We’ve blogged about professional legal translation of international commercial lease agreements. When it comes to selling and buying property overseas, a key phrase to keep in mind is ‘seller beware!’ This is because rules and regulations can change quickly, and without a foreign language translation things can be missed. For examples, recently France changed its law so as to institute a 1% increase on the rate of capital gains tax (CGT) on house sales in France. The flat rate will rise from 16% to 17%. French residents will also have to pay social charges of 12.1%, increasing their liability on selling a second home, to 29.1%.
This change will have significant implications on those selling property in France – and this is only one example. Further, again in France, the law has been changed to require any person selling property that has a septic tank to have the tank inspected. Any sales contract will have to include the septic tank report which is provided at the vendor’s expense. Needless to say, this will have to be included in the native language of the buyer, meaning a foreign language translation is an essential component to both the property contract for sale and for understanding the requirements for selling property in a foreign country.