Once you have decided to buy a property in Hungary you should follow two simple rules:
- Choose a reliable Real Estate Agent. If possible, consult friends who have already bought a property here; or run an internet search trying to eliminate agents with bad reputation.
- Find a good Lawyer to advise and assist you. Your Estate Agent should be able to recommend you a number of possible lawyer, giving you a chance to make an informed choice. Country Hills Real Estate will be more than happy to help you with this all-important issue.
Your real estate agent should have an intimate understanding of both the property market and the local region, enabling them to help you find a property that’s just right for your needs and means.
When you have found the right property, make sure you get a rundown of all annual payables, from local charges through facility fees and taxes. It is imperative you have a full overview of the annual running costs associated with the property and its purchase.
When you have chosen the property you wish to buy, you will be asked to make an immediate payment of a refundable Reservation Deposit, which ensures that the property is taken off the market whilst your agent negotiates the best price for you. This also demonstrates to the seller that you are serious about purchasing their property and makes sure they don’t sell the property to someone else while the negotiations take place.
From here on your lawyer will walk you through all the different steps involved in the transaction, throughout to the completion of the deal. There are many excellent English-speaking Hungarian lawyers in Hungary and choosing the right lawyer is your guarantee that Hungarian legal requirements are met, that the property is currently registered in the vendor’s name and that it is free of mortgages, charges, debts or other liabilities. Your lawyer will negotiate the terms of the purchase with the sellers´ lawyer. These should cover all your requirements such as the completion date, method of payment, and so forth.
Once all the searches have been satisfactorily carried out, the lawyers will draw up the private purchase contract. On a resale property, you will normally pay a deposit of 10% of the purchase price on exchange of contracts.
On the day agreed for completion, your lawyer will go to the Public Notary to sign the Title Deeds, and then, after the final payment is made to the vendor’s lawyer, they will pass over possession of the property to you, handing over the keys.
At this stage, the sale is complete and immediately your lawyer will have the original title deed submitted to the Land Registry for registration of your title.
If you would like any further help or advice from Country Hills, with regards to financial or legal matters, please contact us at +36 70 620 4500 or email@example.com and we will be delighted to put you in touch with a number of professional law firms and/or qualified financial advisors.