In Hungary: Property Transaction Process

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.