Lithuania is a Baltic country with a temperate climate, and is a growing place to buy real estate. Costs of living are very low compared to elsewhere in Europe, and there are urban areas and some other very beautiful regions around the country. Prospective foreign property buyers should be aware that certain areas of Lithuania are easier to buy property than in others.
Attorneys and Real Estate Agents
If you plan on buying real estate that is under restrictions for foreigners (see below), it is advisable to hire an attorney who is well-versed in real estate law to bypass certain restrictions and help get through paperwork. For buying normal properties, an attorney is always helpful, especially one who is fluent in Lithuanian and your native tongue.
A real estate agent can be helpful in researching your ideal property, but is not necessary in this process.
Rules, Regulations and Restrictions
There are some restrictions on the foreign ownership in property in Lithuania that have to do with owning agricultural lands. There are also some restrictions on coastal properties. Foreigners have an easier time buying apartments or houses.
When going through the process of buying real estate in Lithuania, every sales agreement that has to do with this transaction must be approved by a notary.
The first step is for the foreign buyer to settle on the property, and make an offer to the seller. If the seller approves of this offer, the buyer must put down a pre-payment, which is 10% of the final purchase cost. A sale-purchase agreement must then be drawn up and signed by the buyer and seller. This document must be notarized to be valid, and signed with a certificate.
After the sales-purchase agreement is notarized and a certificate is issued, the title of the property must then be transferred to the buyer. This transaction must be notarized, and the buyer must transfer the remaining balance of the money to the seller.