Real Estate Purchase


Mercury Group Luxury Estate offers the best conditions for real estate purchase abroad:

  • We only work with proven premium class real estate around the world;
  • Close cooperation with foreign agencies and real estate owners allows us to offer efficient and investment-attractive projects: residential estates under construction, apartments in historical centres of the largest cities in the world, ancient mansions, and houses in the country;
  • We respect confidentiality, protect personal details of our clients, and guarantee the safety of closed transactions.

 

Our company provides a full range of services for those, who are planning to acquire elite housing or commercial property: selection of real estate abroad free of charge; consulting for acquisition of real estate in various countries; detailed presentation and demonstration of real estate units; assistance in obtaining a residence permit, processing of necessary documents, development of design project for your new house.

Real estate purchase procedure in Latvia:

1. The first stage involves the selection of a suitable item according to the requirements and budget of the client. We will select real estate from our public and private sources for free. We also arrange viewings and schedule a program of visiting selected real estate units;

2. Once the choice is made, it is necessary to open an account in a Latvian bank for the money transfer. The cost of this service is around €100, on average, depending on the bank terms. Borrowed funds can also be arranged, if required;

3. Execution of legal review. At this stage, our lawyers carefully examine the history and documents of the real estate;

4. A preliminary agreement is signed, prior to signing the sale and purchase agreement, which is a guarantee of completing the transaction. Under the stated conditions, a deposit of 10% of the agreed value is paid, whereupon the buyer takes the real estate unit off the market. If the buyer cancels the transaction, the deposit is not returned. If the transaction is cancelled by the seller, the deposit is returned at double rate;

5. The conclusion of the definite purchase agreement and full payment of the purchase price take place;

6. Public registration. Following the signing of the deed of purchase, the process of obtaining entitled documents begins. The notary transfers the documents to the Land Register for re-registration of the proprietary rights in the Land Register;

7. Apart from the basic value of the real estate unit, the buyer needs to cover the additional costs: opening of a bank account; notary fees (around €200); state fee (2% of real estate cost).

 

Real estate purchase in Spain is the same procedure as in Latvia, the only difference is the receipt of a Foreign Identification Number (NIE), which allows completes all the official procedures in Spain.

In order to receive a NIE the non-resident should have a passport, visa, two photos, and should complete an application with the indication of the purpose of receipt of Foreign Identification Number and should pay the state fee. A foreigner should also pay the state tax up to 10% of the value of the transaction, notary fees, a fee for opening a bank account, as well as registration of proprietary rights.

Foreign citizens are also free to purchase real estate in the United States. At the first stage, it is necessary to conclude an agreement with a local agent who holds a license in the state to carry out real estate operations. Once a real estate unit is selected, the buyer sends the seller a price offer. If the seller accepts the terms, as in Latvia and Spain, an agreement of intent is signed and a deposit is paid. From this time on up to signing of the definite agreement the buyer has time to conduct an independent assessment of the real estate. This is usually carried out by a hired expert, whose services will cost around between 250-500 US dollars. The final stage is to draw up and sign the deed of purchase, which takes place after all examinations and in the presence of a notary. Then, the registration of real estate ownership and compulsory insurance take place. Upon entry into force of proprietary rights, the owner may dispose of the real estate units to their sole discretion: to lease, to sell.

The process of real estate purchase has a similar scenario, however, each country has its own distinctive features of legislation.

Our experienced experts will advise you on the real estate purchase, and will accompany you at all stages of the transaction!

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