Buying process

What are the main tasks facing, who seriously thought about the question: “Is it time to buy an apartment? ” The first is to decide on what the purchase will be made for. If we are talking about improving living conditions, the requirements for future housing will differ from the situation when it is supposed to buy an apartment for the purpose of investing free money and generating income money.

In the first case, the buyer will be guided by considerations about the convenience of life, and in the second – to operate with a clear set of objective indicators, including the dynamics of changes in market prices, indicators of liquidity of the purchased property, as well as the cost and attractiveness of the apartment, and annual rental income. And all these parameters need to be properly assessed before the purchase of an apartment becomes a reality.

Information on real estate buying process:

  1. Selection of real estate according to your desires, parameters, criteria and opportunities (location, area, price, etc.).
  2. Property presentation ,inspection and selection of the property.
  3. Analysis of the legal and actual state of the property.
  4. Registration of the Residence Permit in Latvia based on the investment of money in the property (if necessary).
  5. Coordination, approval and conclusion of a deposit agreement (if necessary).
  6. Assistance in obtaining and registration of a mortgage loan (if necessary).
  7. Certified object valuation (if necessary).
  8. Coordination and conclusion of the Purchase and Sale Agreement contract of real estate.
  9. Obtaining permission from the City Council (when buying real estate, which includes land) in the name of a non-citizen of the Republic of Latvia or a citizen of another state (if necessary).
  10. Opening a transaction account in a bank or at a notary and transferring the transaction amount (if necessary).
  11. Signing the documents on buyers ownership of the property at the notary.
  12. Submission of documents to the Land Book Register for registration of property rights of the new owner of real estate.
  13. Obtaining a certificate of ownership from the land book register after registering the transaction and securing the property rights of the new owner of property.
  14. Preparation of an act of transfer and acceptance as part of a purchase and sale agreement and Signing real estate acceptance statement.
  15. Registration of service contracts for the new owner of real estate.

Required documents for submission to the Land Book Register:

  • Notarized application to the Land Book Register;
  • Purchase and Sale Agreement;
  • The consent of the spouse to sell real estate, if the property was acquired in marriage, or a confirmation that the real estate is the separate owned property of the seller;
  • Consent of a third party to the sale of real estate if the Land Book contains any encumbrances in favour of such a person;
  • If there is a “first hand” right from a City Council or self-government, then it is necessary to obtain a waiver document from this right (if necessary);
  • Original power of attorney or its certified copy, if the seller or buyer signs documents on the basis of a power of attorney.
  • Obtaining permission from the City Council (when buying real estate, which includes land) in the name of a non-citizen of the Republic of Latvia or a citizen of another state. (if necessary).

Fees and Charges for Registration of a Real Estate Purchase-Sale Transactions:

  • The state fee for the registration of property rights on the basis of a purchase and sale agreement is 2% of the cadastral value of real estate or the purchase amount specified in the contract (of a larger amount);
  • The clerical fee for securing the ownership of the new owner and for the production of a certificate of the land book on property rights – 21.34 EUR;
  • Notary services ≈ 80 – 300 EUR depending on the structure of the transaction;
  • Opening a transaction account (if necessary) ≈ 150 – 200 EUR.