Buying property in Serbia – a Foreigner’s guide

Categories Invest-in-Central

Serbia is a land of growing business opportunities. You can venture into any kind of business including land, agriculture, real estate and technology among other businesses. There is plenty of opportunity depending on the amount of money you have access to. The real estate business is among the fastest growing business in Serbia. Even foreigners have the chance to start and grow a business in the area.  Before you buy any form of property, you have to check out the rules and regulations involved.

Here is what you need to know about property purchase in Serbia

Check whether you are eligible to buy any property in the area

It is critical to confirm whether citizens of your state or region are eligible to acquire real property in the republic of Serbia. You can check the unified agreement between Serbia and your country to find out the rules and regulations about acquiring property. This task will need help from professional government agents.  Note that some of the land is off limits for any type of foreigners.

Look for the right property

You will require help from experienced real estate agents to find the perfect property. When you find the perfect real estate, you would work towards inspecting it and carrying out all the legal actions required when purchasing a real estate. Check fro the annotations, mortgage and encumbrance of the property to ensure it is legally registered and is not subjected to any form of dispute.

Create a purchase agreement and solemnize the agreement.

A real estate lawyer will help you create a legal purchase agreement as well as look through the factual and legal documents of the property. They will also help you discuss the cost, payment methods and deadlines of transfer by putting them down on legal documentation. Before you pay for the property, you and the seller are required to book and sign a solemnization agreement before a public Notary. Your lawyer should ensure the Notary  is within the location of the real estate at hand.

Pay for the real estate

When you’re done with all the above steps, pay the required amount to the seller. With the help of a lawyer, they will transfer all the property to you. The purchase is made by simply transferring the needed amount to the seller’s legal account. All transfer procedures are done before the lawyer and real estate agent.

The real estate cadaster procedure

Paying for the property does not complete the procedure. The buyer will have to submit application for the registration to own the property before a cadaster.  You wait until the property Cadaster makes a decision to authorise legal rights on property purchase after which you become the legal owner of the given real estate.

Once you are the owner of the property, there are other legal procedures you should follow. Your seller should submit a tax return not more than a month after solemnization. The solemnization agreement states that the buyer should clear the tax, which makes it your legal duty. Don’t forget to file a tax return on the property and change the account holder with companies related to your mortgage.