How to properly execute a real estate transaction abroad?

The process of concluding a real estate transaction

All of the experts we have had the honor of speaking with are unanimous in the opinion that the process of purchasing real estate must be in strict compliance with the laws of the country where the purchase is being made. This implies that all responsibility for the execution of each stage of the transaction rests with an accredited professional in that jurisdiction, be it a notary, realtor or lawyer.

Therefore, the execution of the contract of sale, as a rule, takes place in the office of this specialist directly in the country where the object is located.

Peculiarities of transactions in different countries

For example, in Bulgaria, only a notary working in the particular municipality where the property is located is authorized to register such transactions. However, this does not mean that both parties - seller and buyer - must necessarily be present when signing the necessary documents. Remote transactions began to be legalized in many countries even before the pandemic era, and now they are becoming more and more common practice. Thus, the transaction can be processed through authorized representatives acting under a power of attorney on behalf of the seller and/or buyer.

Formation of power of attorney

As for the power of attorney, it can be executed in various ways. The most popular option is to have the document notarized at the consulate or embassy of the country where the property is located. This method is sometimes inconvenient, especially for residents of small towns, and given the current situation, this process has become even more complicated. Therefore, the possibility of doing without the need for a personal visit to the consulate becomes very relevant. In which countries is this possible?

Examples of power of attorney

• Bulgaria:The entire package of required documents, including the power of attorney and certain forms (such as statements of marital status, absence of debts, and clean reputation) can be prepared in Russian and notarized by a notary in the country of residence. The documentation can then be sent to Bulgaria via courier service, where a licensed translator will translate it into Bulgarian. Another alternative is to create and sign bilingual documentation initially.
• Hungary:In Hungary, there is a convenient method that allows clients involved in real estate transactions to sign a power of attorney during a video call with an attorney. After completing such a video meeting, the client sends the signed document to their attorney via a courier service such as DHL.
• Finland:In this country, there is no need for an apostille or notarization; the standard written form of power of attorney is sufficient.
• Greece:In the Greek market, the most convenient way is to execute the power of attorney directly on the spot, as the documentation requirements are quite extensive and include the mandatory inclusion of both parents' names in the relevant documents.

Conclusion

Thus, while the legal intricacies vary from country to country, it is critical to consider the current legal framework and practicalities to ensure the successful completion of a real estate transaction.

Today, there are certain stages that the process of a real estate transaction may involve. It is recommended to request samples of the necessary documents from a lawyer in Greece before they are notarized in Russia and apostilled at the Ministry of Justice. When talking about residential complexes in Crete, it should be remembered that information on this process can be found in a variety of sources, including Telegram channels dedicated to such topics as investment, immigration and real estate.

Financial aspects of the deal

Now let us focus on the financial aspects. Let's assume that both parties involved in the transaction are in Moscow. There is a question: can they simply meet in a café and make a cash transfer? The point is that legislation in different countries differs significantly. In some countries, the parties to a transaction need to:

• open accounts with local banks;
• issue taxpayer identification numbers;
• make money transfers under strict control of the tax authorities.

If a buyer is interested in real estate in such a country, he will be obliged to comply with all the rules mentioned.

Peculiarities of transactions in other jurisdictions

On the other hand, some jurisdictions do not have such strict requirements. The laws may not oblige the parties to the transaction to use the national banking system exclusively, and settlements may be made not only in the local currency. It would be interesting to read the reviews of those who have already had experience in transactions with foreignreal estate. For example, sellers of real estate in Bulgaria share their opinion, noting that, although the sale process dragged on for a year, they managed to keep the price at a level that suited them.

