Purchasing property in Georgia is famously fast, taking between 1 to 3 business days at the National Agency of Public Registry. However, this speed makes rigorous pre-purchase legal due diligence absolutely vital for foreign buyers. Without local expertise, investors risk encountering hidden liabilities, delayed constructions, or title disputes.
Essential Due Diligence Checklist
Before transferring any funds or signing a Public Registry agreement, our legal team executes a comprehensive audit covering:
• Title Verification: Checking the Public Registry to ensure the property is free of mortgages, liens, tax debts, or legal disputes.
• Developer Analysis: For off-plan properties, we vet the developer’s financial health, track record, construction licenses, and insurance policies.
• Contract Review: Drafting and amending purchase agreements to include strict penalty clauses for construction delays and clear payment structures.
The Registration Process
Once the property passes inspection, the formal transfer involves:
1. Identity Verification: A valid international passport is required.
2. Public Registry Filing: Both parties sign the contract in front of an officer at the Public Service Hall or via a Power of Attorney (POA).
3. Payment Settlement: Funds are safely transferred via bank wire, often using secure escrow accounts to protect the buyer.
Foreign Ownership Rights
Georgia grants foreigners 100% freehold ownership rights to urban real estate. The only restriction applies to agricultural land, which cannot be owned by foreign individuals unless structured through specific corporate investment frameworks.
Do not leave your real estate investment to chance. Contact our law firm today to secure comprehensive due diligence and transactional support.