Cost of the deal always carried out by buyers in Budapest. So whoever is the buyer, foreigner, Hungarian, cost of the lawyer will be covered by the buyer. Different lawyers have different fees. In fact, there are many lawyers in Budapest who are looking for “easy” money, that is they are not professionals, at least in a field of real estate. But as nowadays there are happening a many real estate deals in Budapest, each lawyer try to get their part of “cake”. So be aware that kind of lawyers! Also, cost of the lawyer can depend on the complexity of the deal itself. So if the property that you wish to buy has bank mortgage, debts from service provider companies (electricity, water, gas etc.) it can increase the work of the lawyer and accordingly his cost.
So the cost of the lawyer is usually from 0.8% up to 1,5% depending on a particular deal and its complexity. Here are some important points that you have to put attention on when choosing the lawyer for your deal:
- Look for a very professional lawyer who is specialized in a real estate. It is very important!
- Choose a lawyer who is fluent in English except Hungarian. If the lawyer has poor knowledge of English then it can also increase your cost as he will require a higher fee because he will need to hire some translator.
- Do not hire lawyer only because he/she is your friend, relative etc. if you can not be sure of their professionalism. Chose of unprofessional lawyer can increase your expenses and it will make your deal more complex instead of easing it.
- Before hiring of chosen lawyer try to get some feedbacks from those who already worked with him/her.
So remember that the lawyer obliged to provide not only a purchasing contract but also he/she should apply for the permission (if you need it), be your power-in-law to get notification from the tax office and land registration office in case if you don’t live in Hungary.
To get more information about the lawyers in Budapest, contact me and I will be happy to help you.
