How to buy property in Georgia? Process of property registration.
Registration of the right to ownership produce in Public Service Hall (Ministry of Justice of Georgia). Entire registration procedure is open and transparent. More reliable warrantor is hard to find.
Foreign citizens are allowed to buy any real estate. You will need passport for registration of documents.The cost of registration depends on the time frame:
- 1 business day: $70.
- 4 business days: $25.
- Conclusion of the real estate sale and purchase contract between Seller and Buyer. Contract formalization and registration can be done in Public Service Hall (Ministry of Justice of Georgia).
- Buyer makes payment to the Seller's bank account, according to the concluded contract. Payment is made in any convenient way (by cash or non-cash payment).
- Real estate object is registered on a Buyer in accordance with concluded contract and satisfied payment. The registration is formalized in Public Service Hall (Ministry of Justice of Georgia).
When buying real estate in Georgia, particularly the need for cash is not. Payment shall be made by any convenient way (cash or non-cash payment). More common way is bank payment.
Foreign citizens have a possibility to open bank accounts in any Georgian bank without limitation; they only need passport and money. In some cases (in occasion of large sums) banks can request the income declaration.
Actual payment for real estate from the developers is performed by national currency (GEL). The payment coming on the account of the construction company is converted on the exchange rate established by the National Bank of Georgia on the day of payment.
On our web-site the prices are given in USD for added convenience.
The extract from the Registry of Rights on immovable property may review all interested persons and obtain information on-line on official website Georgian Public Registry (information about owner, arrests, alienations, encumbrances, mortgage, litigation and debt disputes etc.)
More information can be found on the official website Public Service Hall:
Read also:Mortgage in Georgia. Installment payments
Land parcels in Georgia. Category and assignment of land.