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[BUYING AND SELLING REAL ESTATE IN HUNGARY]
of duty exemption and discounts are the followings:
professional services; and local in the sense that we understand how things work locally, and we use that to our clients’ advantage. We are a young, but experienced and innovative team of lawyers, combining international standards of ethics with practical local experience, with a clear focus on identifying potential issues and providing real-world solutions. We work with leading companies and investors, both domestic and regional, across a range of sectors, helping each of them to manage legal, regulatory and tax risk, thus allowing them to optimise their business performance.
transfer affiliated companies (no duty is payable); between buying a building site if the buyer develops a residential building thereon within 4 years after the purchase (no duty is payable); buying/selling between close relatives or spouses (no duty is payable); acquisition by real estate funds (the duty is 2% of the value instead of 4%).
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6.2 Procedural costs For making any entry or registration in the Land Registry, a procedural fee is to be paid, which is normally borne by the buyer. 6.3 Legal fees If both parties are represented by their own legal advisors, usually both parties bear their own advisor’s fees. Since in case of the sale of a real estate, legal representation before the Land Registry is mandatory (meaning that it should be a lawyer who submits the documents to the Land Registry), in most of the cases it is the buyer’s lawyer who proceeds in that respect. 7. Our firm Jalsovszky is a leading independent commercial law firm with unrivalled expertise and experience in mergers and acquisitions, private equity funding, tax, and a sound presence in banking & finance and property law. We are international in our quality, perspective and understanding; independent in the personal nature of our
ILN Real Estate Group – Buying and Selling Real Estate Series
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