Georgia is a country with strong real estate potential. In recent years, the sector has attracted the interest of many investors. You can choose between a mansion, apartment, townhouse, or cottage. What, then, is the procedure for acquiring a house? Focus on the Georgia real estate market.
Conditions of buying a house in Georgia
A valid passport is the only document required to buy a house in Georgia. The purchase can be made by paying cash, buying on installment, or on credit. Under these conditions, the sales contract can be concluded between the seller and the buyer. The title, the name of the seller and that of the buyer, the nationality then the passport information will be mentioned in the sales agreement. Likewise, there are two acquisition procedures depending on the nature of the asset. These include, among other things, purchasing on the primary or secondary market.
Purchase on the primary market
The purchase of real estate on the primary market leads to the signing of two types of contracts: a preliminary and a principal. The preliminary compromise is established upstream and must inform:
- deadlines for real estate,
- the characteristics of the apartment,
- details on interior decoration and
- a white frame or a black frame.
The buyer must also register as a future owner with the registry. Following this contract, he has the obligation to sign the main one. He will first have to pay the purchase cost to the real estate developer who will put the property back into service. To complete the acquisition, the new owner must register it with the House of Justice. He must provide a declaration, sales contracts, passport, proof of payment, building permits, and the technical plan of the property.
Purchase on the secondary market
Acquiring a secondary market course is less restrictive. For the latter, only a main contract is required. After signing the latter, the sale is directly registered with the Public Register. The new owner must then provide his passport, declarations, and the technical plan of the real estate. He is also required to produce proof of commissioning of the asset and proof of payment.
In Georgia, the law states that the contract for the sale of real estate must be signed in the presence of the buyer and the notary. The final deed of sale must be drawn up in triplicate. The latter must be written in a language understood by each party involved. It is important to read each clause of the contract before signing it.
What is the point of buying a house in Georgia?
The Georgian real estate market is very attractive for foreign investors. The latter are attracted by the right to obtain a permanent residence permit and the exemption from payment of property tax. They also want to ensure stable growth in the value of the property. Many opt for Georgia in order to obtain a fixed income by renting the property. On the other hand, the foreign buyer is exposed to the risk of buying at an expensive price compared to the normal value of the good. There are cases where the goods do not meet all the requirements of the buyer, he is required to make arrangements.
All in all, buying a property in Georgia can be done in the primary market or in the secondary market.