Buying property in Latvia

General information

1. Determining the desired parameters (price, floor space, location, etc.);
2. Visiting and selecting real estate properties;
3. Legal analysis of the property – analysis of the property as an investment in real estate so as to prepare a temporary residency permit (if necessary);
4. A down payment and/or a purchase and sale agreement, as well as the opening of a transaction account (if necessary);
5. Submission of an application and other documents to the local government so as to ensure that a foreigner is allowed to purchase land (if necessary);
6. Opening of a transaction account at a bank and transfer of the sum of the transaction (if necessary);
7. Preparation of the application for registration of the ownership rights in the Land Book, doing so with the assistance of a sworn notary;
8. Submission of documents to the Land Book so as to transfer ownership rights to the new owner of the real estate;
9. Receipt of a confirmation of ownership rights from the Land Book after the transaction is registered and the ownership rights have been transferred to the new owner of the real estate;
10. Preparation of a transfer and acceptance act as part of the purchase and sale agreement;
11. Registration of a service agreement in the name of the new owner of the real estate.

Necessary documents for the Land Book

• A notarised application to the Land Book;
• The purchase and sale agreement;
• The agreement of a spouse to sell the property or confirmation that the seller individually owns the property;
• A waiver from the relevant local government or other competent institution of the right of first purchase to the real estate if such rights are enshrined in the law;
• The agreement of a third party to the sale of the real estate if encumbrances in favour of that party are registered in the Land Book;
• Approval from the local government for the purchase of the real estate if the buyer of land faces limitations in regard to laws related to the privatisation of rural land and to land reform in the cities of the Republic of Latvia, or a document to show that the person can purchase the land without any limitations;
• A receipt for the state fee related to the registration of the transactions;
• A receipt for the office fee;
• Authorisation or a notarised copy of the authorisation if the person is signing documents on the basis of an authorisation.

Please be aware that this information is of a general nature. Each situation is individual, and it may be that other documents will be needed.

Fees

• The state fee for registering ownership rights to real estate on the basis of a purchase and sale agreement is 2% of the cadastral value of the property or the purchase sum that is stated in the agreement, whichever sum is higher (but no more than EUR 42,686.15);
• The office fee for enshrining the ownership rights of the new owner is EUR 14.23, and the fee for preparing a Land Book certification of ownership rights is EUR 7.11.

Latvia Sotheby’s International Realty services

• Finding a buyer for real estate;
• Preparing documents for the transaction;
• Managing the transaction;
• Assistance with legal issues.