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Azerbaijan

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Property Buying Information

The buying process in Azerbaijan has been greatly simplified as a part of the impetus on foreign buyers, and off plan investors will find the process straightforward and simple, so long as matters are handled in a professional manner. As is the norm, a respected local lawyer should be employed to help with all dealings, and are in fact required to ensure legality of transactions. Foreign individuals are free to purchase any property they see fit, though the land it comes on cannot be bought immediately – instead it is first leased, usually for 99 years (though sometimes indefinitely), then after the lease is official, privatisation is applied for. Once the privatisation comes through a tax is paid and the land is signed over officially – though this process usually takes place after a property has been fully purchased.

Once a property and price is agreed upon, a pre-contract is usually signed by the buyer and seller and a deposit is paid, usually of around 15 percent. Soon after, a full contract is signed by the buyer, seller, lawyers involved in the transaction and a notary. Once the full contract is signed, a stamp duty fixed by the state is paid of around £200 and application is sent to the local government office for an official title deed to be sent out – in Baku, for example, the mayor’s office sends the deed. Once the deed is obtained, the remaining balance is paid and remaining fees for other parties can be settled.

 

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