Buying property in Albania

Initial agreement between the buyer and seller – Preliminary contract

There is a contract of promise as preliminary contract or a contract of order

Yes there is a legal form to be signed in front of a notary

It depends by contracting party to sign or not a contract of promise or order

Yes there are . Amounts can not be repaid

Yes there are

It can be only from the banks

Contract of credit

Bank is drawing the loan contract and the loan is payed to the bank

The same real estate to be bought or another real estate property

Only real estate property

If the loan is not liquidated the real estate put as guarantee is sold by a bailiff office

Documents to be presented by the parties are ID cards and family certificates , as concern the property it is obliged a fresh title of property

Parties or notary

Around 10 days

Signature of the act

Yes there is a formal contract

There are not several forms

Presence of parties and contract drawn by the notary

Rights and obligations of the parties are included in the contract of sale

Implementation of a certain number of public rights applicable to the sale

There are compulsory administrative documents that the notary advises the party to collect in administrative authorities
Who fulfils the formalities for the implementation of these rights?
There is notary

The buyer becomes owner of property when in consequence of a signed contract and payment arrives the title of property in his favour

Payment is made in the escrow account of the notary

Payment is made in the bank

If it is there is a fraude

There is a tax of 15% of the amount of the difference of the price that the property was bought and the price sold
Yes there are rates in an official website

Taxes are calculated by a sector in the local office of registration of immovable property

The tax is payed in the office of registration of immovable property while presenting the contract in this office

The new owner can take the possession of the property usually after signing the contract and making the payment

There is no publication of sale agreement