Property Lawyer in Budapest? Meet Our Team of Expert Real Estate Lawyers!

The Process of Buying Property in Budapest

Navigating the Budapest property market can be both exciting and complex, especially for those unfamiliar with the local property landscape. This guide outlines the key steps in buying property in Budapest, ensuring a smooth and secure transaction from start to finish:

Assessing Financial Matters Like Price/Value Ratio: Evaluating the financial aspects is crucial in any real estate transaction. The costs include:

• Legal Fees: Generally, these fees range from 0.3% to 1% of the purchase price, plus VAT if applicable. However, for bilingual legal services, which are often essential for international transactions, the fees are usually only start around 1% or more.
• Purchase Tax: The general rate of purchase tax is 4% of the market value of the property. For properties exceeding 1 billion HUF in value, the tax is 2% on the excess amount over 1 billion HUF, with a maximum cap of 200 million HUF.
• Realtor's Commission: Typically, realtors in Hungary charge a commission ranging from 1.5% to 5% of the purchase price, plus VAT. This fee can vary based on the realtor and the specifics of the property.
• Land Registry Fees: A standard land registry fee of 6,600 HUF is applicable per property. If an expedited service is required, there's an additional fee of 10,000 HUF per property.
• Property Acquisition Permit for Non-residents: If you are not a citizen of an EU/EEA member state or Switzerland, purchasing property in Hungary is only available for you if you obtain a Property Acquisition Permit, which costs 50,000 HUF per property.

Engaging a Lawyer in Hungary for Contract Drafting: Hiring a competent lawyer in Hungary for drafting the sale and purchase contract is vital. This involves:

• Ensuring the contract adheres to Hungarian real estate laws and regulations.
• Tailoring the contract to protect your interests, including clauses on contingencies, deadlines, and liabilities.
• Legal verification of property titles, ownership history, and any encumbrances or liens on the property.

Negotiation and Agreement: Once the financial assessment is clear, and the legal groundwork is laid, the next step involves:

• Negotiating terms with the seller or their representative to reach a mutually beneficial agreement.
• Finalizing the sale terms, including price, payment schedule, and any conditions or warranties.

Compliance and Regulatory Checks: This step ensures all regulatory requirements are met, such as:

• Checking compliance with local zoning laws and building regulations.
• Verifying that all necessary permits and approvals for the property are in place.

Finalizing the Transaction: The culmination of the property buying process in Budapest involves:

• Signing the finalized sale and purchase contract.
• Managing the transfer of funds in accordance with Hungarian financial regulations.
• Recording the transaction with the relevant local authorities to formalize the change of ownership.

Why Choose Illés and Szabó Lawyers Assoviation If You Are Seeking Real Estate Law Advice?

Here are my reasons why e-ingatlanügyvédek.hu stands out as a choice for anyone seeking a property lawyer in Budapest:

1. Specialized Expertise: We all specialize in real estate law. This focus ensures that our clients receive advice and services that are not only legally sound but also tailored to the specific nuances of property transactions in Hungary, particularly in Budapest.
2. Experienced Team: Our team comprises seasoned lawyers who bring a wealth of experience in various aspects of real estate law. In my opinion, this experience is critical in navigating the complexities of property transactions, from residential sales to large-scale industrial real estate deals.
3. Comprehensive Legal Services: Whether you are dealing with the purchase or sale of residential property, legal due diligence for large investments, or transactions involving industrial properties, e-ingatlanügyvédek.hu offers a comprehensive range of services to meet all your real estate legal needs.
4. Client-Centered Approach: The approach at e-ingatlanügyvédek.hu is characterized by empathy and innovation. Understanding clients' unique needs and offering customized solutions is a hallmark of their service, ensuring that each client feels heard and their specific legal requirements are adequately met.
5. Local and International Expertise: The team's proficiency isn’t limited to local real estate law but also extends to handling matters for foreign enterprises operating in Hungary. This makes e-ingatlanügyvédek.hu an ideal partner for international clients looking for a lawyer in Budapest.
6. Diverse Legal Backgrounds: The lawyers at e-ingatlanügyvédek.hu have diverse backgrounds, including tax law, civil litigation, and administrative law, which means they can provide a well-rounded legal service that goes beyond basic property law.

