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Hungary Buying Process
Property Investment Budapest, Property for Sale

Properties in Hungary are sold on a freehold basis. When buying a property within a condominium or estate, purchaser will own the property plus a percentage of the communal areas, which will be shown on the Title Deed. According to Hungarian law, foreign investors are obliged to get a permission to enable them purchasing properties in Hungary, although this is a mere formality, which solicitors will deal with.

Properties can be purchased through a Hungarian company or as a private investor. IPP Global will provide you with a tailor-made advice, depending on your preferred property investment, as well as an independent mortgage and finance advice, leading you through the whole investment process.

These are the main steps to invest in Budapest properties:

Reservation

It is highly recommended to reserve your unit before travelling to Budapest. There is a shortage of new built properties in the city and demand is increasing on a daily basis, so it is much advisable to secure your property. Reservation fees are around 3.000 Euros (may vary, depending on project/developer) and are refundable within a period of 21 days.

Once a property is reserved, an inspection visit is booked through IPP Global. Our professional staff will meet you at the airport or at your hotel reception and will introduce you to the company and Budapest. IPP Global prides itself of a multilingual sales team, who will build a personalized property portfolio and will show you the properties you have selected.

Solicitor

You will meet an English speaking solicitor, who will guide you on the legal side of the property purchase process. The solicitor will arrange a Power of Attorney for you to authorize him/her to act on your behalf. This PoA can be signed before a Public Notary during your stay in Budapest or in any Hungarian Consulate, once you are back to your home country.

The appointed solicitor will naturally ask for your approval before signing any documents on your behalf.

Financial advisor

You will meet a mortgage and financial advisor who will provide you with the best financing solution, depending on your financial status and the property investment you are purchasing. Hungarian banks are now open to foreign investors, although the mortgage market is not as developed as in other European countries.

For this reason, it is highly recommended to get professional advice from an independent and experienced advisor.

Private purchase contract

Your appointed solicitor will draft the private purchase contract with the developer, which will be bilingual: in Hungarian, with an English translation. You will be required to pay between 20% to 30% of the purchase price (less the reservation fees). Please, note that payment terms may vary, depending on the project/developer. Our staff at IPP Global will provide you with a more accurate payment schedule for each particular property.

Unlike in some other countries, Private Purchase Contracts are registered in the corresponding Land Registry. This will provide purchaser with a more secure transaction, since the acquired property will be registered on the purchaser name as soon as the private contract is signed.

Completion

In the private purchase contract an approximated date will be set for the property purchase completion. IPP Global will send a written notification to purchasers in due course, to enable them to transfer the pending amount to the appointed solicitor or let the mortgage advisor arrange the property financing.

Purchaser may instruct his solicitor or a property management company to check the property before it is handed over by the developer. Your modification requirements will be incorporated into a snag list.

Solicitor will complete the purchase on your behalf and, on your request, will deliver a set of keys to the property management company of your choice, to start renting your investment property in Budapest.

Contact us with your property requirements.

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IPP Global, Property Investment, Property for Sale
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