| 1. Are
there any restrictions on an overseas company or business
buying commercial property? |
No |
| 2. Is
land/property generally ‘registered’ so
that the title/ownership is guaranteed? |
Yes |
| 3. What
are the basic requirements/procedures? |
Hire an attorney, make
sure there is legal title, usually have evidence of
bank financing and record the financing and transaction
deed at the County Registry of Deeds. |
| 4. On
average, how long does the process take? |
Approximately 75 days. |
| 5. What
searches are advisable? |
Real estate title search
and Uniform Commercial Code Search. |
| 6. What
are estimated disbursement costs? |
Approximately 2-3% of
cost of purchase price. |
| 7. What
are the local and/or national tax considerations in
the country of purchase? |
Non-resident tax on land
holdings |
| 8. What
other annual local charges are obligatory? |
Usually costs associated
with LLC or incorporation and tax filings |
| 9. Are
there any other issues to consider? |
Commercial property requires
a environmental site assessment when bank financing
is involved. Financial Institutions will impose more
restrictions depending on the property and the use purpose. |
