How does the buying process work when buying real estate in Albania?
How does the buying process work when buying real estate in Albania?
How does the buying process work when buying real estate in Albania?
Foreigners can buy real estate, except land not connected to a building, in Albania under the same conditions as Albanians.
However, there is also a way for a foreigner to buy land.
You can learn more about how to proceed when buying real estate in Albania in the detail of the article.
Follow these steps:
As a rule, a reservation contract or a contract on a future purchase contract is concluded, upon signing the agreed amount is paid as a reservation (its amount depends on the agreement).
Subsequently, the notary will once again check the details such as the cadastre, origin of the property, building permit, etc.
When all the requirements are met, a bilingual (Albanian and English) purchase contract is signed at the notary's office, the notary guarantees its correctness. The buyer does not have to be present, he can give someone a power of attorney with an apostille to represent him when signing.
Subsequently, the buyer pays the purchase price, or the remaining part of it, to the notary's escrow.
After receiving the funds, the notary registers the contract at the cadastre.
After registration in the cadastre, usually within 30 days (can be expedited), the notary releases the money in favor of the seller and the buyer becomes the owner of the property.
The buyer does not pay any tax when acquiring the property.