LEASING PROPERTY IN LATVIA (Real Estate - Real Estate Agents)
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Item ID 2537112 in Category: Real Estate - Real Estate Agents
LEASING PROPERTY IN LATVIA | |
The process of leasing property in Latvia can follow different paths, depending on what kind of real estate you are interested in. However, the general procedure can be summarised in the following steps (assuming you have already found a property you are interested in): performing due diligence signing documents arranging payments Also, a note on terminology - the words ‘leasing’ and ‘renting’ can both mean either exchanging the right to use your property for money or giving your money in exchange for such a right. For the purposes of this article the term ‘leasing’ will refer to the process of paying someone in exchange for the right to use their property. In this context, a person that leases a property is called a tenant. Due diligence Due diligence is a process of acquiring information about the property with the aim of making sure that it is legally safe and sound. It involves checking relevant documents, as well as whether the piece of real estate is registered with all the necessary government agencies, such a Land Book. This type of legal assessment also checks if all the parts of the property have been properly legalized, e.g. whether the buildings on a land plot have been built in accordance with all the rules. You can read a detailed description of the procedure in the dedicated article on due diligence. While due diligence when leasing property is not as vital as it is when you buy it, it is still recommended to perform a document check. Also, the importance of due diligence grows with the complexity of your intended usage of the leased property. For residential real estate it may be less, but for industrial and commercial usage due diligence is almost as important as in cases when you buy a property. Whatever the degree of importance, if something is not right with the property in the legal sense and it attracts the attention of authorities, the owner might be forced to terminate any contracts with you because of it. While you do not hold any liability for these faults, the fact that the contract is terminated prematurely is surely a problem, because you would need to look for another property and go through the leasing procedure once again. | |
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| Target State: All States Target City : Riga, Latvia Last Update : 14 December 2024 6:58 AM Number of Views: 18 | Item Owner : Property Guide Latvia Contact Email: Contact Phone: (None) |
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2024-12-22 (0.222 sec)