Country Buying Guides - Lithuania

The conveyancing process

• Independent Lawyer
It is essential to use an independent lawyer with a legal knowledge of both the English and Lithuanian legal systems, who are able to translate the documents and explain the terms to your full understanding.

• Due Diligence
It is important to carry out due diligence on the property you are purchasing in order to ensure there are no encumbrances on the property. Your independent lawyer will do this on your behalf.

• The Register of Real Estate
In order to become the legal owner of a Property in Lithuania, as in England, the proprietor has to be duly registered on The Register of Real Estate. This process of Registration takes about 10 working days. In order to be valid this transaction must be documented in writing, confirmed and notarised by a notary. There is a small registration fee which is at a base rate of 30€ but for properties over 14,481 an additional 0.05% of the property value is added. This percentage is increased in relation with the market value of the property.

• Transfer acceptance deed
This documents the transfer of property from the vendor to the purchaser and is signed by both parties.

• The Notary Public
After your lawyer has checked the final contract of sale and confirmed that all is correct. The contract needs to be signed and witnessed by a notary in the presence of all parties. It is common for a Power of Attorney to be used, which effectively gives someone the power to sign the contract on your behalf. A notary fee is applicable and is normally 0.5% – 1% of the property price.

• Payment of the Purchase price
In Lithuania the payment of the purchase price is divided into two parts. The first part is a pre-payment. The second payment of the residual money is made after the transfer acceptance deed has been signed.

• Inheritance
Most foreign legal systems’ inheritance law is different to our system, hence it is extremely important to use your independent lawyer to help you make a will so that in the unfortunate event of your passing, your wishes and not the word of the law is followed.

• Costs and Fees
Other than the Land registration fee mentioned above, the only fees left are those of your lawyer and notary unless there is a mortgage arrangement which also incurs fees.

In Assocation With The International Property Law Centre LLP