Comparison with buying real estate in Russia

When we compare the process of buying real estate in Russia and in Turkey, it is possible to notice the presence of certain peculiarities, which are mentioned by experts from Moscow, sharing their impressions of buying an apartment in Avsallar. As for Bulgaria, here the conditions for registration of transactions between Russians are considered very favorable. Lyudmila Shabanina, manager for Russian-speaking clients at New Estate Bulgaria, said:

“On the day of the transaction, our agents representing the seller and buyer come to the notary. At this stage, we are already clearly aware of all additional costs, including the notary's fee and taxes and fees.”

Preparation for the deal

Each buyer should ensure in advance the amount to be transferred to the authorized representative in Bulgaria to complete the formalities related to the registration of the transaction with the necessary state authorities, such as Bulstat, tax and cadastral authorities. All amounts specified in the contract are fixed in euros, as the exchange rate of this currency against the Bulgarian lev is stable. It is important to remember that the settlement can also be organized in rubles.

Convenience for the parties to the transaction

For the convenience of both seller and buyer, it is advisable for both to have accounts in the same Russian bank. This will help to level out the commissions. When all the parties to the transaction are at the notary's office, the buyer only has to press the “transfer money” button in his mobile bank, and the seller must confirm receipt of the funds with an appropriate document. In the future, the notary receives all the necessary information for the successful registration of the transaction.

Establishing trust between seller and buyer

When reliable communication is established between the seller and the buyer, the transaction can be finalized simply by confirmation of receipt of payment from the seller. This is especially noticeable in the real estate market, for example, in resort areas in Bulgaria. The article is based on archival materials. In Turkey, the possibility of settlements in rubles is available, but the seller's consent to this method of payment is required.

Alexandra Cabacchi, Head of Sales at Ataberk Estate, emphasizes:

“If the buyer and seller are citizens of the same country, we can organize the payment process in these countries. Settlements can be made in the national currency, such as the ruble. However, the transaction itself is done in Turkey and can be done either directly or by power of attorney.”

Nevertheless, for a seller from Russia, the option of settling payments through a local bank in roubles may not be the most convenient, and he has the right to refuse this option. If the seller intends to invest the funds received in new acquisitions in Turkey, it is not favorable for him to withdraw capital from the country.

In turn, for some sellers, the possibility of such transactions can be a significant plus. For example, we have a villa for sale in Alanya and its owner is considering, as an option, settlement in Russia or exchange for real estate in Moscow.

Peculiarities of buying real estate in Hungary

In Hungary, in turn, the need to open an account in a local bank for the purchase of real estate is absent. Ilona Cik, a specialist of Perfect Invest Hungary agency, noted:

“Large law firms in Hungary operate special deposit accounts for clients. To such a deposit account, the buyer transfers the initial payment, which is 1% of the total value of the property, and then accrues the remaining amount. Payments can be made in both euros and dollars using a Russian bank account.”

Buying real estate in Finland

As for Finland, although opening an account at a local bank is theoretically not mandatory, in practice it is almost always necessary. Erik Rosenfeld, consultant at Habita, says:

“Real estate transactions in Finland without a mortgage are extremely rare. Usually, the rights to the property are held by the bank that issued the mortgage loan to the seller, and the transaction is only finalized after it is closed. The buyer then transfers the funds to the seller's account in a Finnish bank, and only then is the loan repaid, after which the documents are transferred to the buyer's bank.”

Cash transactions are extremely rare, but in exceptional cases it is possible to take money out of the country. However, this does not exempt the seller from paying local taxes.

Buying real estate in Greece

When purchasing real estate in Greece, there is also no strict need to open a local bank account, which makes the process itself more convenient. Potential buyers are not required to open local bank accounts, which makes the whole process much easier.

General points to consider when buying real estate abroad:

• The need for trustbetween the parties to the transaction.
• Possibility of settlements in different currencies.
• Specifics of legal proceduresin different countries.
• Accounting for tax liabilitiesfor the salesmen.

Both situations concerning the purchase of real estate abroad emphasize the importance of a clear understanding of all the nuances and opportunities that can ensure the safety and comfort of the upcoming transactions.

