Procedure of real estate purchase
Purchase of real property in Latvia is easy procedure and it will not ask for much time. Foreigners are able to buy freely real estate in Riga and Latvia; only in some cases, they would require purchase permission from local authorities.
Process of real estate purchase is following:
- Select apartment, house, land or commercial property on our website or from list of options, offered by our specialist;
- Check documentation;
- Open bank account in Latvian bank and transfer the funds;
- Sign real estate purchase contract or prepayment agreement, if real estate purchase contract shall be signed later;
- Open operation account in Latvian bank and transfer cost of the deal;
- Receive permit from authorities to purchase land in Latvia;
- Request registration of new owners’ right of ownership;
- Submit documents in Land register for ownership right registration;
- Receive ownership right certificate from Land register;
- Transfer cost of the deal on sellers’ bank account.
Customer should cover following expenses of proprietary registration:
- 2% from deal total at the moment of ownership right registration in Land register (0,1 percent from credit payment in case of mortgage registration);
- Clerical duties - 15 Ls for each registered object;
- Notary’s’ service expenses (depends on documents);
- Cost of opening an operation account (according to rates stated by bank).
Foreigners do not have the right to purchase following real estate objects in Latvia:
- Agricultural and forest land;
- Land plots on border territory;
- Land plots in nature reserves and other protected territories;
- Land plots on the coast of Baltic Sea and Riga Gulf that are not meant for building;
- Land plots near lakes and rivers that are not meant for building;
- Land plots on minerals fields’ territory.
Real estate purchase in Latvia is clear and safe procedure, and the law of Republic of Latvia protects customer.
For more information, please contact our real estate agents.