The process of buying and selling real estate in Serbia
The process of buying and selling real estate in Serbia, the city of Novi Sad is as follows:
Once you have decided on the real estate that you want to purchase, the process of registration of the transaction begins.
1. Documentation check.
Immediately I want to put all the dots on i’s in Serbia there is no concept of residence. This means that the rights to own a real estate has the one who is listed in the cadastre as the owner (the actual owner) and no one else.
2. Preparation and drafting of the purchase and sale agreement.
Here I want to draw your attention to the fact that if the property is purchased by a married person, they must provide a marriage certificate. In this case the property will be registered in the cadastre as a joint property of the spouses. If one of the spouses wants to make a purchase only in their own name, the other must give their written consent to this (right at the signing of the contract with a notary). If the second spouse is not present, then he needs to make a consent to purchase a specific property and register in the cadastre on the spouse’s name with a notary at the place of residence or location, and send it to Serbia. Here you can translate this document and attach it to the transaction documents.
If a person is not married, they must provide a document confirming this.
3. Organizing the presence of a court interpreter at the conclusion of the transaction.
Since you are a foreigner in Serbia, the notary will require the presence of a court interpreter and two witnesses when signing the contract.
4. Signing the contract of sale and payment.
Please note that the document itself consists of a contract of sale (for two, maximum three sheets) and a notarial record of 10-15 sheets, in which the notary protects himself from any kind of consequences.Therefore, the story that notaries in Serbia do not certify the contract of sale of the problematic real estate is not true – they will certify the contract, protecting themselves from liability.
After that, the notary sends the signed contract electronically to the cadastre for transfer of ownership, and the buyer and seller go to the Bank and transfer money to the seller’s account. Be sure to take a statement that the money was transferred, and give a copy to the seller. It is better that the seller and the buyer have accounts in the same Bank, so within a few minutes the seller will receive money to their account.
5. Transfer of keys, transfer of real estate, if the contract does not specify otherwise, (carried out immediately after the transfer of money to the seller)
6.Tax on transfer of absolute rights
The transfer tax of absolute rights in the amount of 2.5% of the property value is paid once. The sample is filled out in the name of the seller, paid by the buyer after the tax office sends the amount to be paid (within 15 days as you receive the decision from the tax office)
7. Assets tax.
In order to deliver a filled-in sample on property tax you need to have ING (national ID number) in Serbian (JMBG). If you have no permit and you don’t plan to get it within a month or two , you will need to get a tin (tax identification number) for you to be able to provide a sample to the tax, and hereinafter this number paid the tax.
8.The decision that you are entered in the inventory (cadastre) as the owner.
The decision comes from the cadastre (from 15 days and above) that you are registered as the owner of the property. This decision also specifies payment details in the amount of + / – 50 euros for the services of the cadastral service. Payment must be made within 8 days upon receipt of the document.
Everyone, you are a happy property owner in Serbia!