en

In Hungary: Property Transaction Process

30/09/2024

Property Transaction Process

  1. Preliminary Agreement:

    • An initial agreement between the seller and buyer that expresses the intent to purchase.
    • Each party designates their contact persons.

  2. Offer and Negotiations:

    • The buyer makes an offer on the property, which the seller evaluates.
    • Negotiations take place regarding the price, payment terms, and deadlines.

  3. Preparation for Contract Signing:

    • The lawyer prepares the sales contract, which includes the purchase price, property details, and the obligations of both parties.
    • The due diligence process involves checking legal, financial, and technical aspects.

  4. Due Diligence:

    • The buyer thoroughly examines the condition of the property, ownership rights, permits, and costs.
    • Analysis of environmental impacts, local regulations, and development opportunities.

  5. Payment of Purchase Deposit:

    • The buyer deposits a 10% purchase deposit with the lawyer to confirm the seriousness of the purchase intention.
    • This amount will be credited toward the final purchase price.

  6. Signing the Sales Contract:

    • The buyer and seller sign the sales contract, which details the transaction.
    • The purchase deposit held by the lawyer is credited at this time.

  7. Payment:

    • The buyer pays the purchase price after signing the sales contract.
    • The remaining amount is transferred to the seller after deducting the purchase deposit.

  8. Transfer of Ownership:

    • After the transaction is completed, the lawyer handles the transfer of ownership at the land registry.
    • The new owner receives the necessary documents.

  9. Final Acts:

    • Taking possession of the property and completing any handover processes.
Share