THE 5 STEPS TO INVESTING IN BUDAPEST REAL ESTATE
"A process that takes around 2 to 3 months"
STEP 1: Define exactly what type of property interests you
- Define your general initial expectations
- Select your collaboration preferences with Walter Real Estate and type of customized service you wish to receive,
- Define your financial framework
- Define your legal structure
- Know Your Market: Use our knowledge to become an expert. We take the time to listen to what you want and study your investment profile so that together, we can define a profitable, ambitious project profile that fits your needs in line with the realities of the local market.
STEP 2: Select and view a wide variety of apartments based on the defined project, according to the plan you have chosen in STEP 1. (or please see our services)
- Complete and detailed professional opinions are given within the context of the project.
STEP 3: Written offer and payment of 1% of the proposed purchase price
If the buyer refuses the offer, the 1% payment will be returned. However, if the seller accepts, but the buyer backs out of the offer, the 1% payment is retained. Begin negotiating the best purchase price.
STEP 4: When the final contract of sale is negotiated* a deposit of 10% of the purchase price and 1-2% legal fees is required
However, this will only occur after both parties have approved the contracts sent by each parties’ respective lawyer
* at which time company registration will occur if the buyer purchases property as a company and not as an individual. Upon signature of the purchase agreement, buyer puts down 10-20% (depending on terms negotiated) of the property value as a deposit*** The purchase and sale agreement is the same agreement.
** A lawyer is appointed by the buyer and is a notary public. Though optional, the seller may hire a lawyer as well.
*** "Sums paid in advance are deposits, which has the effect that either party may go back on their commitment, the buyer losing the deposit, the seller receiving all sums deposited to date."
STEP 5: Taking possession of the property and paying the remaining purchase amount due (80-90% of the purchase price).
Payment of the outstanding balance is due with the handover of the keys, meter reading and signing of the minutes of the takeover. This process takes a total of 2-3 months
Step 1 - Step 2 = 1 month
Step 2 - Step 4 = 10 days
Step 4 -Step 5 = Approximately 2 months (depending on how quickly the property can be vacated and how quickly payment can be made)