Property in Armenia

The buying process is Armenia has been subjected to a number of liberalisations over recent years, meaning purchasing property in the country is easier than it has ever been. As is the norm, a respected local lawyer should be employed to aid with purchases and help with all legal documentation. Foreign individuals are free to purchase apartments and houses – though the land with a house is not included, it can still be leased for 99 years. Alternatively, an Armenian-based company can be set up for a fee, which makes any land free to purchase and helps the process no end. Many real estate agencies in the country help with the setting up of companies for a fee.

Once a property is decided upon a contract is drawn up between the buyer and seller, and is signed by both along with a notary. A deposit of around ten to fifteen percent is normally paid (though this amount can vary wildly) and documents are sent to the local Land Registry for legal checks – ideally the hired lawyer or real estate agent will have checked the documents thoroughly beforehand so this is merely a formality. Once the documents have been processed, the property is signed over to the buyer and the remainder of funds can be transferred to the buyer.

There are a number of fees to be paid, with agent and lawyer fees usually around two percent of the total property cost. Notary prices vary, but tend to be quite low or included with estate agency costs

Source: Off Plan Property

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