Advice On Buying Latvia Property

by Globespan Property Portal - Date: 2007-07-23 - Word Count: 391 Share This!

The good news now is that foreigners rarely get fleeced when buying property in Latvia. The procedure of property purchase isn't as rigid as in the older countries, it is though relatively straightforward. Unlike other countries where an asking price can be a starting figure in the Baltic States the asking property price is usually very close to the selling price if not the actual price itself. There is a building boom in the Baltic States with estimates of some 3000 properties per year needed to keep up with demand; with so much property growth going on there isn't much room to haggle.

Your property agent will assist you with finding your ideal property, he will know what properties are for sale and with his knowledge of the property market, and you will avoid any surprises. I.e. if you purchase a property in a city that property may be under a National Heritage protection which limits what improvements can be made. If purchasing a property in the countryside beware. There are laws which prohibit construction on riverbanks and lakeshores. If not aware of any of these, the property purchase price will only be the beginning of your investment.

Your agent will assist you in getting you a property expert to look over the structure, this is important for both new and old properties. The need to know the condition of an older property is obvious. And with new property, your property expert will confirm that everything has been constructed as it should be and as per the plans. In Latvia a 2 year guarantee is given although not the 10 years we are used to, it's better than nothing, and adds some comfort to property purchase.

The public Notary plays a significant part in property purchase, their fees are fixed by the state and vary between one half to a full one percent of the purchase price and are the main cost of property purchase. In all countries ask questions about state taxes on the property purchase, property taxes, and land registration costs. And if any vat taxes (18 of the property value assigned by the state; this is always lower than the market value.

These guidelines are meant for guidance only and describe a straightforward purchase scenario. However this information is not meant to replace proper legal advice, which we always insist you take.

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John Everitt is a consultant to Globespan European property portal. Please visit our estate agents directory and this Latvia buyer's guide

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