The Property Banks Buyers Guide to Poland
There are two ways to purchase Polish
property - site seen or site unseen.
Site seen
This option will entail visiting Poland on one of our individually
customised inspection visits. We will be happy to show you all
available developments and answer all of your questions face to face
regarding Polish real estate issues. If you would like to partake in
an inspection visit please contact us directly and we will be
pleased to assist with flights, accommodation and transport to and
from the Airport.
Site Unseen
If you do not have time to actually get on plane and come and view
the property you may wish to place a deposit based on information
which we provide. This strategy is most commonly used by high end
investors interested in snapping up bargains as and when they become
available. If you are interested in off plan developments there will
actually be no show home to look at anyway, the only aspect covered
by actually visiting the site will be first hand knowledge of
location and a general feel for the location.
Property types and actual purchase procedures.
Off Plan, new build apartments and houses.
Once you have selected the property you would like to buy the
developer will require a deposit. The deposit is most commonly 2000
euros, this will remove your unit selection from sale and protect
you from future price increases. If you would like to buy the
property outright then there will be a stage payment system in place
throughout the build time until the total amount is paid. If you
will be mortgaging your purchase the mortgage company will make the
stage payments on your behalf.
Secondary market, resale houses and apartments.
Most secondary market properties are sold by private owners
therefore the buying procedure depends on the seller. Word of mouth
and a handshake is not acceptable in Poland, the most common
procedure to buy a secondary property in Poland is to offer the
seller a deposit, this protects both parties from losing the deal by
way of forfeiting the deposit. Once this has been finalised we will
liaise between both parties to agree on the closing date and smooth
out any issues along the way.
Historic properties, palaces, castles and farms.
The above mentioned properties cover a rather broad area in terms of
buying procedure and the procedures for the buyer depend on the
seller. If you are buying from the Government (which is likely to be
the case with Palaces) you need to bid at an auction. In order to be
accepted in the auction you are required to place a fully refundable
deposit in an escrow account. Once this is in place you are free to
bid away. All other properties are seller negotiable with the norm
being a 5-10% deposit to take the property off the market.
What are the costs involved for purchasing property in Poland?
1. Deposit
2. Agents fee (Poland-Direct)
3. Notary fee
4. Solicitor
5. Tax
The following figures are based on a purchase of 100,000 Euros.
1. Usually a flat charge of 2000 Euros is enough to reserve the unit
of your choice
2.Poland_Direct charge a 3.0% commission for services, payable by
50% at contract and 50% on closing
3. The notary fee is between 1-1.5% of the purchase price with a
maximum of 1000 Euros
4. Solicitors charge will generally amount to 1% over the course of
the purchase