How to buy Real Estate in Lithuania
Dreaming of owning property in Lithuania? Here's a straightforward overview of the process to help you get started:
1. Define Your Property Goals & Budget:
What type of property are you looking for? (Apartment, house, land, commercial)
Which locations in Lithuania interest you?
Establish a realistic budget, including purchase price, taxes, and potential fees.
2. Consider Engaging a Local Real Estate Professional:
A Lithuanian real estate agent can provide invaluable assistance with market insights, property searches, negotiations, and navigating local regulations.
3. Explore the Lithuanian Property Market:
Utilize online real estate portals popular in Lithuania.
Connect with local real estate agencies.
Keep an eye out for "Parduodama" (For Sale) signs in areas you're interested in.
4. Property Viewings:
Schedule visits to properties that match your criteria to assess their condition and suitability in person.
5. Making an Offer:
Once you find the right property, work with your agent (if applicable) to prepare and submit a formal offer to the seller.
6. Negotiation:
Be prepared for potential negotiation on the price and terms of the sale.
7. Preliminary Agreement (Pirminė Sutartis):
Upon agreement, a preliminary contract is usually signed, outlining the key terms and often requiring a deposit (typically around 10%).
8. Due Diligence is Key:
Arrange for a thorough professional inspection of the property.
Crucially, verify the legal status of the property through a notary to ensure clear ownership and identify any potential issues.
9. Secure Your Financing:
If you require a mortgage, finalize your loan arrangements with a Lithuanian bank.
10. The Final Purchase Agreement (Pirkimo-Pardavimo Sutartis):
The final, legally binding sale agreement is signed in the presence of a notary. At this stage, you'll pay the remaining balance and notary fees. Remember to bring your identification.
11. Property Registration:
The notary will typically handle the registration of the property transfer with the Lithuanian Land Register (Nekilnojamojo turto registras), officially recording your ownership.
12. Understanding Property Taxes:
As the new property owner, be aware of your obligation to pay annual property taxes in Lithuania.