What does the purchase procedure imply in Georgia? During the procedure of purchasing a Georgian property, a foreigner should expect to go through a set of typical steps. The conclusion of the sale is done through a purchase contract, that is signed by the seller and the buyer. The next step is to make the first payment, as agreed in the purchase contract – in this case, the buyer will make the respective payment in the seller’s bank account, this being the most common way to conclude this transaction.
After this procedure is completed, the Public Service Hall, working under the Ministry of Justice in Georgia, will register the change of ownership for the respective property. When purchasing a real estate property from a local developer, the payment will be concluded in the national currency.
As we presented above, it is highly recommended to perform the due diligence procedure on a property prior to purchasing it, in order to verify if there are any hidden flaws and to see if the property itself matches with the information provided in the purchase documents.
Thus, persons who are interested in this matter can easily verify at the Georgian Public Registry relevant information on the property and its owner; matters such as debts, litigations, mortgages and any crucial information on the owner of the property can be obtained through an extract issued by the institution.
Still, foreigners must know that this document is issued in the Georgian language, but an official translation can be obtained on request. This service is available for foreigners, who have to pay a small fee (calculated for each page of the translated document, which generally has maximum six pages). The translated document will then have to be notarized at a public notary in Georgia, a procedure that also imposes the payment of a small fee.