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Since its foundation in 1996 the law office “INLAT PLUS” has been one of the most active and leading companies providing legal service in Latvia. The variety of the qualified legal services provided by the company will meet the most demanding requirements of its clients (legal and physical persons).

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Purchasing Real Estate

20.06.2002

There are number of various specific features that are necessary to take into account during the process of making an agreement of sale and purchase of real estate. Here is a brief overview of some of these nuances, observance of which will help you to avoid many problems and negative consequences purchasing real estate.

Before purchasing real estate it is necessary to check its status at the moment, i.e. to find out who is its owner, whether the real estate is registered in the Land-book register or Land register, whether there are liens on it etc. Such information can be received from the Land-book or Land register.

This is also important in order to know that the full property rights to the real estate can be acquired, due to that if the real estate is not registered in the Land-book, the buyer does not have a guarantee that this property in the future will not be claimed by a third person.

In order to register the transaction, it is necessary to conclude the contract of purchase with the proprietor of the real estate, and this should of course be made legally correct and in accordance with your own interests. This contract must be notarised at the notary and be registered in the Land-book. Only then will the contract of purchase have full validity.

Before signing the contract of purchase, you should check up the powers of the seller or his proxy. It is important to make sure, who is the seller, and also whether he has the rights to sign this specific contract. If the seller is a physical person it is necessary to request his passport to verify his data with the information received from the Land-book or Land register. If the seller is a legal person, you may request its registration documents (for example, charter or the registration certificate) and to compare their data to the Land-book or Land register information. Besides, it is necessary to pay attention to whom, on behalf of company (if the seller is a legal person) signs the contract of the purchase, and whether he has the appropriate powers. You can find it out in the company registration documents or request such information from the State Enterprise Register of LR. According to legislation of LR the right to sign contracts on behalf of the company rests only with the person to whom such rights are given under the charter of the company, or according to a valid power of attorney. Contracts signed by a person without the necessary powers can be nullified.

If you use the services of a broker for finding and purchasing immovable property, it is necessary to check up his powers and professional qualification, too. For this purpose you may request the broker to present the necessary certificate confirming the level of his professional competence or use a broker, of whose reliability and competence you have no doubt.

Besides collaborating with the broker, it is important to enter into a contract with him too, under which his duty will be assigned to find in your interests the real estate for purchase. This should also be made legally correct and in accordance with your interests.

The overview given here of aspects that should be taken into account when purchasing real estate, is certainly not exhaustive and in each concrete situation it can appear other nuances and questions, therefore, to avoid many problems and to protect your interests during purchase of real estate it is recommended to request specialist advice. This can sometimes help to prevent irreversible consequences and a specialist can give advice how to solve this or that question in this area.

/ Alexander Koposov /