The process of rewriting property ownership can be intimidating, especially if you are unfamiliar with the steps involved. Understanding the process’s requirements and timeline is critical. In this article, we will go over in detail how to successfully transfer property ownership into your name, ensuring that everything goes smoothly with your new real estate purchase.
You’ve Found Your Dream Property – What’s Next?
Congratulations! You’ve finally found the property of your dreams. It’s the one you’ve always wanted to own. Now, you might be wondering what the next steps are to make it yours. While the procedure may appear to be complicated, it is actually quite simple. The first step is to contact the property owner and discuss the price. Once an agreement is reached, the transaction must be formalized with a legally binding property purchase contract. This will ensure that all legal aspects are addressed, giving you peace of mind as you embark on the journey to becoming the proud owner of your dream property.
What should such contract include?
A property purchase contract is an important legal document that should include several key elements to ensure a smooth transfer of ownership. It should include both the buyer’s and seller’s full names and birth years, as well as their ID number or passport number for identification purposes. It must also include detailed information about the property, such as the address, area, floor, and cadastral code.
The agreed-upon purchase price for the property should be clearly stated in the contract. It should also specify the terms under which ownership will be transferred, as well as the timeline for the rewriting process. The contract should clearly state important details such as when the rewriting will take place, when the payment is due, and whether the payment should be made before or after the property is transferred to the buyer’s name. Contingency plans should also be addressed, such as what happens if the owner refuses to rewrite the property or if the buyer fails to send the payment within the specified timeframe.
It is critical to note that the property purchase contract should be written in Georgian, the country’s official language. If you prefer to draft the contract in another language, we would recommend to translate the document by a qualified translator and that both versions, the Georgian version, and your preferred language version, be presented in the document side by side. After the contract has been drafted, the property owner should thoroughly review it and indicate their agreement with its terms. Congratulations once both parties have agreed, you are one step closer to realizing your dream of becoming a property owner in Georgia.
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Steps after Agreeing on the Contract with the Owner
You and the property owner have reached an agreement on the contract, and it is now time to proceed with the transfer of ownership. The procedure is simple and involves a trip to the Public Service Hall.
When you arrive at the Public Service Hall, inform the staff that you want to rewrite the apartment’s ownership. They will give you a number, and you should go to the counter indicated by your number. Inform the worker at the counter that you want to rewrite the ownership of the apartment and present a copy of the contract as well as your passport or ID card.
During the rewriting process, a translator should be present as a witness. This person should be fluent in both Georgian and your preferred language that you have used in the property purchase contract. If you don’t have a translator, you might be able to find one for a small fee outside the Public Service Hall.
After the counter staff has reviewed the documents and all parties are present, you, the owner, and the translator will sign the contract in front of the worker. At this point, you will be given the option of paying a higher fee for faster processing, which will allow you to complete the ownership transfer on the same day. You can also choose to pay a lower fee, but the process will take longer. Once you have selected your preferred method of processing and you paid, the operator will request your phone number. Once the process of transferring ownership is complete, a confirmation message will be sent to this number. This message will confirm that the ownership transfer has been completed successfully.
We recommend that you select the faster processing option to save time and effort. Why wait several days when the whole process can be completed in less than 24 hours? You may agree with the owner to choose the same-day rewriting, which typically takes about 2 hours. When you arrive at the public service hall, you will sign the rewriting documents, and once you have received the confirmation message on your phone, you and the owner will go to one of the banks located within the public service hall to wire the money for the property purchase.
Ownership Transfer Completed and Congratulations, You’re a Property Owner!
Great news! The ownership transfer procedure has been completed, and you are now the proud owner of a Georgian real estate property. It’s time to enjoy the satisfaction of owning property in a country with a rich history and a bright future.
We understand that the process of buying a home can be intimidating for some people, and if you have any questions or concerns, NoAgent.ge is here to help. We provide a variety of services to help you with the ownership transfer process, such as property evaluation, contract templates, and support during the ownership rewriting process.
If you have any questions or need further assistance, don’t hesitate to contact us. We will gladly provide you with the information and assistance you require to ensure a smooth and successful property purchase. Congratulations on becoming a Georgia property owner once more!
