If you are interested in the ownership of the property in Lithuania, we hope this article will pour some light on the question and will be useful to you.
The Purchase of Primary Housing
The transaction begins with the signing of the act of negotiating the price in the office of the developer. This document is not an advance (preliminary) contract, it does not oblige the buyer to make a transaction but only sets the purchase price, which will later appear in the contract of a sale. Most often the act is drawn up in Lithuanian.
The Land Purchase
The main way to purchase a land plot is its registration to a legal entity registered in Lithuania. Also, a foreigner can arrange a plot for a trustee in Lithuania (relative, acquaintance) with the drawing up of a long-term lease agreement with the right to purchase the land, whenever possible.
A contract of gratuitous use of land is also possible but it must be registered in the center of registers. It is expected that restrictions on the rights of foreigners to purchase land will be removed – in whole or in part – in the near future.
Another opportunity to become the owner of the land is to enter into a long-term lease agreement directly with the owner of the plot. However, not all notaries will take up such a deal, and such design is generally not recommended.
The Joint Ownership
Registration of real estate on several owners differs depending on who will be the co-owner:
- The spouse (s) and minor children become co-owners automatically when buying property by the second spouse. The property is issued in the general family property. When making a transaction, only one of the spouses may be present. If the married buyer wishes to register the property only in his own name, he must provide written consent to this second spouse’s transaction, notarized and translated into Lithuanian.
- Adult children, parents, and other relatives do not automatically become co-owners, but must be such if they intend to qualify for the Schengen multi visa in the future. When making joint ownership, all future co-owners should be personally present, except for the spouse (s) and minor children. You can also submit a power of attorney on their behalf.
Some notaries require a certificate from those who are not married and a mandatory marriage certificate for those who are married. It is better to take a marriage certificate regardless of whether one spouse is traveling or both, especially this is specific for different surnames.
In addition, some notaries enter the spouse in the contract of sale fundamentally, while others simply indicate that the person acquires the property as family property.