Prospects for settlement in Greece

Tatiana Krasnova, who works as a sales manager at El Greko, emphasizes that opportunities for settlements between buyers and sellers exist directly through Russian bank accounts. In this variant of the transaction, settlements are made in euros, and all the necessary banking details are recorded in the contract.

It is important to keep in mind that the bank may require a prior agreement in order to confirm the source of the incoming funds. In addition, if the client plans to apply for a residence permit in Greece, he/she is obliged to pay from a Greek bank account.

Transaction taxes in Spain

The situation is much different in Spain and the room for maneuver is quite limited. Victoria Kutuzova, Sales Director at Sunnier Homes, advises that both the seller and the buyer must fulfill tax obligations.

• The buyer pays 10% of the value of the property.
• The seller will be required to pay 20% of the capital gains.

This means that the Spanish tax system derives significant revenue from real estate transactions and closely monitors each stage of the transaction. Taxes must be paid from the parties' official Spanish accounts, making the existence of such accounts a prerequisite for the transaction.

The real estate market and its features

Are you trying to drive down the price of real estate? This is unlikely to work.

Buying an apartment in Alanya

Your dream of owning an apartment in Alanya, Turkey, can become a reality for a101,000 €. This property occupies an area of72 m²and offers a comfortable layout2in a state-of-the-art complex calledNovus Skylocated in a picturesque neighborhoodMahmutlar.

Facilities of Novus Sky complex

The project is focused on providing comfortable living and customer expectations by providing a wide range of amenities including:

• Outdoor and indoor swimming pools;
• Turkish hamam;
• Sauna;
• Children's playground;
• Fitness center;
• Parking Spaces;
• 24-hour reception service.

Apartments from Bravo Invest

No less attractive are the apartments from the companyBravo Invest, the cost of which starts from77,000 €. This offer includes apartments with an area of46 square meterslay-out2which are under construction in a popular resort areaAvsallar.

The ocean is only1400 mfrom the residential complex. On an area of4261.96 m²Construction is underway for a new 9-story building, where plans are being made to create...56 modern housing unitswith various layouts, including2and duplexes2+1.

This complex will be equipped with all the necessary modern amenities, such as an elevator and high-speed internet.

Furnished apartments from Alanya Eiendom

CompanyAlanyaReal Estateoffers furnished apartments in the areaErdemliTurkey, by price111,266 €The apartment occupies65 square metersis located inAyasheand offers a panoramic view of the sea. The construction of this residential complex was completed inin 2022.

Inside the apartment, there are provisions for:

• Spacious living room combined with the kitchen;
• One bedroom;
• Bathroom;
• A cozy balcony designed in a stylish modern design.

Apartments in Biala from IBG Property

IBG Property offers its unique opportunity to purchase an apartment in the city center.BialyBulgaria, for just85,000 €The area of this object is128 m²and it offers low taxes, including utility bills.

The apartment is equipped with separate meters for electricity and water and is located just:

• 200 mfrom the stores;
• 700 mfrom the beach;
• 500 mfrom the city center.

This property is located on the second floor, with access from one level. The interior design includes:

• Hallway;
• Toilet;
• Bathroom.

Apartments from Zera Homes

It is also worth paying attention to the offer from the company.Zera Homesthat offers apartments in Alanya at a price108,000 €with an area51 m²and layout2This apartment, located on the second floor of a four-story building, was put into operation inDecember 2022.

The interior space includes a cozy living room with a kitchen, one bedroom, a bathroom, and a balcony.

Affordable solutions in Avsallar

If you are looking for a more economical solution, you should consider a residential complex project consisting of one.7-story blockwith a modern design that is affordable145,000 €It is located just in800 mfrom the sea in the areaAvsallar.

This complex offers excellent infrastructure for comfortable living, including:

• Pools;
• Water slides;
• Saunas;
• Hammams;
• Salt rooms;
• Fitness center.

