Registering a property in Georgia is a crucial step for anyone looking to secure their real estate investment. Understanding the property registration process, the necessary steps, requirements, and documents involved is essential to ensure a smooth and legally compliant transaction. In this blog, we'll walk you through the key aspects of registering a property in the beautiful country of Georgia.
Property Registration Process:
Research and Choose a Reliable Notary: Before you begin the property registration process, it's crucial to choose a reputable notary to assist you. Notaries play a vital role in verifying the legality of the transaction and ensuring all documentation is in order.
Obtain a Unique Identifier for the Property: The first step is to obtain a unique identifier for the property known as the "Extract from the Public Registry." This document contains essential information about the property, such as its location, boundaries, and current owner.
Prepare the Necessary Documents: Gather all required documents, including:
Passport or ID card of the buyer and seller
Legalized and translated documents for non-Georgian citizens
Sale and purchase agreement
Extract from the Public Registry
Tax identification numbers for both parties
Visit the Public Service Hall (PSH): Head to the nearest Public Service Hall to submit your documents. The PSH is a one-stop-shop for various public services, including property registration.
Payment of Fees: Pay the required registration fees at the PSH. The fees may vary depending on the property's value and other factors. Ensure you obtain an official receipt for your records.
Steps for Property Registration:
Verification of Documents: The notary will carefully review all submitted documents to ensure they meet the legal requirements. Any discrepancies may lead to delays in the registration process.
Signing the Sale and Purchase Agreement: Both parties involved in the transaction, i.e., the buyer and seller, must sign the sale and purchase agreement in the presence of a notary.
Notary Certification: The notary will certify the transaction and prepare the necessary paperwork for submission to the Public Registry.
Submission to the Public Registry: The notary will submit the required documents to the Public Registry for official registration.
Property Registration Requirements:
Ownership Transfer: The property registration process facilitates the legal transfer of ownership from the seller to the buyer.
Tax Identification Numbers: Both parties must have valid tax identification numbers, which are essential for tax-related transactions.
Legalization and Translation: Non-Georgian citizens must ensure their documents are both legalized and translated to comply with local regulations.
Property Registration Documents:
Sale and Purchase Agreement: This legally binding document outlines the terms and conditions of the property transfer.
Extract from the Public Registry: The unique identifier for the property containing crucial details about its location and ownership.
Passport or ID Cards: Photocopies of the identification documents for both the buyer and seller.
Registering a property in Georgia involves a systematic process, and understanding the steps, requirements, and necessary documents is paramount. By following this comprehensive guide, you'll navigate the property registration process with confidence, ensuring a secure and legal transaction in the beautiful country of Georgia.