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1 Do I need to travel to Hungary if I want to sell my Budapest property?
Not necessarily. In case coming to Hungary is difficult and time consuming you can sign a Power of Attorney, to be represented by a local solicitor. You need to go to the Hungarian Embassy or to a public notary to sign it. In case you go to a notary an apostil is required on the document. But the easiest and most convenient way to give authority is through a recorded video Skype call with a lawyer.
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2 Do I need a lawyer?
According to the Hungarian law if anyone buys or sells a property the contract must be prepared by a Hungarian lawyer. The lawyer preparing the contract is normally chosen by the buyer, but in case you are a seller we recommend to have a lawyer who can check the contract and can give you legal advice in connection with the deal. A Hungarian lawyer can assist you in doing all the necessary legal steps during the whole procedure to defend your interest. We can recommend you lawyers who can work and act on your behalf.
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3 I have mortgage on my apartment. Can you help me in selling it?
Yes, we have good relationship with several banks. The lawyer representing you at the sale can get in touch and cooperate with them.
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4 Can I sell my apartment while it’s occupied by a tenant?
Yes. If a property is rented out, the new owner of the property must agree to the valid contract of tenancy, but the contract cannot hinder the sale itself.
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5 Can my tenant reject that a potential buyer would like to see the property?
According to §1 act 6 section 340 of the Hungarian Civil Code, the tenant is required to provide access to the apartment to persons who are interested in buying the property. The law, of course, also stipulates that the viewing of the apartment must take place "without unduly disturbing" the tenant.
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6 What can I do if the buyer wants an empty apartment and my tenant has a definite lease agreement?
As a tenancy cannot be terminated due to the existence of a lease agreement - unless such possibility was stipulated within the contract - the only possibility left for the parties is to come to an agreement. In that case, the parties must find and fix those conditions and circumstances that can be agreed to by both parties, and such terms must be fixed in the agreement.
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7 How will you advertise my property?
We use a wide range of marketing channels to make your Budapest property stand out in the sea of property ads. Besides the popular Hungarian property listing sites we use 7 in-house websites. Our dedicated marketing department manages continuous online marketing activity with a big emphasis on search engine optimization and advertizing with Google AdWords. In addition, we use flyers, poster advertisements and further offline tools to make your Budapest property as highlighted as possible.
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8 Can I rent out my apartment if it is listed for sale?
Yes, you can but it is recommended to sign an indefinite agreement with the tenant which can be terminated with 30 or 60 days notice.
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9 What are the cost of the sale?
You have to pay the agent’s commission and the lawyer’s fee.
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10 How long does it take to sell an apartment in Budapest?
It depends on the price. If the price is set right it can be really quick. We already sold apartments within a month.
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11 I have burdens on my apartment. Can I sell it?
Yes, the lawyer can help to arrange it. Sometimes the best solution is that the debt can be deducted from the purchase price by the lawyer.
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12 I purchased the apartment but the ownership was not managed properly. Can I sell it?
First of all, the ownership has to be clarified. We can help you to get in touch with an independent lawyer specializing in property law who can help you arrange it.
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13 Who pays the sales commission?
In Hungary the commission is paid by the seller.
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14 Shall I pay any tax?
If you do not realize profit and you purchased the apartment more than 5 years ago than no tax is due.
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15 Do I have to do anything with the utilities?
The seller has to provide the zero certificates. Zero certificate is a statement proving that you don’t have any outstanding arrears towards the utility providers. It can be asked from the utility companies and from the House Representative. The system in Hungary is quite bureaucratic. We can arrange it on your behalf if you wish.
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16 My property is managed by another agency. Can you help me to sell it?
Yes, but you have to instruct your agent to cooperate in the sales viewings. Usually property management companies hinder the sales process as they don’t want to loose their managed apartment. In that case it is better to move the management to us until the apartment will be sold.
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17 Is your agreement exclusive?
It depends on how we agree.
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18 I already advertise my apartment with other agencies. Can I advertise with you as well?
Yes, we are happy to list it.
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19 How Does the Legal Process Work once I accepted an offer?
The first step is always to check the title deed of the property. When it is done the lawyer prepares the draft of the contract which is send to the client to give them a chance to write their questions or their comments. When they finalize the contract naturally you have to approve it in a written form (e-mail is enough), than the contract can be signed. Usually in case of a cash deal the whole process takes one or two weeks no more, if the buyer needs mortgage than it takes a bit longer – usually between one to three months. Until the whole amount of purchase price is not paid you will remain the owner.
