Buying Real Estate in Norway
Norway is full of real estate for sale, but the majority of it is very expensive. Most of this process is handled by real estate agents in Norway. Though the real estate agent acts on behalf of both the buyer and seller, the buyer is usually the one that pays this person. Buying real estate in Norway is a straightforward process that is not overly complicated.
Attorneys and Real Estate Agents
Most real estate buying and selling in Norway is done through real estate agents. These agents have undergone strict training and must adhere to Norwegian rules. The agents also have the right to conclude real estate sales without assistance from an attorney. They are also the ones who are in charge of the financial settlement, as well as registering the transfer of deed with the state registry.
Attorneys are usually reserved for more complicated real estate processes, like buying large or commercial properties.
Rules, Regulations and Restrictions
In order for a foreigner to buy property in Norway, it is necessary to obtain a Norwegian identity by obtaining a “D number.” Foreigners must obtain this number from the Population Register in the location of their prospective property. They will be issued a number after they show the officials the necessary documents.
General Process
First, the buyer must settle on the property and let the real estate agent know this decision. Upon approval of the financial bid, the real estate agent will then come up with the sales contract, which is then signed by the buyer and seller. This contract must outline what would happen in case of breach of contract.
When the parties sign this contract, the agent will then issue the deed to the buyer. The buyer should also put down a deposit of 10% of the final purchase price. The deed will then remain with the agent until the final steps.
The agent will then register the property with the land registry, and the authorities will grant an official registry document. It will state the name of the new property owner. The buyer is respsonible for paying the real estate agent and the stamp duty for registering the new property, in addition to paying the seller the remainder of the money for the property.