When a buyer (individual or corporation) decides to purchase or rent real estate in another country, he has to sign an agreement prepared by the other party.
Typically, in the case of foreign real estate reservation or purchase, the applicable law is the law of the country where the property is located. What this means for the buyer is that he has to sign an agreement drawn up in a foreign language and in the legal environment that is familiar to the seller but entirely unfamiliar to the buyer. The buyer has two options, and none is particularly appealing:
- The buyer has to trust the foreign seller or real estate agency and sign an agreement that was prepared by the seller or the seller’s agent to protect, first and foremost, interest of the seller.
- The buyer hires a foreign lawyer to review and explain the agreement to make sure the buyer’s interest is equally protected. However, reliable lawyers are not always easy to find, and their services certainly are costly. Language barriers between clients and lawyers further complicate the matters.
PrepayWay solves the problem of navigating foreign agreements by providing valid and enforceable country-specific agreement templates prepared by our network of local lawyers and notaries in different countries. Our simple and user-friendly system provides detailed explanation of terms and conditions, unusual clauses alerts and suggestions.
Furthermore, both templates of agreements and instructions are provided in multiple languages. Thus, for instance, a buyer from the US is able to read and understand the English-language version of the agreement that he is signing for the reservation of a vacation home in Mexico, and a buyer from Germany can read the German-language version of the agreement for the reservation of a factory building in Poland.
Last but not least, our agreement templates are highly standardized, which allows us to charge very low fees and stay competitive in terms of cost-effectiveness.