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26
Apr
Unless you are intending to live in the country in which you are investing, it’s likely that you won’t be able to be there for the entire transaction, not to mention when unexpected problems come up. This is where it helps to find local representation. For instance, in Spain, the completion of a mortgage must take place in front of an appointed notary with all parties involved in the purchase, including the seller, the lawyers, the buyer, and lender. If you can’t be there because of other obligations or simply distance, you can assign power of attorney to a local agent who can sign on your behalf. Hiring a local property manager or letting agent who is qualified to work with international clients could keep things going smoothly. A local property manager would be familiar with the way things are done in the area and know which tradespeople to contact if something needs to be repaired. Having someone local find tenants, prepare rental agreements, deal with utility bills, collect rents, and visit the property on a regular basis is a must.
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