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Albania Facts Sheet on real estate property
ALBANIA
Who is entitled to buy and sell immovable property in Albania
All people who have reached the age of 18 years. For incompetent people acts the guardian who can conclude such transactions only upon approval of the court. Foreign citizens enjoy the same civil rights as the Albanians (art. 16 of the Constitution and art. 1 of the Law of 21 November 1964, n. 3920, about the enjoyment of the civil rights by foreigners and the application of the foreign law).
Limitations
The following are not allowed to buy directly or indirectly or in auctions:
a) the persons who manage or have in custody things according to the law or because they are appointed by the State to perform this duty, the things they manage or keep in custody;
b) the officials charged to effectuate the sale, for the things they sale; and
c) the judges, the officials of the Office of the Attorney General, the bailiffs, the notaries and the advocates for the things for which there is a conflict be fore the court in which they are member or perform their duties, except the case they are co-owners.
Searching to buy or to sell
The interested parties may apply to a real estate agency or may publish an advertising in specialised newspapers setting forth what they ask or offer, specifying their needs or giving the description of the immovable they offer for sale.
Beginning the legal process
Having found a suitable property, the interested party makes his proposal or asks the other party to give his offer. He who makes the proposal is bound to respect it until it is refused or is not accepted within the fixed term. The contract is considered concluded when both parties agree on all essential terms of it.
Conditions
The contract for the sale of an immovable property is obligatory to be made by a notary public under penalty of invalidity. This means that the contract must be drafted by the notary, not simply certified by the notary. However, it is advisable that during the discussing of the draft of the contract the parties be assisted by their solicitors.
To prepare the contract is necessary that the owner present to the notary a certificate of ownership of the object he is selling. The document must refer to the actual situation and is not accepted an old one. It is issued by the Office for the Registration of Immovable properties and often is obtained also by the notary's staff.
The contract must be signed b y all parties involved in the transaction and is to be sent to the Office for the Registration of the Immovable Properties. The right of property passes to the buyer only upon the registration of the contract by this Office.
Conditional sale
In case of conditional sale the buyer acquires the title upon having paid the full price but undertakes all risks from the moment os consignment.
Mortgage
According to the Albanian law the mortgage is a right with which is charged the property by a debtor in favour of the creditor in order to secure the fulfilment of an obligation. Itg is charged on the ground of a contract and is registered at the Office for the Registration of Immovable Properties of the place where is situated the immovable. It is valid for 20 years. It is extinguished when the obligation is extinguished, the property is lost, the creditor relinquishes his right, the price is fully paid or elapses the term fixed in the contract. It is cancelled with the consent of both parties reflected in a notarial deed, or on the ground of a definitive judiciary decision.
Expences and disbursements
According to the Albanian Civil Code the expenses related to the contract are to be paid by the buyer unless otherwise agreed by the parties.
Further, the seller is bound to pay an income tax of:
0.5% of the price if it is up to 2 million lek;
1% of the price if it is 2-4 million lek;
2% of the price if it is 4-6 million lek;
3% of the price if it is over 6 miilion lek.
Taxes to be paid:
For the contract of transfer of ownership - 1,000 lek;
For the registration of the property with the Office for the Registration of Immovable Properties - 300 lek
Local taxes:
For dwellings: 5-30 lek/m2 yearly;
For other buildings: 100-200 lek/m2 yearly;
For the transfer of property:
For dwellings: 100-200 lek/m2
For other buildings; 200-2000 LEK/m2.
Who is entitled to buy and sell immovable property in Albania
All people who have reached the age of 18 years. For incompetent people acts the guardian who can conclude such transactions only upon approval of the court. Foreign citizens enjoy the same civil rights as the Albanians (art. 16 of the Constitution and art. 1 of the Law of 21 November 1964, n. 3920, about the enjoyment of the civil rights by foreigners and the application of the foreign law).
Limitations
The following are not allowed to buy directly or indirectly or in auctions:
a) the persons who manage or have in custody things according to the law or because they are appointed by the State to perform this duty, the things they manage or keep in custody;
b) the officials charged to effectuate the sale, for the things they sale; and
c) the judges, the officials of the Office of the Attorney General, the bailiffs, the notaries and the advocates for the things for which there is a conflict be fore the court in which they are member or perform their duties, except the case they are co-owners.
Searching to buy or to sell
The interested parties may apply to a real estate agency or may publish an advertising in specialised newspapers setting forth what they ask or offer, specifying their needs or giving the description of the immovable they offer for sale.
Beginning the legal process
Having found a suitable property, the interested party makes his proposal or asks the other party to give his offer. He who makes the proposal is bound to respect it until it is refused or is not accepted within the fixed term. The contract is considered concluded when both parties agree on all essential terms of it.
Conditions
The contract for the sale of an immovable property is obligatory to be made by a notary public under penalty of invalidity. This means that the contract must be drafted by the notary, not simply certified by the notary. However, it is advisable that during the discussing of the draft of the contract the parties be assisted by their solicitors.
To prepare the contract is necessary that the owner present to the notary a certificate of ownership of the object he is selling. The document must refer to the actual situation and is not accepted an old one. It is issued by the Office for the Registration of Immovable properties and often is obtained also by the notary's staff.
The contract must be signed b y all parties involved in the transaction and is to be sent to the Office for the Registration of the Immovable Properties. The right of property passes to the buyer only upon the registration of the contract by this Office.
Conditional sale
In case of conditional sale the buyer acquires the title upon having paid the full price but undertakes all risks from the moment os consignment.
Mortgage
According to the Albanian law the mortgage is a right with which is charged the property by a debtor in favour of the creditor in order to secure the fulfilment of an obligation. Itg is charged on the ground of a contract and is registered at the Office for the Registration of Immovable Properties of the place where is situated the immovable. It is valid for 20 years. It is extinguished when the obligation is extinguished, the property is lost, the creditor relinquishes his right, the price is fully paid or elapses the term fixed in the contract. It is cancelled with the consent of both parties reflected in a notarial deed, or on the ground of a definitive judiciary decision.
Expences and disbursements
According to the Albanian Civil Code the expenses related to the contract are to be paid by the buyer unless otherwise agreed by the parties.
Further, the seller is bound to pay an income tax of:
0.5% of the price if it is up to 2 million lek;
1% of the price if it is 2-4 million lek;
2% of the price if it is 4-6 million lek;
3% of the price if it is over 6 miilion lek.
Taxes to be paid:
For the contract of transfer of ownership - 1,000 lek;
For the registration of the property with the Office for the Registration of Immovable Properties - 300 lek
Local taxes:
For dwellings: 5-30 lek/m2 yearly;
For other buildings: 100-200 lek/m2 yearly;
For the transfer of property:
For dwellings: 100-200 lek/m2
For other buildings; 200-2000 LEK/m2.
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