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Legal Process of Buying Real Estate in Georgia

Legal Process of Buying Real Estate in Georgia

In Batumi, real estates are registered in Justice House, building architecture is similar to an inverted bottle.

Bureaucracy is minimized, all legal issues are resolved in a short time. Foreigners have the right to buy all types of real estate, except agricultural land.

You need a valid passport for all registration procedures. All fees and taxes do not cost more than 100$

 

Step by Step Registration Process

  1. Conclusion of the contract of sale between the seller (the developer company) and the buyer.
  2. The buyer, in accordance with the signed contract, makes payment to the seller’s bank account. No other payment method other than the bank should be used.
  3. Ownership registration of real estate in the name of the buyer. If a preliminary contract of sale was signed, then until the signing of the main contract, the buyer is registered as a future owner. After the parties fulfill all obligations, the main contract is signed and the buyer is registered as a full owner of the real estate.

Foreign citizens can open a bank account in Georgia without any restrictions. It is enough to have a passport and money to pay for this procedure.

The payment for the purchased real estate is made in the national Georgian currency – Lari, at the rate of the National Bank of Georgia on the date of payment (in case the amount is indicated in dollars in the contract).

Information on each property (owner, mortgage, loan, court case, tax arrears) is publicly available and posted on the website of the Public Register of Georgia.

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