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Buying a property in Latvia


If you have decided to buy a property in Latvia, as an investor you should take into consideration several factors and go through these ten stages in order to become an owner of property in Latvia. Basically, in comparison with other European countries, the procedure of buying a property in Latvia is quite fast and transparent. 

STEP 1 Property selection

During the first stage the company monitors the market and a selection of property units is made following the preferences of investors preferences, regarding terms and conditions and characteristics of property being sought; 

STEP 2 Visit arrangement

The next step involves arranging a visit to Latvia in order to view the properties. This will include an arrival meeting, and a property viewing itinerary; 

STEP 3 Opening a personal account in Latvia bank

Opening a personal account in a Latvian bank and securing a loan (if necessary); 

STEP 4 Preliminary sales contract

After that, the purchaser and the seller sign a preliminary sales contract, in which the investor has to pay around 10% of the property value to the seller; 

STEP 5 Legal selection of the deal and the title verification

A Latvian notary makes a legal inspection of the deal and title verification for mortgage loans and other charges; 

STEP 6 Application of the municipal authorities 

If the investor intends to buy a plot of land or a private house, or if they buy a property in Jurmala, then an application to the municipal authorities has to be submitted. Processing this application can take up to two weeks; 

STEP 7 Final sales contract and the escrow account agreement

Upon the expiration of the preliminary sales contract term, the final sales contract and the escrow account agreement have to be signed (if the escrow account agreement was not signed at the time the preliminary sales contract was signed). The investor transfers the purchase price to the bank transaction account and pays the following state duties:

  • State duty for title registration – 2% of the property value;
  • Office duty €28.46.

STEP 8 Register with the Land Registry 

Register with the Land Registry. The following documents have to be submitted: 

  • a notarised application; 
  • final sales contract; 
  • a docket from the state authorities for paying state duty for title     registration;        
  • a docket from the state authorities for paying office duty; 
  • a certificate of condition of the transaction account at the time of the signing of the contract; 
  • Authorization to purchase the property (usually there are no rejections, though this document is necessary); 

STEP 9 Receive the Land Register certificate

Receive the Land Register certificate in the buyer’s name, which normally takes two weeks from the moment of submission (Step 8);

STEP 10 Property transfer 

Complete the property transfer and sign contracts with the service providers. 

Taxes and maintenance check list

Escrow account agreement in Latvian bank

≈ 0.4%  from amount of sales, which usually is not more than €500

Notary services

100- 250EUR

State duty for title registration

2% of the property value

Office duty

28,46EUR

 

The whole procedure takes between 2 – 4 weeks, from the moment of signing the final sales contract (if the buyer does not have a mortgage). 

 

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  • ID: LV-7798
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