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It is said that no two countries in the world have the same legal systems, nor are the systems and policies that rule the acquisition of real estate the same. Unfortunately, individuals who are purchasing real estate over seas often assume otherwise, making them susceptible of getting into a mad run with the legal intricacies of a foreign real estate market.

But thanks to the European Union you can now take some comfort in the knowledge that the foreigner purchasing real estate over seas are now subjected to the same rules and regulations as the locals or any othe EU citizens for the matter.

But don’t be so relaxed because even though the EU have already systematized the real estate purchasing procedures there are still some amendments done locally so this mean no single EU country has the sa,e purchasing procedures. Individual countries have their own real estate laws.

One good example of this is Spain, in this country outstanding debts attached to a real estate becomes the responsibility of the purchaseer or the new owner. And if you purchase a farmhouse or a villa with agricultural land in Italy, your farming neighbors could have the right of pre-emption. This mean they could purchase back the land for less than its usual purchase price.

“This is a complicated area of tax and law” warns international estate agent Knight Frank. So it would be much better to get someone who is really good at these things to be able to make your “purchasing real estate aboard” excursion a satisfying one.

Another complication is not only countries but different regions too have their own specific real estate regulations. For instance, the National Spanish Law on development was revamped and passed by the Valencian Legislature in 1994 which gave local developers in certain specific circumstances the right to demand payments for infrastructure improvements or to obtain repossession orders.

Outside of the EU - from Eastern Europe to Down Under and the United States to South Africa - the legal aspects of purchasing real estate are equally variable.

In Croatia for instance, for the time being and pending the anticipated entry into the EU as early as 2006, permission to purchase a real estate must be granted by the Ministry of Foreign Affairs before a purchase contract can be finalized. This can take anywhere from three to 12 months which is a very long time already.

In Turkey, foreigners are not allowed to purchase real estate in villages, rural areas or in the vicinity of military land.

In New Zealand there are limits on where and how much land non-citizens can purchase, while in Australia, outsiders are restricted to purchasing new-build properties.

The United States presents its own set of purchase proclivities, for instance, although Britons can feely purchase a US holiday home, there are restrictions on how long they can remain in the country each year, for example, 90 days unless an application is made for a B2 visa.

And in Florida you will confront restrictions in certain areas that limit the number of days per year that you can rent out your real estate.

While South Africa does not restrict foreign real estate ownership, ‘non-residents’ whose nominal place of residence, domicile or registration is outside the common monetary area of South Africa have to declare any cash they bring to the country to the South African Reserve Bank.

The exigencies of purchasing real estate around the globe are hugely variable. But wherever the location, you should take great care over fundamental legalities - ranging from local taxes, registration fees, and stamp duty to zoning laws, death duties and tax treaties.

Take double taxation treaties. These international agreements limit the tax liability for a citizen of one country who is resident in another - and thus prevents the same income being taxed in two states. Out of more than 1,300 tax treaties worldwide, the UK has the largest network, covering over 100 countries.

Furthermore, do not ignore local real estate terms. Escrow, ‘tapu’, ‘il rogito’, or settlement may be unfamiliar, but if you are purchasing real estate in the US, Turkey, Italy or Australia respectively, these terms are integral to procedure.

And do not assume that a particular housing term in one country will have the same meaning in another 'Project homes' in Australia refer to ‘off-the-peg’ architectural designs while in the US a project home refers to government funded, and sometimes called ghetto housing.