Is it difficult for a foreigner to become a property owner in Latvia? The procedure is not as difficult as it seems. In fact, it s relatively easy.
Real estate activity in Latvia is not licensed. The notary is responsible for the purity of the transaction to the buyer, and the realtor acts as an intermediary. In fact, any person can provide agency services. Therefore, when choosing your realtor, pay attention to the reputation of the company and the experience of the specialist. You can also refer to the list of certified members of the Latvian Real Estate Association LANIDA.
Step-by-step procedure of a standard real estate transaction
Stage 1. Reservation and verification of the property
Opening a bank account
After selecting the object, the buyer opens a current account in a Latvian bank. You will need this account to transfer the transaction amount and pay state taxes and duties. In the future, this account will be used to pay for utilities.
Signing a deposit agreement
The deposit agreement in Latvia is regulated by law. The document specifies the details of the seller and the buyer, the passport data of the property, the sale price, terms and payment method. After its signing, the property is withdrawn from sale and reserved for the buyer.
The amount of the deposit is negotiable. Usually they contribute from 3% to 10% of the price of the object. If the buyer refuses the transaction for subjective reasons, he loses the deposit. If the transaction fails due to the fault of the seller, he is obliged to reimburse the deposit in double amount.
If the buyer is ready to pay the entire amount immediately, you do not need to enter into a preliminary contract.
Checking the property
Before signing the contract of sale, the buyer's agent together with the notary find out:
is the property included in the Land Register;
is the land plot legally built up;
what is the purpose of using the land;
are there any restrictions on actions with the ground (for example, if it is located in a protective zone);
rights of the previous owner;
if the land plot is privatized – is this process completed;
is the property tax paid for the property;
if the property is pledged – in which bank, how will the pledge be repaid;
is there any legal proceedings being conducted with a house, apartment, or land plot, or is there an additional ban imposed in favor of third parties;
whether there are any debts for utilities.
You can buy these Latvian properties right now:
1 800 000 €
House in Jurmala, Latvia
560 sq.m766
Residence
Exclusive luxury mansion in a dune area just 50 meters from the beach. The house is located on a quiet respectable street, surrounded by beautiful mansions of both modern and classical architecture. A large landscaped area of 3521 m2 with a gazebo from which you can see the sea, with a separate garage for 2 cars and a guard house. Layout - large...
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250 000 €
House in Jurmala, Latvia
240 sq.m53
We offer for sale a house with an area of 240m2, located on the territory of 815m2, in a quiet place in Jurmala, in Melluzhi.On the ground floor there is a living room, an office, a separate kitchen, a bathroom, a garage for one car and a utility room. On the second floor, 3 separate bedrooms and 2 bathrooms are planned according to the project....
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2 400 000 €
House in Jurmala, Latvia
440 sq.m55
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Exclusive house in classic Art Nouveau style with sea view.The house, with an area of 440m2, has a thoughtful and convenient layout. On the ground floor there is a spacious living room combined with a kitchen, a bathroom and an office that can be used as a bedroom.There are three sleeping blocks on the second floor. On the ground floor there is...
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259 000 €
House in Latvia
1667 sq.m20142
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Līguti manor complex with a large park on the picturesque shore of Lake late classicism manor complex from the beginning of the 19th century, where some renovation works have been carried out, includes:- large manor house- small manor house- five different buildings- 36 ha of land: parkectly suited for creating a tourism and leisure complex.
Habita International Estates Ltd
146 835 €
House in Jurmala, Latvia
371 sq.m1082
For sale wooden house built in 1930 with a large yard on the bank of the Lielupe, in a quiet place ine are builders who can make renovations. A repair estimate has been prepared for the complete renovation, including the interior decoration.A two-storey wooden house, which can be redesigned to build 2-4 comfortable apartments, as well as...
Habita International Estates Ltd
157 000 €
Villa in Latvia
1250 sq.m642
The construction of the manor complex is very extensive. Various outbuildings have been preserved (most of the buildings were built in the 1970s-80s: granary, dryhouse, barn, blacksmith's house etc., many of them rebuilt, others waiting for their chance. The central building is a manor house built at the end of the 18th century, its main...
