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Real Estate Lawyers in Latvia – Acquire Legal Services

Real Estate Lawyers in Latvia

Updated on Wednesday 10th August 2022

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In Latvia, foreigners are allowed to acquire, use, and dispose of movable property. Foreigners must obtain the local municipality's consent before directly purchasing land in this country. You are welcome to get in touch with our real estate lawyers in Latvia, they can guide you about real estate buying requirements in this country. 
 
In addition to this, you can also get assistance from our immigration lawyers if you are planning to relocate to Latvia. 
 

A step-by-step guide to buying real estate in Latvia 

 
There are various steps to buying real estate in Latvia. After buying a property, if you want to apply for residency in this country, our attorneys can assist you. A general step-by-step guide to buying real estate in Latvia is provided below:
 
  • The first step is to select the potential Latvian property. The buyer can visit some properties to learn more about themand he/she can ask for legal information offered by our real estate lawyers in Latvia;
  • Inspect the property you are planning to buy. Our real estate lawyers in Latvia will make the necessary inquiries about any possible liabilities, tax and mortgage issues, and other matters about the property;
  • To buy real estate, you will need to open a bank account;
  • After opening a bank account, you may sign the preliminary sales contract and deposit a payment equal to 10% of the purchase price;
  • In some circumstances, as a foreign national, you might need to submit an application to the local authorities for permission to buy the land, which could take up to two weeks. Our real estate lawyers in Latvia can inform you if you need permission or not;
  • The local Land Registry should be checked for documentation demonstrating that your property is registered as part of due diligence. One of Latvia's 28 land registry offices will be able to provide you with this information. Or you can also get in touch with our real estate lawyers in Latvia if you want due diligence to be performed on the property. Every real estate that is for sale needs to be registered with the Land Registry;
  • Buyer and the seller will be required to sign the sales contract in front of a notary after it has been prepared by a lawyer. For the contract's execution, which can be done in Latvia or at the Latvian embassy in your home country, a notary fee of 72LVL to 167LVL will be paid;
  • Register your property with the Land Registry at the end. Even though there are numerous documents required, processing takes 10 days, and you obtain excerpts proving your ownership in just 14 days.
 
If you have any questions about these steps, you can get help from our real estate lawyers in Latvia. Furthermore, you can consult our lawyers if you want to open a firm in this country. Our attorneys can help you incorporate a business in Latvia. Their assistance will guide you to open a firm in this country. 
 

Real estate taxes and fees in Latvia

 
If you need to know about the real estate-related costs, you can get the legal services of our lawyers. Our real estate lawyers in Latvia can assist you in this matter. However, general information regarding these taxes and fees is also provided below:
 
  • Value-added tax (VAT): Used real estate is exempt from VAT. A 21 percent value-added tax is applied on newly constructed real estate or properties sold within a year of construction or reconstruction;
  • Stamp duty: The maximum amount of stamp duty is LVL30,000 and is based on either the sale price or the property's cadastral valuation, whichever is higher;
  • Registration fee: Application and processing fees for title registration as well as costs associated with receiving a registration certificate are included in the registration fees. Some parties choose to hire a lawyer or notary for these registration matters. This legal assistance can help you understand the registration requirements. For these services, you can get in touch with our real estate lawyers in Latvia. The average notary charge is about LVL120, plus 21% VAT;
  • Real estate agent commissions: These commissions are negotiable and often vary from 2 to 5 percent of the purchasing price. Real estate agent commissions in Latvia are limited to a maximum of 5% of the purchasing price.
 
If you need more information about the real estate taxes and fees in Latvia, contact our real estate lawyers in Latvia. They can provide you with detailed guidance and practical assistance in this matter. Furthermore, our lawyers can help you if you want to obtain residency in Latvia