Meet our team of experiences real estate lawyers!

When looking for a proficient property lawyer in Budapest, it's essential to find someone with not only the right qualifications but also a depth of experience and a client-focused approach. Our team in Budapest, comprised of highly skilled legal professionals, excels in various aspects of real estate law, ensuring that all your legal needs are met with the highest standards of professionalism and expertise.

Dr. Judit Anna SZABÓ is an accomplished attorney with a strong background in real estate law. Dr. Szabó is a founding member of e-ingatlanügyvédek.hu, with expertise ranging from residential property transactions to legal due diligence in large-scale investments and industrial property deals. Her innovative and empathetic approach is a hallmark of her practice.

Dr. Roland KOSZTOVÁNYI brings a wealth of experience in real estate transactions, including residential, commercial, and industrial properties, as well as agricultural land under the jurisdiction of the land traffic law. A member of the Budapest Bar Association since 2005, his expertise extends beyond real estate to corporate acquisitions and joint ventures. Dr. Kosztoványi's extensive legal representation of Hungarian and foreign companies is complemented by his role in the Hungarian Tennis Association's executive board.

Dr. Zoltán MÁRTVAI-KISS has a diverse background including roles in public administration and as a legal counsel in state companies. His expertise covers a range of real estate matters, corporate procedures, agricultural land transactions, and litigation.

Dr. Barbara Nóra TENYÉR is highly experienced in real estate law, having successfully handled over a hundred residential property transactions. Her expertise extends to usage partition, land development, establishment of servitudes, and the sale of monuments and agricultural lands. Additionally, she is involved in legal support for film and television productions.

Dr. Georgina HORVÁTH specializes in civil litigation and administrative law, alongside her expertise in real estate law. A summa cum laude graduate from Eötvös Loránd University, her legal acumen is a valuable asset to our team.

Dr. Dorottya MÁRKUS is an expert in real estate law, corporate acquisitions, competition law, and corporate law. She offers a comprehensive understanding of various legal fields, ensuring well-rounded legal support for her clients.

In summary, our Budapest team combines a rich mosaic of legal expertise, especially in real estate law. Their diverse backgrounds, extensive experience, and client-centric approach make them an ideal choice for anyone seeking a lawyer in Budapest for real estate and related legal matters.

The Budapest Property Market: A Landscape of Opportunities

Budapest's real estate market has traditionally been a popular choice among novice investors. The trends of the past few years suggest that the value of properties tends to increase over time, making real estate a viable long-term investment. However, whether it's the right choice for you depends on various factors:

1. Market Dynamics: The first half of 2023 saw dynamic changes in the Hungarian real estate market, including fluctuations in housing prices and closely related mortgage markets. This indicates a market that is both active and evolving, which can offer opportunities for investors who are knowledgeable or well-advised.
2. Loan Market Trends: The decrease in the value of housing loans and changes in government support programs like CSOK Plusz (Family Housing Support Program) suggest a shifting landscape. This could mean opportunities in specific segments of the market, especially for investors not entirely reliant on local financing options.
3. Price Trends: Recent data shows a nominal increase in property prices despite a decrease in the average value of properties sold. This suggests a market where higher-value properties might be gaining value faster than lower-value ones, potentially signaling good investment opportunities in certain property types or locations.
4. Transactional Volume: A significant drop in the number of transactions might indicate a cautious market, but it also suggests that well-priced properties in desirable locations could still attract buyer interest.
5. Seller's Market Caution: The advice against leaving properties unsold in anticipation of market upturns is prudent. It suggests a market where timely transactions might be more beneficial than waiting for potential price increases.

Summary

We've seen it all - from the excitement of a first home purchase to the complexities of major industrial deals. At e-ingatlanügyvédek.hu, you’re not just another case file. Our approach is all about understanding your unique story. We believe in building relationships, not just client lists!

Ready to safeguard your real estate investment in Budapest with expert legal support? Contact e-ingatlanügyvédek today for personalized, client-first legal assistance!