular and trustworthy contacts in the country. This then prompts a very difficult question, how do I find a property adviser in a particular market around the world?
Research and word-of-mouth
While the Internet has given some investors false confidence to carry out all elements of a property transaction, without the advice of experts, it has also opened up communication lines between expats and similar minded international investors. Even though you will have to be careful, there is the opportunity to at least receive an array of recommendations from friends and acquaintances you may have contact with online. Do not treat these leads as "cast-iron" instead use them as your first stage of investigating overseas advisers.
There is nothing better than a recommendation from an acquaintance or a friend who used a property adviser in the past with expertise in your chosen market. It is also very easy to filter out overbearing and aggressive sales people from property advice companies because the reputations of the best companies speak for themselves.
Do not cut corners
As we touched on above, it is often very tempting to cut corners and do much of the legal and administration work yourself. Well, if you search for property scams, property ownership problems and property fraudsters, you will very quickly come across an array of heart breaking stories with investors losing millions upon millions of dollars.
While the better property investment advisers will not be cheap, the money they charge you could be minimal compared to what you could lose if you go it alone. The simple fact is that you get what you pay for so if you decide to go with a less well-known company, with a chequered history then you could well be setting yourself up for a significant fall and significant losses in the future!
