The acquisition of real estate in the property is quite an easy and safe process. The laws of the Republic of Latvia clearly regulate each stage of the transaction in order to avoid any doubts and inaccuracies. What procedures you need to go through, what documents and where you need to provide, how much to pay for the transaction – let’s try to figure it out.
Necessary procedures for registration of a sale
- verification of real estate and documents on it (ownership, owners, prohibitions on sale, debts on real estate, declared persons)
- execution of a deposit agreement and / or sale contract
- request for permission to purchase real estate to a foreigner in local government
- opening your bank account and crediting the transaction amount to the account
- conclusion of a tripartite transaction agreement between the bank, seller and buyer
- opening a transaction account in a bank and transferring of money
- instead of a tripartite transaction agreement, a notary storage account can be issued
- execution of a notary application for registration of property rights in the Land Register
- submission of documents to the Land Register for registration of property rights
- obtaining a certificate of ownership of real estate from the Land Register
- execution of a deed of transfer of real estate to a new owner
- transferring the transaction amount to the seller’s account
- declaration of residence and cancellation of previous residents
Required documents
- contract of sale
- application for registration of property rights in the Land Register certified by a notary
- seller / spouse’s consent to the sale of real estate
- refusal of the state institution from the right of first hand (if necessary)
- third party’s consent to the sale, if it is prohibited by the Land Register
- local government permission to purchase real estate by a foreigner
- receipt of payment of state duty for registering a transaction
- clerical fee receipt
- power of attorney or its certified copy, if a person signs documents on the basis of a power of attorney
Amount of Payments and Fees
- execution of documents by a notary (depending on the package of documents)
- state fee for registration of property rights – 2% of the transaction amount
- clerical fee for securing the ownership of the new owner – 14.23 EUR
- production of a land register certificate of ownership – 7.11 EUR
Foreign citizens do not have the right to acquire ownership:
- plots in the dune zone of the Baltic Sea, not intended for development
- plots in zones of public reservoirs not intended for construction
- agricultural and forest land
- land in reserves and other protected areas
- plots of land with minerals
- plots in the border areas
Information is for general informational purposes only and may be changed and supplemented in each individual case.