Frequently Asked Questions When Buying Property In Georgia

  • Owain Lewis by Owain Lewis
  • 3 years ago
  • 0

Buying a home is one of the largest transactions people will undertake in their lifetime.

At yourmove.ge we know it’s crucial to understand many aspects behind this type of investment for you to make the right decision. That’s why we’ve put together a comprehensive list of FAQs for you to help you make an informed decision, while we provide support at every step of the process.

FAQ’s About Yourmove.ge

Why should I engage Yourmove.ge to represent me as a property buyer or seller?
The team of yourmove.ge is very passionate and driven. We take pride in the service that we provide to our clients and take the time needed to get to our client’s needs on both a personal and professional level. We provide our clients with valuable real estate information and the best customer service, including the use of our effective marketing techniques and our personal and professional networks.

How do I start?
You can start by sending us the ‘Contact Us’ form to properly assess your needs and requirements. We can then set up an online or offline meeting with you to explain how we can proceed further. If you find us a good fit we can proceed with steps to help you find your dream property.

What is included in your fee?
Absolutely everything. There are no hidden fees, no upfront charges, just our fixed fee on a successful sale or purchase. 

What areas do you cover?
We cover all regions in Georgia and through our network, we can assure you quality service and property choices in whichever part of Georgia you are interested in.

FAQ’s For Buyers

Is it a good idea to invest in Georgia?
Georgia has claimed its place in the world by being suggested as one of the top 10 destinations to visit in 2021. Also, Georgia ranks 5th position on the ease of doing business. Recent developments with easy nomad residence visa and being one of the first countries to open its borders after the pandemic shows the strong trend in the growth of Georgia’s economy. This is a clear indication of why your investment will be successful in Georgia.

What are my costs as a buyer?
The good news is that as a buyer, you are not obligated to pay your real estate sales representative a fee. Rather, the seller is required to cover the associated costs of selling their property. However, some costs you may need to consider are land transfer tax, property inspection, legal fees and disbursements, closing adjustments, home, and property insurance, moving expenses, and connection charges for gas, electrical, and water. In addition to these costs, you may need to budget for any repairs that may be needed upon obtaining possession of the property which can be agreed upon before sale.

How many properties can I own?
Georgia has no law that sets a limit to how much property you can buy. You can own as many properties as you want.

Do I need to pay any extra fees if the property is transferred or is it a gift?
Yes. Generally, the general fee on the gift deed is applicable depending on the type of property.

What are the current rates for the different property taxes that need to be paid?
Good news on that one! Apart from the $20-80 fee for registering the property in your name, there are no government taxes to pay in Tbilisi. If you rent out your property, then you would need to pay a tax of 5%.

What should be the language of the registration document?
The language of the registration document must be in Georgian and English. Our expert team includes translators and interpreters who can assist in this process.

Can I authorize someone else to register my property by granting him Power of Attorney?
Yes, you can execute a Power Of Attorney which can be verified by the notary here to get your property registered by someone else.

What is Power Of Attorney?
Power of Attorney allows a person to authorize another person the right to make decisions regarding the person’s assets, finances, and real estate properties.

How will my property be registered?
Yourmove.ge will assist from the A to Z of your buying process. Our services for registration of a property include necessary stamping and paying of registration charges for a sale deed and getting it recorded at the registrar’s office of the concerned jurisdictional area.

What documents are required to buy a property In Georgia?
Original passport, Photographs, and the necessary funds. Yes, it is that simple. Georgia comes in the 10th position in the world for ease of buying properties.

What documents will I receive after buying a new property?
Sale Deed
Completion Certificate ( Newly Constructed)
Commencement Certificate( Under-construction property)
Conversion Certificate( If agricultural land is covered to non-agricultural)
Occupancy Certificate

Do you provide a home insurance policy or assist with home loans?
Though we do not provide loans or insurance directly to our buyers we can guide them to the best insurance companies and banks in Georgia.

What is a good number of homes to tour prior to making an offer?
Yourmove.ge believes the best answer is “as many as it takes to find a home that works for you”. Purchasing a home will most likely be the single largest investment you will make, so it is important to make sure you find a home that meets your current and future needs. It’s best not to look at just one home, but also not to look at more than 6 or 7 in one day. It’s common to confuse the features if you view too many in one day. With all the properties listed on our portal, you can also enjoy the benefit of viewing several properties at a pace that is comfortable for you.

What is included in a home’s square footage?
Square footage includes finished, heated space, also known as “livable space”. Garages, unfinished basements, and attics, for example, are not included when calculating a home’s square footage. Hallways and closets are included when determining a home’s square footage.

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