Habita International Estates Ltd
550 000 €
House in Jurmala, Latvia
293 sq.m53
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A house with a spacious
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of the house there is a living room with a fireplace, a spacious kitchen, two bedrooms, a bathroom, a sauna
with its own shower, a garage. The ceiling height
on the ground floor is 3.15 meters.On the one and a half
floor there is a bathroom and a...
VIP Real
230 000 €
Flat in Jurmala, Latvia
89 sq.m32
We offer for sale an apartment in a new project "LOFT" near the river "Lielupe".Fully finished and furnished in a modern style. The apartment has a spacious living room, a separate kitchen-dining room, 2 isolated bedrooms, 2 bathrooms, a balcony.The price of the apartment includes one parking space and one storage room.The cost of maintenance is...
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295 000 €
Flat in Jurmala, Latvia
90 sq.m32
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We offer to buy an apartment in a club-type house for 5 apartments in Dzintari, on Brivibas Avenue 28.The living area of the apartment is 90m2, a terrace of 32m2 and a plot of land. The living room is combined with a kitchen, 2 isolated bedrooms and 2 bathrooms.The apartment has high-quality interior decoration, natural wood floor, aluminum...
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72 369 €
Apartment in Riga, Latvia
73 sq.m431
Renovated brick house with brick exterior walls and reinforced concrete interior columns;Renovated facade, new wiring, sewage system, new windows;The building is completely insulated with stone wool;Autonomous heating with pellet boiler;The building has high ceilings: 2.9 - 3.7 m;There are also other apartments available in the house with areas...
Habita International Estates Ltd
487 000 €
Flat in Bulduri, Latvia
199 sq.m4
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3 bedroom apartment for sale in Jurmala, at the intersection of Bulduru and Vienibas avenues, a few steps from the sea.
The apartment is bright and sunny, with a beautiful view of the well-kept territory and green area. The balcony offers a beautiful view of the sea. The apartment is located in a residential complex in which there is a...
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850 000 €
Flat in Riga, Latvia
240 sq.m5
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Spacious apartament total 240 sq. meters on 4th floor. Windows goes to facade to Ausekla street. The apartment in situated in embassy row in quite center, apartment is sunny and wide. Pefect planning, security 24 hours, 2 parks 2 minutes walk, old town 5 minutes walk, restaurant Portofino downstairs. High ceilings 3.15 m.
Mercury Group
384 000 €
House in Jurmala, Latvia
220 sq.m433
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New, cozy and well designed house in Jurmala. Ready to move in and start new life in the beach city.3 bedrooms, well equipped kitchen. Good size of garden, not far from the sea. Safe area with pine trees, fresh and healthy air.
Habita International Estates Ltd
322 520 €
Flat in Riga, Latvia
80 sq.m3
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A unique apartment with a view of the Latvian National Opera and a short walk to the Old Town is offered for sale. In one of the historical buildings of Riga, which was designed by architect Janis Friedrich Baumanis. In the eclectic design of the facades of the building, Baumanis used details stylized as Renaissance and classicism, which can...
Mercury Group
85 000 €
Apartment in Pinki, Latvia
53 sq.m211
Bright, cozy two-room apartment in Pinki. Next to Babīte secondary school and music school. Studio-type kitchen with living room, bathroom, corridor, closed and well-maintained staircase. Codeished - kitchen equipment and bathroom. There is a semi-loggia that can be accessed from the living room. Adjustable radiators - pay as much heat as...
Habita International Estates Ltd
370 000 €
Flat in Riga, Latvia
164 sq.m4
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We offer for sale a bright, fully furnished 4-room apartment in a well-maintained area of Kalnciema.
Convenient location - 7 minutes to the city center and 10 minutes to the airport. Developed infrastructure, calm atmosphere and public transport accessibility.
The total area of the apartment is 164 m2, excluding the terrace on...
Mercury Group
385 000 €
Flat in Riga, Latvia
97 sq.m323
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We offer for sale luxury spacious 2 bedroom apartment in an exclusive project on Rupniecibas street. Résidence is located in the “quiet centre of Riga, which is famous throughout Europe for its unique architecture and atmosphere. This area is home to a range of exceptional restaurants and inviting coffee shops. There are well-kept gardens and...
