Thinking about buying or selling a property in Norway or Scandinavia? Buying property in Norway is open to anybody, regardless of citizenship. If you plan to make Norway your permanent home, investing in real estate is a smart move. The buyer typically pays the real estate agent’s fee because he or she acts as a representative for both the seller and the buyer. Buying a home in Norway requires attention to a number of legal conditions. We advise using a real estate due diligence service if you wish to buy property in Norway while minimizing the potential downsides of such an investment. As part of this service, our Norwegian attorneys will investigate the property’s legal standing and determine whether or not the seller’s representations were made in good faith.
The best approach to go about buying a home in Norway
To choose a real estate agent to represent you once you have made the decision to buy property in Norway. The sales contract is the first document signed in the process of purchasing a property. It governs the entire purchasing process, provides for the parties’ safety in the event of a breach of contract, and details the monetary benefits of the acquisition. The real estate agent is responsible for maintaining a copy of this contract once it has been signed by all parties. Norwegian legal counsel is available to assist in the drafting of the purchase and sale agreement or to verify the validity of the form provided by the real estate company of your choosing. If there are any provisions in the purchase and sale agreement that could work against you, our lawyers will be able to spot them and advise you not to sign.
When the contract is executed in Norway, the seller is required to issue a deed to the buyer. The Norwegian government must register this document before issuing a certified copy of the property registry. If there are any liens or other restrictions on the property, they will be listed here. Typically, registering a property in Norway takes no more than three days. If you’re looking for legal counsel in Norway, our attorneys are here to help you through every step of the property acquisition and registration procedure.
Our immigration attorney in Norway can assist you if you decide to relocate there.
How much do real estate transactions in Norway typically cost?
Norway’s real estate market is still affordable for international buyers. Some of the variables that could bring about the aforementioned changes in prices are falling interest rates, rising populations, and robust economic growth. All fees associated with the purchase and sale of a property in Norway are referred to collectively as “transaction costs.”
Taxes and real estate agent’s commissions, as well as the costs associated with hiring a notary public, a lawyer, and registering a property.
Agent commissions are typically between one and two and a half percent of the sale price. For homes worth up to NOK 50 million, this is the amount paid to local authorities, plus a VAT tax of 25%.
Why should you conduct a real estate audit in Norway?
It’s smart to do your homework before investing in Norwegian real estate. The lawyers we work with in Norway provide real estate due diligence, an in-depth analysis of investment properties before they are purchased or rented. If you want to buy property in Norway or lease space for your company’s operations in the country, you should consult a local attorney for advice on thoroughly investigating the property’s current situation and legal background.
The real estate market in Norway is booming right now, with strong demand and a sufficient supply of new construction. To uncover any potential dangers lurking behind a property’s “for sale” sign, a buyer can hire a due diligence firm. To further ensure the security of your investment, our Norwegian attorneys can research the inheritance laws of Norway and examine the property’s ownership paperwork.
A due diligence service in Norway may, at the discretion of the customer, also deliver a general overview of the neighbourhood. The value of a home could be influenced by factors such as its proximity to parks and the level of security in the neighbourhood. In addition, ancillary areas like garages and gardens may require a professional valuation and assessment of their value and legal standing. If you or a client are looking to purchase commercial or residential property in Norway, our legal team can assist with the necessary due diligence procedures. Also available is a corporate due diligence process for those clients considering the acquisition of a Norwegian firm or a merger with such a firm.
When it comes to real estate, how do our Norwegian attorneys perform the due diligence process?
Our Norwegian attorneys may conduct a thorough investigation of the property’s legal status and supporting documentation as part of the real estate due diligence processes in Norway. To that end, one of the primary concerns of our advisors is whether or not the seller has filed for bankruptcy or whether or not the documents have been certified by a legitimate authority. In addition, our legal team can ascertain whether or not the seller has a history of criminal activity or pending action in Norwegian courts.
Our Norwegian law office offers a thorough real estate due diligence service to help you assess the property’s value and potential problems before committing to any major real estate deal.
Conclusion
Get in touch with us at Esales. if you need help figuring out whether or not a property purchase will be a suitable long-term investment and if you need legal and professional advice during the Norwegian property purchase process.
