Buying Property in Poland?
Great info about buying Poland property!

As investing in Poland is a relatively new phenomenon, not many investors are entirely aware of how to buy property in this country. Understanding the process and the costs of buying in Poland is vital, as it is currently largely uncharted territory for investors.

As with any foreign investment, it is vital that you engage a local professional in order to assist you with your purchase and to make sure that all of the practicalities are taken care of.

One of the first things that investors need to be aware of is that property is generally sold by the square metre, so make sure that you have your calculator handy when viewing property in Poland!

Legal fees are normally around 1 percent of purchase price, although these prices may vary, particularly when it comes to buying new build property off plan, where deals can be negotiated with the developers. Notary fees will also need to be paid before the property can be registered and the ownership changed.

Buying Property in Poland - The How To

All of the legal documents will be in Polish, which will mean that you are required to pay translation costs in order to ensure that you understand the documents that you are signing.

Since joining the EU, it has become a lot easier for foreigners to purchase property in Poland. If you are not a Polish national, then it will be necessary to apply to the Polish Home Office for the right to buy; permission will have to be obtained before any property purchases are completed. For those looking to move permanently to the area, it will not be necessary to apply for the right to buy. However, it will be necessary to apply for permanent residency.

Another key difference is that when buying property in Poland, the buyer pays a fee to the estate agent. Whilst this may not really appeal, it is important to bear in mind that estate agents in Poland are very much worth their fee and are extremely helpful to all types of buyers. For instance, estate agents in Poland will often pick investors up from the airport and arrange transport for viewings, etc.

It is possible to negotiate directly with the owner or with the estate agent if you prefer. Building surveys are not normal practice, in Poland. However, with a renovation project, it may be worth asking a builder to provide a quotation for any works. Although saving money on the survey may seem like a great idea, builders’ quotes are likely to be charged at market rates, effectively replacing the building survey that we commonly see in western countries.

The buying process in Poland is incredibly transparent and once a price has been negotiated, all parties will be invited to attend a meeting with the notary in order to deal with any issues arising and to make the sale legally binding. The notary will draw up the contract and a deposit will be paid to the vendor. A date for completion will then be set.

Between exchange and completion, the notary will ensure that all checks are completed and that the vendor has supplied all of the documents. On the day of actual completion, the vendor will have to go to the council to obtain a document that proves that there are no loans outstanding on the property. This is vital, as Polish law dictates that a loan secured on the property will stay with property and NOT with the owner who took out the loan.

Customary practice in Poland is for the vendor to spend the day with the purchaser going through all of the information that they may need, such as location of electricity meters, etc.

Learning how to buy property in Poland is a relatively quick process and with the guidance of a few well placed professionals, the purchase time should be short and relatively trouble free.