Albania Property buying process

When looking for an Albanian Property for sale the buying process in Albania is as follows:

 
Once you have selected an Albanian property for sale and the Albanian Property reservation agreement has been signed the property will be held for usually up to a period of 4 weeks, in which time you can carry out your due diligence checks. Once you have completed your due diligence and obtained all the relevant documentation the main ‘undertaking' contract can be drawn up by the property solicitor, this document will set out timescales, payment terms, the property purchase price and the terms and conditions of sale. The Albanian property ‘undertaking' contract is signed in front of the ‘Notary Public' by all the involved parties, this is effectively a promise to enter into a final contract to buy/sell the property.

When the preliminary contract has been signed you will usually pay a deposit of between 20-40% of the sale price of the Off Plan Albanian property, this value differs from developer to developer. The remaining balance is paid out in stage payments as agreed with the developer and confirmed in the preliminary contract, note, again these stage payments can differ from developer to developer.
 
Once the main structure of the Albanian property has been completed, but not finished, the developers will register the property at the Registry Office (ZRPP) for pre-title, this is registering that the property has been built to a certain stage and also allows the developer to raise finance against the building should they so wish, unless they already have bank guarantees in place.

The ‘Notary Public' plays a major roll in the Albanian Property buying and selling process. The Notary is basically an official representative acting as a witness to the signing of all the Albanian property contracts.

Once the Albanian property has been completed and the final purchase contract has been signed in front of the notary transferring the right of ownership to the buyer, the property will be added to the public record showing the official transfer of title deed to the buyer. By law in Albania the costs for the property title deed transfers are to be paid by the developer.

You should expect to pay around 800 Euro for all your legal fees, which will also include Notary fees, taxes and transfer fees.