Real Estate Guide 2016: Real estate purchase agreement in Lithuania / Part 2
Part 2
Request for clarification and revision of cadastral and registration data
For the execution of the sale-purchase agreement a notary verification and revision of cadastral and registration data of an immovable item is required. The process takes 7 days, but the buyer can opt for 1-day expedited processing at increased costs.
The Information System of Public E-Services for Immovable Property Transactions generates a notice on the future transaction and submits it to the Registrar of Real Estate.
Having received the notice, the Registrar of Real Estate verifies and, if necessary, revises the cadastral and registration data of the immovable item that are necessary for the execution of the immovable property transaction (or, in certain cases, refuse to revise the data due to specific reasons) and make a relevant note of the data revision with the Real Estate Register.
The note shall be valid for 30 calendar days after the data revision. Data of the Real Estate Cadastre and Register must be verified and the notes of data revision or refusal to revise them must be made in 8 working hours. The data revision fee is EUR 3,62.
Notarization of the sale-purchase agreement
A sale-purchase agreement of real property must be made in a notarial form. Failure to comply with the requirements of the form shall render the contract invalid. The contract may be used against third parties and have legal implications for them only in case it is registered with the public register in the statutory Procedure.
The title (right of ownership) to the immovable item shall devolve to the buyer from the moment of transfer of the item. In general, a statement of transfer and acceptance signed by the seller and the buyer verifies the transfer and acceptance of the real property. Likewise, the provisions regarding the transfer and acceptance of the immovable item may be inserted in the contract of purchase and sale. In such a case, the item and the title thereto shall transfer to the buyer at the moment of signing the contract. The notarial fee for the certification of the transfer-acceptance of immovable property is LTL 30 (about 8,689 EUR). The notarial fee for sale-purchase agreement certification is 0,45% of the contract price, but not more than 5800 EUR.
At a request of a buyer, notaries shall file buyer's application to register the title to the immovable item and documentary proof thereof to the Real Estate Register via the Information System of Public E-Services for Immovable Property Transactions. Where so requested by the buyer, notaries shall also
print out and issue to the buyer a documentary proof (certificate) of the registration of buyer's title to the immovable item with the Real Estate Register, as drawn up and transmitted to the notary public by the Real Estate Register.
To be continued.
If you want to read the articles first part, please click here.
For more information regarding the sale or purchase of real estate in Lithuania, please contact our English speaking attorneys at law and tax consultants to info@gencs.eu.
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