Freequently asked questions

What legal documents are required when transfering the title of a property?
The following basic documents are required:

  • A document that proves the right of ownership: (notary deed or other document that proves ownership)
  • Personal identification (ID card , passport)
  • Tax assessment of the property
  • Cadastral plan layout  (in areas that have been included in the cadastre)
  • Government approved plan for construction (need when  stated in the notary deed)
  • Marriage certificate
  • Certificate of inheritance (required when the original owner has passed away)

Why preliminary contracts are used when dealing with real estate?
The use of preliminary contracts has been approved as a common practice in closing real estate deals. The preliminary contract contains the basic elements of the final contract (information about the seller and the buyer, property type, price, terms, etc.). The preliminary contract does not transfer the ownership right over the property. Through the preliminary contract the seller and the buyer only take responsibility to conclude a final contract in the future, with which to transfer the ownership right over the property.The preliminary contract must be in written form. When it is signed, the Buyer usually pays to the Seller a deposit, usually 10% of the property price.   

How the actual transfer of the property is regulated?

The actual document of the property transfer is in the form of a final agreement- notary deed. It is executed at a local notary’s office. The notary presents the final agreement (the notary deed) to the government agency responsible for enlisting the property. A judge orders the actual transfer and listing of the property in the government registers.  At this point the buyer becomes owner  of the property and  gets all the rights associated with the ownership. 

What is encumbrance certificate?
Before the actual transfer of the property takes place it is necessary to obtain an encumbrance certificate from the responsible government agency. Possible property encumbrances are transferred to the new owner who in turn becomes liable.

How can you buy a property that is beeing mortgaged?
Unless otherwise negotiated, if at the time of a sale there is an outstanding mortgage on the property  the seller must guarantee in the preliminary contact that by the time of the actual transfer (the notary deed) the mortgage will be paid off in total and written off the registers.There are different practical ways for these to be accompished. The process is subject of negotiations between buyer and seller.

How owners of residential plots get compensated for the use of their land by private investors?
Property compensation or reimbursment is performed when owners of residential land get compensated (usually with residential premises) for the use of their plot. In such cases owners of the land leagly transfer the right to build on their land to a particular investor or construction company. In return the investor is legally binded to reimburse the owners with parts of the newly developed construction.  

Immoplus information

Freequently asked questions

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