We’ve blogged about the importance of Spanish-English legal translation and English-Spanish legal translation for acquiring real estate in Mexico. Many U.S.-based companies own commercial property abroad. Not only is this a business expense, it’s also a way of bringing in revenue. As many companies will purchase foreign commercial property and then rent it out – usually to local clients – understanding the rules of landlord tenant law and the role of professional translation of lease agreements is essential.
The first step, of course, is to meet with someone familiar with that foreign country’s property law. Second, a landlord tenant lease must be drawn up, in accordance with that country’s laws. This often means the lease will be in a foreign language and, thus, a foreign language translation will be needed. Of course, if the tenant is a U.S. national, then the English language lease will have to be translated into the foreign language and filed accordingly.
Also, it should be noted that many nations do not allow a foreign company or individual to own property. However, they are allowed to own the building.
Before any agreement is entered into, it is essential that you have a foreign language translation done to review the purchase terms, particularly, the relationship between the property owner and the building owner.
To read our legal translation blog entry “Real Estate Translation Services, Financial Translations, Mortgage Contract Translations and the True Appreciation of the Law”, click here.