View of Tallinn from an apartment window
A foreign citizen can buy housing with virtually no restrictions. The exceptions are border zones, where housing can only be purchased by citizens of Estonia or another European Union member state.
To buy apartments in Tallinn or another city in Estonia, you need to know the main stages of such a transaction.
The first step is usually a reservation agreement. It is necessary so that both parties are minimally exposed to the risk of withdrawing from the deal while the documents are being processed. Such an agreement can be concluded with or without a third party present. The agreement is drawn up by a notary in Estonian and includes the basic details of the transaction: price, amount of prepayment, etc.
Next comes the drawing up of the main contract. It is signed in the presence of both parties to the transaction. After the notarial contract for the sale of real estate has been concluded, a copy is sent electronically to the Land Registry Department, which is the registering authority in Estonia. This procedure can take from 5 to 7 days, with a maximum term of 2 weeks.
The buyer must pay a state fee for the registration of the contract, which depends on the value of the property being purchased.
Upon completion of the registration procedure, the seller and buyer receive an extract from the Land Register, which confirms the transfer of the property to the new owner. The right to dispose of the purchased property arises only from the moment the new owner is entered into the Land Register.
Furthermore, after signing the deed of transfer of the property, indicating its condition, meter readings, etc., all obligations arising from the right of ownership also pass to the new owner.
Buying real estate in Estonia, as in any other country, is a complex legal process, but if you clearly understand what kind of housing you need and seek help from an appropriate organization, the issue will not seem so difficult. Professionals will not only advise on which property is more profitable to buy, but also help you carry out this process.
PR