Tourism is the main component of Georgia’s income and more and more tourists come here every year. As such, purchasing real estate in Georgia to rent out quickly pays off and brings large profits. Against the backdrop of rising rental prices, the acquired property can be resold profitably. All this and the absence of tax on the purchase of real estate attracts many foreign investors. Buying real estate is a difficult and risky business if you do not have a legal education or do not buy real estate from people you can trust. To protect yourself from unscrupulous sellers, use the service supporting real estate transactions in Georgia.
The first step is to check the real estate statement with the National Agency of Public Registry of Georgia. It is important to know for sure:
We will provide you with an updated, detailed statement containing all the information you need.
The next step is to conclude an agreement between the parties and register it with the National Agency for Public Registry. This action confirms the new owner’s ownership of the property.
At this stage, the parties can agree on an installment purchase or any other conditions. The preliminary contract must be registered in the register, and the main contract is registered only after the parties have completely fulfilled their obligations.
To maximize the protection of the parties, the buyer can also deposit the amount payable to the notary’s account before the fulfillment of the terms of the contract (escrow). The seller will get access to the account only after all the conditions of the contract are fulfilled.
The procedure for acquiring real estate in Georgia is quite standard and begins with the signing of an agreement in triplicate in two languages (Georgian is mandatory and the second that spoken by the non-resident). The initials of the buyer and all passport data are indicated in the contract. You do not need to be present during the conclusion of the contract, your representative can do it for you with a notarized power of attorney and a foreign passport. Copies of passports of all participants in the transaction must be attached to the agreement.
To register a real estate purchase in Georgia, you only need a foreign passport and from one to four days. The owners of real estate can be both a legal entity and an individual. Registration takes place at the House of Justice after signing the contract and actual payment.
In the case where the registration of real estate is concluded based on an exchange agreement, in an apartment building or an apartment in a building under construction, it is necessary to provide:
The cost of registering property rights depends on the timing:
- On the day of application – 200 GEL.
- For 1 working day – 150 GEL.
- For 4 working days – 50 GEL.
If you decide to buy real estate in Georgia and cannot attend in person or are not familiar with the intricacies of the country’s legislation in this area, do not waste time studying and drawing on your own funds – it is better to contact the professionals at Jara Accounting.
Fill out the form below to get a calculation of the cost of supporting real estate transactions in Georgia.