Home purchase transaction

Buying a home is one of the biggest purchases of your life. When making the purchase decision you should take many different points into account.

Purchase offer

  • Confirm your bid with a down payment. If you cancel the deal, you will, as a rule, lose the down payment. If the seller cancels, he or she will have to pay compensation. The down payment is 4% of the purchase price at the most.
  • Read the written offer carefully because you cannot withdraw from the bid without losing the down payment.

The deed of sale states

  • details of the seller and buyer (names, addresses and phone numbers)
  • name and address of the housing corporation
  • numbers and amount of the shares, flat number
  • details of the flat (building, door, flat number, number of rooms and square area)
  • price and payment terms
  • delivery date of share certificates
  • transfer dates of ownership and right of possession, and the date from which the buyer is liable for the maintenance charge
  • statement about payment of asset transfer tax

Asset transfer tax

  • The trade of housing company shares (block or row of flats) or a piece of real estate (one-family house) is subject to asset transfer tax.
  • The asset transfer tax is paid by the buyer.
  • If you are a first-time home buyer between 18 and 39 years of age, you are exempt from the tax on certain conditions. Read more at www.vero.fiOpens new window.