Few tips/ advice for foreigners to buy property in India. Part-I

Few tips to adhere to for success when you buy property in India. .Are you seeking your little corner of sun drenched heaven on earth? If you are, you’re certainly not alone!

Many Northern Europeans, Americans and Canadians are looking overseas for investment real estate or for holiday bolt hole and if you’ re considering buying a second home in the sun, a home from abroad or buy property in India and you’ re in hurry to get started, these few tips for success should set you off in the right direction.

1) Legal Advice

Legal systems differ from country to country so never assume that you understand how exactly the entire house purchase process is going to work, and never expect things to necessarily go exactly your way! To be assured of the fact that your personal interests are being looked after and that you, your money and your property are 100% secure, legal and legitimate, it is essential to seek independent legal representation in the country you’re considering to buy property in India.

This is especially true if you buy property in India where you do not speak the language. You will be putting your’ name, signature and bond to contract and legally binding documents… and however pleasant and helpful the real estate agent or vendor are it’s in your own best interests to make sure you have a local lawyer who is at your cost representing you at such times.

2) Necessary permission from RBI.

When a foreigner intends to buy property in India, he has to fulfil certain basic requirements and has to apply for seeking proper permission from the Chief General Manager, Reserve Bank of India and as per the guidelines stipulated by government.

3) Ongoing Communication

If you’re to buy a brand new property in India-either off plan or during its build phase-make sure you have some way of keeping in touch with the developer or managing agent. Ask in advance about how often you will be kept up to date with progress, whether they can email or send you regular visual updates and what level of ongoing communication you can expect from them. Buying property is a very big commitment-financially and emotionally-it’s important you’re not left in the dark, sitting back home wondering how on earth your investment is coming along. Sort out your lines of communication before you sign on the dotted line and make sure you’re entirely comfortable with how the process will work when you buy property in India