The land does not belong to the person selling the premises
Korneva Svetlana asks:
Hello. I'm going to buy a room on the 1st floor of an apartment building in Riga. It was found out that the land under the building does not belong to the seller. The land on which the building is built, there are 6 owners. Buying this building, I will have to pay rent once a quarter. Explain please what are my risks with this purchase and how can I protect myself. For the first time I was confronted with the fact that the land belongs to private individuals. In advance thanks for the answer.
Expert answers (1)
(VIP REAL)
Good afternoon, Svetlana!
Risks are not many. Owners of the land by law can not not surrender the land (or part thereof) to the owner of the building. In Latvia, and especially in Riga, this is a fairly common situation, they are not afraid of this. Just for someone else's land, on which your property is located, you have to pay rent. At the moment the law regulates the maximum rental rate of 6% per year from the cadastral value of the leased land. Since 2018, the rate has fallen to 5%, in 2019 - to 4%.
Risks are not many. Owners of the land by law can not not surrender the land (or part thereof) to the owner of the building. In Latvia, and especially in Riga, this is a fairly common situation, they are not afraid of this. Just for someone else's land, on which your property is located, you have to pay rent. At the moment the law regulates the maximum rental rate of 6% per year from the cadastral value of the leased land. Since 2018, the rate has fallen to 5%, in 2019 - to 4%.
30.11.2017
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