Q1. How long does it take from signing the final contract until the property is officially registered on my name?
A1. Usually, the procedure takes about 10-12 weeks. The Administration Office procedure takes 30 business days, the Land Register procedure takes another 30 days, in addition there is some time needed for transferring the documents from one authority to the other. Please be aware of the fact, that sometimes these procedures take a bit longer than mentioned above (national holidays, large amount of work for the authorities, etc.)
Q2. How can I be sure of the property I have bought is registered on my name?
A2. The Land Register office sends you a notification about the registration of your ownership to your address at the end of the procedure. If you do not receive this document, you can always check the deeds in the Land Register office.
Q3. Are the contracts in English as well?
A3. The contract, that our lawyer prepares are always in both Hungarian and English.
Q4. How can I be sure of the Hungarian and English text is the same?
A4. There is one person who is the guarantee for a official and correct procedure, that is the lawyer. His signature on the contract is the proof, that he takes responsibility for its content. So if the English text is countersigned and sealed with the lawyer’s dry- stamp, then you can be sure that the two texts are the same. Do not accept a final contract without the dry-stamp and signature of the lawyer.
Q5. Do I need to show up personally during the legal procedure?
A5. There is only one compulsory situation to be present personally: the signing of the final contract. According to the Hungarian law, the purchase contract has to be signed personally by the buyer and the seller at the same time in front of the lawyer. Alternatively you could give somebody a power of attorney to proceed on your behalf, in this case the authorized signatory has to be present.
Q6. Can the ownership of a property be acquired by more than one person?
A6. If you want to buy a property together with another party, you can split the ownership without any problems. All the people who have acquired a certain ownership proportion are registered in the deeds.
Q7. Am I allowed to own more than one property in Hungary?
A7. There are no restrictions on how many properties a foreign individual can own. Therefore, you can own as many properties as you want.
Q8. Do I have to pay tax after selling my property in Hungary?
A8. Basically as a private person you have to pay a 16% income tax from the profit made on the property.
Q9. Is there a property tax in Hungary?
A9. There are two kinds of taxes you have to pay after buying a property. One is the property acquisition tax (stamp duty) which has to be paid 3-9 months after the registration of your ownership. The base for this duty is always the market value of the real estate, mostly the selling price. The other tax is the local (council) tax, which is different in every village and town.
You might have questions that have not been answered yet! Please get in touch with our experts who are happy to answer your questions and queries!
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