Sale of Property in Latvia
Sale of Property in LatviaUpdated on Thursday 24th December 2015
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Purchasing real estate in Latvia can be quite simple once the buyer knows the legislation and the taxes to be paid once the transaction is concluded or benefits from legal counseling. However, the seller also has their share of responsibility related to the sale of a property. In this case too, legal assistance is recommended. Our law firm in Latvia can help you go through the process of selling a property.
The sale-purchase agreement when selling Latvian real estate
Once the buyer has taken every measure possible to make sure the property about to buy is the right one, they can meet with the seller and agree on the terms of the sale-purchase contract. The agreement only attest to the understanding between the two parties to sell, respectively to buy a Latvian property and will contain information about the price of the real estate and the right of the buyer to register the property as their own with the Latvian Land Register. The sale-purchase contract must be signed by both parties and then notarized by a Latvian public notary. Once legalized, the document will be submitted with the local municipality for first refusal rights. If the property is cleared from any use of the municipality, the transfer of property rights can pass from the seller to the buyer.
Our attorneys in Latvia can draft the sale-purchase contract when selling property in this country.
Documents required when selling real estate in Latvia
Both parties, seller and buyer, are required to submit the following documents with the Land Registry in Latvia:
- - a prescribed registration form,
- - the real estate sale-purchase agreement,
- - the receipt of payment of the real estate tax (the tax must be paid by the buyer),
- - approval from the municipality wavering the rights to use the property,
- - the receipt of payment of the stamp duty,
- - the receipt of payment of the registration fee.
In the case of commercial real estate sales, the shareholders of the company buying the property are also required to file a statement confirming the purchase of the property. After reviewing all the documents, the Land Book judge will rule on the change of ownership rights and the buyer will be issued a property deed.
If you need assistance in matters related to buying or selling real estate, do not hesitate to contact our Latvian lawyers.