There are no restrictions on the purchase of real estate by foreigners in Latvia. However, land purchase and sale transactions involving foreigners have their own peculiarities. To purchase land plots in Latvia, foreign citizens must request a purchase permit from local authorities, while specifying the purpose of the purchase of land. Also, foreign buyers cannot purchase agricultural land and forest lands in the country.
The process of buying real estate
After the buyer has chosen the property, a purchase and sale agreement is concluded between the parties. A preliminary contract is usually drawn up when selling real estate in projects that have not been commissioned. Usually, when concluding a preliminary contract, the buyer pays 30% of the value of the property. When selling housing in ready-made projects, a purchase and sale agreement is immediately concluded, according to which, as a rule, the entire purchase price is paid.
Before signing the preliminary or main contract, you can agree with the seller on the reservation of a real estate object for a period of one to two months, while you will need to pay about 10% of the total amount.
The verification of the legal purity of the real estate object takes place before the signing of the preliminary or main contract. The purchase of real estate in Latvia can also be made by a trusted person.
The main contract of sale is signed by both parties, and the presence of a notary is optional. As a rule, a standard contract form is used, which is amended.
A notary draws up and certifies a petition for the entry of ownership of real estate in the land register. This requires the presence of the buyer and seller. The cost of this notary service is about 70 euros. Then the future owner pays for the purchase according to the terms of the main contract. To obtain a residence permit, you only need to pay for the purchase of real estate by bank transfer. The buyer deposits the payment amount to the account after signing the main contract, and after registering the new owner in the land register, the seller receives funds.
Payment is made in two ways - either directly to the buyer's account, or through the transaction account. When using a transaction account, an account is opened in the bank, the cost of opening it is about 400-500 euros. Then the buyer credits the money to the transaction account, after receiving the money, the documents are submitted for registration of ownership in the land register, after registration of ownership, it is necessary to obtain documents (land book) and show them to the bank. Then the bank transfers the money to the seller's account.
Any property in Latvia must be registered in the land register. Land plots and real estate objects are registered as separate objects. If a foreign citizen acquires a land plot, it will be necessary to obtain a purchase permit from the local authorities, which may take about three weeks. When buying an apartment, such a permit is also required, since shares of the land plot on which the house is built are always sold together with the apartment. After the signing of the main contract of sale and before the registration of real estate in the land register, it takes from two weeks. From the moment of registration of real estate and obtaining a residence permit in the country, about a month and a half passes.
The whole process of buying real estate in Latvia takes an average of one to two months.
Russian citizens can get a mortgage loan to buy real estate in Latvia. Mortgage rates here are significantly lower than Russian ones. Now you can get a loan at 4-5%. The loan amount is up to 60% of the purchase amount.
Expenses
The tax on the transfer of ownership in Latvia is 2% of the cadastral or market value of the object, depending on which amount will be higher. The registration fee is about 20 euros.
The commission of the real estate agency is 2-5%, which, as a rule, is paid by the seller. In the case of a transaction involving a lawyer, his services will cost about 300-450 euros.
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