There are also apartments with various layouts available here, including2and many other options.

Conclusion

Each of these offers is a unique opportunity for comfortable living and successful real estate investments by the sea. They are perfect for those who intend to settle in Turkey or Bulgaria. Don't miss the chance to explore these attractive offers and choose the one that suits you best!

A unique opportunity to purchase real estate in Bulgaria

Allow me to present you with an outstanding opportunity to purchase real estate on the picturesque coast of Bulgaria. We have an apartment in Ravda available for €49,500. This property features a well-thought-out layout and comfortable living conditions.

Description of the apartment in Ravda

The apartment has an area of 60 square meters, making it perfect for both permanent living and summer vacations. It is located on the first floor of a gated residential complex and is surrounded by well-maintained green spaces, creating an atmosphere of privacy and tranquility.

The interior space of the apartment is organized into several functional areas:

• vestibule
• a cozy living room with a small kitchen
• one bedroom
• open terrace

On the terrace, the owners can enjoy fresh air and a pleasant view of the sea. The residence comes fully furnished and equipped with appliances, allowing the new owners to immediately start enjoying life in this comfortable space.

Second real estate property

Another property of interest is located in the same area and is listed for sale at €66,900. It is a fourth-floor apartment with a total area of 70 square meters, which includes:

• the hallway
• a bright living room with a kitchen area and dining space
• one bedroom
• a bathroom with a shower
• balcony for relaxation

The excellent condition of this property makes it ideal for year-round living. The apartment's windows overlook a quiet inner courtyard, providing an atmosphere of comfort and privacy. It is also worth noting that the apartment is being sold with furniture and modern appliances, which makes this offer even more enticing.

Third option: an apartment in "Sunny Beach"

The third option worth considering is located in the popular resort of "Sunny Beach" with a price of €58,500. It is a one-bedroom apartment with an area of 40 square meters, situated in the "Cascadas 9" complex. This complex is known for its modern infrastructure and consists of 22 residential buildings in a Mediterranean architectural style.

Apartment in Nessebar

It is also worth noting the apartment in Nessebar, priced at €129,000, with an area of 124 square meters, located on the third floor of a modern complex. This property is offered with a variety of amenities that can satisfy even the most demanding buyers.

The complex includes various amenities:

• three swimming pools
• gym
• spa

In addition, the spa offers the opportunity to relax after an active day.

Housing in Finland

If you are interested in the option of purchasing real estate abroad, you should consider a one-bedroom apartment in the Finnish city of Hollola priced at €27,666. This offer is suitable even for remote transactions: it is possible to complete the purchase without your physical presence if you have a power of attorney.

The apartment, built in 1972, has an area of 33 square meters and is located on the second floor. It includes:

• cozy living room
• a fully equipped kitchen
• adjacent bedroom
• bathroom

Two-room apartment in Hämeenlinna

Another interesting offer is a two-room apartment in Hämeenlinna, priced at €32,500. The building, constructed in 1958, has an area of 34 square meters and is located on the first floor. The interior space includes:

• living room
• kitchen
• bedroom
• bathroom
• balcony

The utility costs amount to only €185.30 per month, making this apartment an affordable option for those living in Finland.

Conclusion

Each of the aforementioned properties offers unique opportunities for living and recreation, catering to the needs of various buyers. Don't miss the chance to become a property owner in one of the most attractive resort regions in Europe!

Introduction

Our selection features wonderful real estate options in various corners of the world, including famous countries like Turkey and Greece, which are of significant interest to investors. Let's take a closer look at some of the interesting offers.

Buying an apartment in Antalya

Let's start our tour at VIPCON LKV, where you can purchase apartments in Antalya, Turkey, priced at€165,000These apartments have sizes57 m²and stand out with their thoughtful design: they include2 bedroomsand1 bathroomWhen purchasing this property, there is an opportunity to obtain a residence permit in Turkey. Clients can arrange an online viewing of the apartment and complete the transaction remotely, with the option to pay in rubles. In addition, this investment apartment also offers an installment plan option.

