Rewriting of ownership of a property can be scary, especially if you don’t know how does this process work. What exactly is needed and how fast can you do it? This article will give you all the information you need to get your new property on your name!
You found your property of dreams, what now?
So you’ve found the property you have been looking for. It’s the one you always dreamt about, however, what’s the process now? What do you need to do in order to become an owner of this property? Even though this process might seem scary, the truth is it’s really simple. Firstly you need to contact the owner, after you agreed on a price, you should make a property contract, this way you make sure everything is taken care of on the legal side.
What should such property contract include?
A property contract should include buyer’s and seller’s name, year of birth, ID number/passport number. It should also include information about the property: address, area, floor, cadastral code. Another information that should be included in the contract is the price for which you will be buying the property from the owner. After all this information is disclosed, next should be the conditions under which the property ownership will be rewritten. When will the rewriting take place? How much time do you have to send the money? Should it be sent before or after the owner rewrites the property on your name? What happens if the owner refuses to rewrite the property? What happens if you fail to send the money to the owner in the time specified by the contract? All these things should be covered in the contract so that when it comes to the day of rewriting, everything is clear and everyone knows the conditions. Last but not least, the contract has to be in Georgian, we suggest forming the contract in a language of your choice and after letting a translator translate the whole thing into Georgian. The ideal format of the document would be both languages side by side. After you have formed the contract, the owner of the property should read through and tell you if he agrees with everything, if he/she does, congratulations! You are one step closer to being an owner of your dream property.
AD|You and the owner both agreed on the contract, now what?
Now that the process of purchase is clear and the contract is ready, what should be the next step? It’s easy, to the the Public servis hall. When you come there, tell them that you want to rewrite the ownership of an apartment, you will get a number and you should proceed to the counter where your number is located, once you get to the counter you will say you would like to rewrite the ownership of an apartment, present the public servis hall worker with copy of the contract and your passport/ID card. During the rewriting process a neutral translator should be present. This is a person that speaks Georgian and the language of your choice. This person will act as a witness to your rewriting. It can be anyone you choose as long as they speak Georgian and the language you speak, presumably english. If you don’t have anyone, very often you can find such person outside the public servis hall, that will act as your translator for a small fee. After the person at the counter checks all the documents, you and the owner sign the contract in front of the worker. After that you will be faced with an option, either you pay less and the process will take longer or you pay more and the rewriting will be completed on the same day. This decision is up to you, but the best way we would recommend is to pay more and do the rewriting on the same day, this way you and the owner wait until the property ownership rewriting is confirmed by a message that will come to your phone and after it has been confirmed by this message, you and the owner can go to the bank and you can easily wire the money to the owner. Why wait several days when everything can be done in 24hours!
Message came, money has been wired…
Congratulations, you are now officially an owner of real estate in Georgia. Enjoy the sweet feeling of owning a property in a country with rich history and a great future. Of course the process can be scary and some might not be as adventures, that’ s where NoAgent.ge comes in, in case you are not sure if everything is perfect, we offer services of helping you with the process of rewriting the ownership on your name. We offer property evaluation, contract templates, support during the rewriting of the ownership and much more. If you are interested contact us with your questions and we will be happy to answer them!
