| 1. Are there any
restrictions on an overseas company or business buying
commercial property? |
There are no restrictions, except
to try to buy property that belongs to the public domain. |
| 2. Is land/property
generally ‘registered’ so that the title/ownership
is guaranteed? |
Yes, at the cadastral administration
and the registration tax receiver. In addition, the
transfer deed is recorded in the Registry of mortgages.
Any interested party can find the owner of the property
via the public access to the Registry of mortgages. |
| 3. What are the basic
requirements/procedures? |
The basic requirements / procedures
are: title search; execution of the private purchase
/ sale agreement containing the terms and conditions
of sale; execution of the notarised deed within 4 months
following the execution of the private agreement; registration
by notary and transcription of the deed at the Registry
of mortgages. |
| 4. On average, how
long does the process take? |
On average between 2 and 4 months. |
| 5. What searches
are advisable? |
The identity and title of the seller;
their tax situation; the situation of the property including
rental conditions and / or full ownership versus co-ownership
or leasehold properties; Cadastral information &
mortgage situation; town planning & permits &
ground pollution checks. |
| 6. What are estimated
disbursement costs? |
Notary fees (scaled according to
the price), fees of experts and brokers (on average
3% of the price), costs of searches, registration tax
or VAT (see below) |
| 7. What are the local
and/or national tax considerations in the country of
purchase? |
Purchase agreements concerning real
estate are subject to a registration tax of 12.5% or
10% calculated on the market value of property, except
new buildings. |
| 8.What other annual
local charges are obligatory? |
A real estate withholding tax &
local additional charges relative to the value; regional
taxes on companies or professionals; and municipal taxes
|
| 9. Are there any
other issues to consider? |
The property is sold with no guarantees
(e.g. for defects) so due diligence is important. |
