Purchase a Property in Serbia
Purchase a Property in SerbiaUpdated on Wednesday 16th November 2022
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The purchase of a property in Serbia, whether as a national, foreigner or company, is made under the provisions stipulated by the Property Law Relations of 1996, with a particular condition that is strictly forbidden to acquire a residence or a land near a military area in the country. Regarding the applicable legislation for land or property purchase in Serbia, it is suggested to get in touch with our Serbian lawyers who can provide legal support. The same team can offer legal advice if you want to establish your business in the country.
Rules for foreigners who want to buy a property in Serbia
Persons who do not have residency in Serbia and are interested in buying buildings or lands for commercial purposes can do so and can have complete ownership of the assets. As for the persons who have reciprocity restrictions, they can first register a business in Serbia and then can purchase a building, an apartment, a plot or a commercial office space. Each kind of acquisition is settled through an agreement signed by the seller and the future owner, but before that, the entire history of the property must be verified in order to see if there are any debts or related obligations. In this matter, and also in issues regarding the preparation of documents, our attorneys in Serbia can provide legal advice and help.
How can a property be acquired in Serbia?
The property acquisitions in Serbia involve simple steps which can be found in the sale agreement signed by both parties. It is suggested to consider the following aspects:
• a notarized preliminary purchase contract is signed in front of the authorities in charge;
• the title of deed is verified by a Serbian lawyer;
• the final agreement is then prepared for signing in front of the notary;
• the Inland Revenue Office settles if the value of the asset is in accordance with the offered price;
• the buyer must pay the property tax of 5% from the price of the acquisition;
• the property is then registered with the Area Property Registry.
Please keep in mind that any legal aspect can be explained by our Serbian attorneys as soon as you have decided for a particular acquisition in Serbia, whether as an individual from abroad who wants to establish in the country or as a representative of a foreign company interested in opening a branch or a subsidiary.
Who can purchase a property in Serbia?
All foreign investors or foreign citizens interested in Serbian properties can acquire different kind of assets, as long as they aren’t owned by the state. The legislation is permissive for foreigners willing to buy properties in this country, but it is best to ask for legal assistance before taking any decision in this direction.
What types of properties can you buy in Serbia?
Luxury real estate, agricultural lands, commercial office spaces (garages, warehouses, storages), studios, apartments, and houses are among the properties which can be bought by foreign entrepreneurs in Serbia. The prices vary, depending on the chosen location and facilities.
Real estate due diligence in Serbia
Before any property purchase, you can talk to our lawyers in Serbia for a real estate due diligence produce. This is an important process required at the time of buying a property, in order to verify its history, if there are any litigation cases involved or if the assets are legally registered with the Serbian authorities. We strongly recommend you to bear in mind the importance of real estate due diligence in Serbia and ask our advisors for complete support.
If you are thinking of immigrating to Serbia and need expert advice, we recommend our lawyers. They can take care of the necessary formalities for obtaining a visa, a residence, or work permit. If necessary, they can also manage the procedures related to relocation together with the family.
How is a property verified in Serbia?
The real estate sector in Serbia is complex but very attractive for foreigners who want to acquire a property for business purposes. Knowing the local real estate market before making any movement can start with a real estate due diligence, a matter where our attorneys in Serbia can offer legal support. One should know that the real estate due diligence in Serbia comprises the following aspects:
- verification of the property to see if there are any unsolved litigations;
- a firm examination of the property’s documents;
- a structural verification of the land where a development will be built;
- detecting the occupation coefficient to see how much land can be used for construction;
- reviewing the financial terms and if there are any ongoing administrative proceedings.
From a legal point of view, all the requirements above are treated seriously and are part of a solid verification of a property before it is purchased. The due diligence review made by our advisors can reveal whether the assets are having legal issues or not.
Who needs to consider the real estate due diligence in Serbia?
Whether you are a foreigner looking to set up a company in Serbia by acquiring an office space, or an individual who wants to live and work in Serbia, it is recommended to solicit real estate due diligence and have an idea about the property you wish to purchase.
Considering the factual reciprocity in Serbia
Before a real estate due diligence is performed, foreigners need to know if a bilateral agreement is signed by Serbia and your country of origins, in order to buy a property. The factual reciprocity intervenes, and it represents the rights of foreigners in Serbia who can purchase a property in the same manner Serbians can acquire an asset in other countries. Our Serbian lawyers can offer more details in this sense, as soon as you decide for property purchase and real estate due diligence.
Real estate due diligence performed by our lawyers in Serbia
Instead of dealing with unwanted issues related to the purchase of a property in Serbia, it is best to consider real estate due diligence offered by our experienced team of lawyers. Observations, mortgages, or other impediments might be connected to the sale of a property, but you can avoid such issues if you get in touch with our attorneys in Serbia who can perform a real estate due diligence.
Real estate issues that can be solved in Serbia
If a real estate due diligence statement shows legal problems or related aspects, the first thing to do is to inform the seller. Your Serbian lawyer cannot accept closing the documents for purchase if the property is subject to litigation, debts or hidden breaches. Additionally, the assets can be sold and bought if the future owners receive the documents that attest the payment of the utilities, rental fees or costs related to other operations.
Please contact our law firm in Serbia for complete legal support in property purchase in Serbia.