Categorized | International

Acquiring property in developing countries

Acquiring property in developing countries
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Real estate property acquisition is one of the most difficult things to do in many of the developing countries. Buyers have no rights and are left at the mercy of the property owners and real estate agents who always take advantage of them.

For renting properties, the prospective tenant is required to pay the rent in two or three years advance. Renting a small room could therefore cost a fortune and those who cannot afford have to live with friends or sleep on the streets or at the gates of homes. At times, rent is taken from more than one person for the same room. The person who moves in first takes the room and the other one would have to look elsewhere.

Purchasing a property may also be a problem, depending on who is selling. Some of the individual sellers take advantage of clients and sell the same property to more than one person. The person who moves in first takes the property. The other one loses even the money he paid for.

There are a group of people who call themselves land-guards, who always disturb the piece of property buyers. They choose who should be given each property to buy. Due to their huge body sizes, they intimidate and scare off property buyers from their properties. They take advantage of this and sell to other people.

Laws regarding real estate in developing countries do not protect the buyers enough. A land dispute could take as long as ten years to be settles, encouraging people to take matters into their own hands when there is a problem.

 

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About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

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