Real estate documents
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Performing any actions with real estate requires interaction with the government of Latvia, and it is done via relevant documents. These documents serve as either formal requests and inquiries or as proof of your status and former actions.
Buying and selling
Documents needed for buying or selling property can be very different and depend on very particular circumstances. This is the reason why any buying or selling operations should be performed with the help of a special property management agency, unless you are a real estate management professional yourself. The only document that is always needed no matter the circumstances is a purchase agreement.
A more certain procedure is a the actual transfer of ownership rights, which requires the following documents (other documents may be added to the list depending on circumstances):
- ownership registration request
- notarized purchase agreement
- document indicating that the state and administration fees are paid (receipt)
Renting and leasing
Renting is a relatively simpler operation, and usually requires only two documents:
- rental agreement
- identity document or a registration certificate for companies
It is, however, strongly suggested that a number of other documents are produced by both parties, e.g. the Land Book extracts and proof that there is no debts accumulated for the property. While these documents are not mandatory to seal the deal, they will protect both parties from frauds and unpleasant surprises after the premises has been rented. These recommended document can be requested both personally and through a property guidance firm. The latter is preferred, because a specialized company knows all the peculiarities of property leasing and knows which documents to request.
Building your own property is a rather complex procedure, and, in terms of the documents needed, it may be the most complex of them all. While each construction is unique and requires a different set of specific documents (depending on the building type, location, parameters, etc.), it is possible to name certain common elements:
- construction application
- approved construction project
- land ownership proof
- construction works journal
- agreements with certain construction participants
Some of these documents are more of an umbrella terms, comprising a number of other documents. As already mentioned, the government treats every construction project as a unique process, thus evaluating it only in relation of the specifics of your project.
As for documents needed to buy insurance for you property, there are two things to considers: the standard document package and the company you buy an insurance from.
The standard document package includes documents that will be required in the majority of situations:
- Property ownership title certificate;
- Grounds for insurance application (this is just a formality, if you are a tenant or authorized person – you will need to provide a copy of rental agreement or power of attorney);
- Your passport copy and residence address;
- Passport copy and residence address of the property owner (in case you are not the owner);
- Full technical information regarding property and its qualities;
- Property evaluation done by certified property appraiser (if any);
- Cost of the property (self-evaluated or purchase price according to contract);
- Risks you wish to insure your property against;
The company you buy the insurance from, however, can request any additional information it deems useful, such as technical specifications of a property or the plan of the building an apartment is located in. Everything depends on a particular insurance company, which is why it is generally advised to prepare the maximum number of documents possibly needed, and be prepared to acquire other information as well. This also implies having an adequate amount of time to buy an insurance, because even with a skilled property guidance company at your side, getting some of this additional information from third parties may take a while.
While technically mortgage documents are set by each credit institution individually, in practice, there is a common list of documents required by almost every one of them:
- mortgage application (bank-specific)
- ID (e.g. a passport)
- information about your household income (usually from a bank account)
- evaluation of the property you are interested in
Depending on the credit institution and other circumstances, you may be required to provide additional information on your income, general financial status, credit history, as well as on the property you are interested in, including technical and legal assessments.