foreigners own land in Georgia?
Land Registry in Georgia: The short answer is – YES! Foreigners can buy property in Georgia. Foreigners have exactly the same rights when it comes to buying residential real estate as Georgian citizens have. … As of May 2017, foreigners are no longer allowed to buy or own agricultural land.
Persons who are selling and buying properties in Georgia, such as land plots, will be required to complete a purchase contract, in which the seller provides information on the respective property. The document will stipulate standard provisions of a contract – such as information on the contract’s object, the expiration date and numerous other aspects. Investors interested in opening a company in Georgia are advised to perform the due diligence procedures when purchasing a property here.
A sale-purchase agreement will not be required to be notarized. The National Agency of Public Registry will issue this document, which can be obtained on the online platform of the institution or at one of the offices of the institutions. An important aspect refers to the registration of properties performed through entities such as banks or real estate companies, which can provide the document directly. Our team of lawyers in Georgia can offer more details on this matter.
Another important aspect is that the National Agency of Public Registry began a national program through which the local authorities are interested to register all the land plots under the Georgian territory. Also, it is necessary to know that the registration procedure has also been simplified in Georgia.
Real Estate Due Diligence in Georgia
When purchasing a commercial property, investors who are interested in opening a company in Georgia are highly advised to start the due diligence procedure, which is comprised of a set of steps that will verify various aspects related to the respective property. Thus, investors are advised to verify the legal background of the property and our lawyers in Georgia can offer assistance on the property’s main documents.
At the same time, investors can perform environmental due diligence, which will testify if the property respects the requirements established by the local legislation for environmental aspects. The procedure starts by visiting the respective location and it can include the participation of the seller, as well as of the real estate brokers. Investors are advised to be represented by attorneys in Georgia.
Another important aspect is that the National Agency of Public Registry began a national program through which the local authorities are interested to register all the land plots under the Georgian territory. Also, it is necessary to know that the registration procedure has also been simplified in Georgia.
Land Registry in Georgia
Businessmen interested in further information on the real estate due diligence are invited to address our lawyers in Georgia for a full assessment of the Georgian property.