Mercury Group
650 000 €
House in Melluzi, Latvia
340 sq.m5
Residence
We offer qualitative, fully furnished house, renovated architectural monument - 340 m2.Lovely neighbors, 2 minutes from the sea, 5 minutes to the train / railway station. The house consists of 4 bedrooms and 5 bathrooms, full interior decoration, fireplace, terrace, lounge, hall, utility room; bath, shower, Jacuzzi and a Russian bath.Throughout...
Mercury Group
400 000 €
Flat in Bulduri, Latvia
82 sq.m3
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A wonderful two bedroom apartment (Nr. 5) with living area of 82.1 sq.m. (+ terrace 10.2 sq.m.) is offered for sale. Apartment is conveniently located on the 2nd floor of the 3-story building. The apartment consists of two bedrooms, a living room with open plan kitchen and dining area, a bathroom, WC. We can offer all flats available for sale in...
Mercury Group
1 100 000 €
Villa in Garkalne Municipality, Latvia
700 sq.m855
Online Viewing
Sale. A unique property located right on the shore of Lake Langstini. Riga region.
The house is a permanent structure, built according to the classical canons of high-quality construction, proven over the centuries.
4 floors. Building area – 700 sq.m. Land plot – 1800 sq.m.
The concept of the house's layout involves...
Stage 2. Conclusion of the purchase and sale agreement
Getting a permission to buy land
To make land transactions in Latvia, foreigners must obtain a permit from the local authorities. At the same time, many apartments belong to a part of the communal territory. In this case, you will also need a permission.
The procedure is formal and usually foreigners are not denied. The application will be prepared by the realtor. The answer will come in 5 to 20 days.
Signing the purchase and sale agreement
To sign the contract, both parties (or their authorized representatives) meet at a notary public in Latvia. The buyer should only have a passport with him.
The seller must provide:
your passport;
an extract from the land register;
inventory business (technical passport of the property);
if the purchase occurred in a marriage, the presence of the second spouse or a power of attorney from them is required;
if the purchase occurred before the marriage - the original marriage certificate;
a receipt for the payment of property tax.
In addition to the standard clauses of the contract concerning the characteristics of the property and its value, it is recommended to include a description of the settlement procedure between the parties, the term of transfer of the property, penalties for delays, a list of property that goes in addition to the property (furniture, keys, etc.).
During this meeting, the notary also certifies the application to the Land Register for the change of owner.
The period during which the buyer must transfer money to the seller is stipulated in the contract and usually takes from a week to a month.
There are two ways to transfer funds: to the seller's account or to a special transaction account. The second option is recommended as safe one for both parties.
What is a transaction account?
An account is opened on the basis of an agreement between the seller, the buyer and the bank. When the buyer transfers the amount for the transaction to it, the money is blocked for a certain time, usually for 1-3 months. To receive the money, the seller must provide the bank with a certificate of the buyer's ownership of the property. If this does not happen within the agreed period, the money is returned to the buyer.
In addition to the cost of the property, the buyer must pay the state property tax. Without a corresponding receipt, the transaction cannot be registered. Payment is made from a personal account in a Latvian bank, the details will be provided by a notary.
Stage 4. Registration of a new owner
The realtor submits documents for the registration of ownership rights in the Land Register: a contract of sale, a request for a change of owner, a bank payment order for the transfer of the transaction amount. The Land Office will also have to pay property tax and office expenses.
Registration is carried out within 10 days. Then a document (certificate of the Land Register) is issued, confirming the ownership right.
The buyer's lawyer passes the certificate of the Land Register to the bank where the transaction account is opened. The bank checks the documents, "unfreezes" the account and transfers the money to the seller. After that, the seller transfers the property to the buyer, and it is recommended to sign the act of acceptance and transfer.
At this stage, the transaction can be considered completed. The whole procedure takes one to three months.
Can I seal the deal remotely?
It became especially relevant in 2020 in the context of the pandemic. However, remote transactions were allowed even before that in Latvia. The buyer signs a notarized power of attorney for a representative, who will certify the contract of sale by proxy.