Residential complex in Altyntash

The next property is interesting due to the new residential complex in Altıntash, which is quickly gaining popularity among investors thanks to its attractive location, proximity to the beach, and the airport. Altıntash is rapidly developing and attracting attention with its unique projects, making it one of the most promising areas for investment.

Apartments in Alanya

The option from the company Tekce is no less interesting: for72,000 €You can purchase cozy apartments in Alanya with an area of66 m²This apartment is ready for occupancy, furnished, and located in a complex with a restaurant that offers a stunning panoramic view of the sea and the city. Alanya, where these apartments are situated, is known for its picturesque natural landscapes and unique atmosphere.

Stylish townhouse in Side

The next property deserves special attention — a stylish townhouse in Side, which is priced at155,000 €This is a two-level apartment with an area of90 square metersperfect for families, it includes3 bedroomsand2 bathroomsMoreover, there is a separate entrance as well as an exit to a private garden. The common area of the complex is equipped with a swimming pool, making it suitable for family picnics and peaceful evenings outdoors.

Apartment in Thessaloniki

In Greece, there are also interesting offers: for example, you can buy an apartment in Thessaloniki for125,000 €The object in39 square metersThe usable area will be30 square meters) after a major renovation, it meets modern requirements. It is located on the second floor and includes1 bedrooma cozy living room combined with the kitchen, and a comfortable balcony. Convenient transportation options due to the proximity of the metro station just a1.1 kmmakes getting around the city simple and comfortable.

Apartment in Saint Vlas

The object in Sveti Vlas, Bulgaria, is also captivating: a two-room apartment in the Imperial Fort residential complex is offered for75,000 €It is located just in100 metersThe apartment is just a short distance from the beach, making it an excellent option for a vacation. Located on the third floor, it offers a sea view, and its thoughtful layout ensures maximum comfort.

New housing in Mersin

Another interesting option is presented in Mersin, Turkey, at a price of71,500 €This new housing has a total area of95 m2with a layout that includes2 bedroomsand2 bathroomsPayment options vary and can be made in rubles or using cryptocurrency. This apartment is ready for occupancy and is equipped with everything necessary for a comfortable life.

Conclusion

It doesn't matter what your preferences are; all of the options listed above are perfect for both permanent living and investment. The decision is up to you, but each of these offers guarantees comfortable conditions and favorable terms for living!

Conclusion

In concluding our discussion on the nuances of real estate transactions abroad, I want to emphasize the importance of a careful approach to every step. If you intend to purchase property or other assets in another country, it is worth studying in advance the stages related to the legal and financial aspects of this process. I have found that while the principles of transaction processing may be similar, each country has its unique requirements and conditions.

Specialized lawyers and realtors can save you from many problems, especially if you are considering signing powers of attorney and transferring funds remotely. And while many may feel uncertain about the process, modern technology and legitimate remote practices offer numerous opportunities that can significantly simplify your life.

Key points in real estate transactions

• The right choice of location for registration- can significantly reduce potential risks.
• Qualified adviceProfessionals will help navigate the bureaucratic nuances.
• Follow alongcurrent legislationand its changes.

I would like to emphasize that the right choice of registration location, as well as qualified advice from professionals, can significantly reduce potential risks. For example, experienced specialists in Bulgaria, Greece, and other countries with lenient real estate transaction laws are ready to help navigate bureaucratic nuances, while clients, in turn, should stay informed about current legislation and its changes.

Result

In summary, it can be said that a real estate deal abroad is not only an opportunity to grow your capital but also a chance for a comfortable life in a new environment. The key is to approach the selection of the property wisely and to follow local laws. I hope the information presented in this material will help you take the right steps towards realizing your dream of foreignreal estate. Stay attentive, explore every aspect, and luck will surely be on your side!