BUYING AND SELLING REAL ESTATE IF YOU ARE ABROAD
If you live and work abroad, you are not able to travel due to business or private obligations or you simply think that it is simpler, more economical and more comfortable to complete certain real estate transactions from abroad without unnecessary travel costs, costs of accommodation and staying in Serbia, the entire procedure, checking the real estate status, drafting, signing and certification of documentation can be carried out without your arrival and presence before the competent state authorities.
Can someone else sign a sales contract for me?
Sve pravne i faktičke radnje vezano za nepokretnosti, u postupku kupoprodaje, zakupa i drugih imovinsko pravnih pitanja mogu da se sprovesti na osnovu potpisanog i overenog punomoćja. Punomojće je jednostrana izjava volje kojim se ovlašćuje treće lice da preduzima pravne i faktičke radnje u vaše ima i za vaš račun, sa istim dejstvom kao da ste ih vi preduzeli.
Can someone else sign a sales contract for me?
All legal and factual actions related to a piece of real estate, in the sale and purchase process, lease and other property and legal issues can be completed on grounds of a signed and certified power of attorney. A power of attorney is a unilateral declaration of will whereby a third party is authorized to undertake legal and factual actions on your behalf and for your account, with the same effect as if you had undertaken them.
What are the limitations of authorization of the proxy in the sale and purchase procedure?
The proxy is obliged to act within the limits of the given authorizations, which is why it is important that the limits of authorizations are clearly and precisely defined. For some legal matters, the law requires a special power of attorney, while for others a general power of attorney is sufficient.
Can a proxy represent me in the negotiations?
A proxy may represent you in the negotiations acting on your behalf and for your account within the limits of the given authorizations, to undertake certain actions and issue declarations of will that may produce certain legal actions. In some transactions, it is even desirable that the person who has negotiating skills, is well-acquainted with the matter and legal regulations to assist you and represent you in negotiations.
Can a proxy represent me at a notary public?
In the Republic of Serbia, contracts on the subject of real estate transactions must be certified by a competent notary public (notary public solemnization – stricter form)in order to produce legal effect. A proxy may, on grounds of a valid power of attorney which is checked by a notary public in terms of content and form, may conclude and sign a real estate transaction contract on your behalf.
What should the power of attorney and the form of the power of attorney contain?
The power of attorney must contain your personal data and the personal data of the proxy from the identification document (identity card, passport), data on the real estate, and the actions for which the proxy is authorized
It is very important to pay attention to the form of the power of attorney. Based on the adopted amendments to the Law on Obligations, the power of attorney for the disposal of real estate may also be in the form of a signature certification. You can obtain this form from a notary in your country of residence, or at a diplomatic – consular office of the Republic of Serbia, provided that you are a citizen of the Republic of Serbia. The power of attorney certified by a foreign notary is a foreign document and to have effect in the Republic of Serbia, it needs to be legalized, i.e. provided with the Hague Apostille, i.e. if it is a state with which the Republic of Serbia has concluded a bilateral agreement, the Hague Apostille is not mandatory. There are countries where full legalization is necessary.
Does the proxy have to be a lawyer or can it be another person (friend, family member, etc.)?
It can be any person capable of doing business.
Can a proxy represent me in the tax procedure with regard to tax obligations in the purchase and sale procedure and other real estate transfers?
After the completion of the transaction, and in connection with a certain real estate, certain tax obligations arise in the sense of the Law on Property Taxes and other relevant tax regulations. All obligations regarding tax regulations, submission of appropriate tax returns, receipt of decisions, payment of taxes, can also be carried out without your presence through a proxy who will do it for you, on your behalf and for your account.
When does a power of attorney related to a certain piece of real estate expire?
From the moment of issuing and delivery of the power of attorney, you can always revoke the power of attorney in the same manner you issued it, and inform the proxy that their powers have terminated so that they would not act on your behalf and for you from the moment of revocation.
In any case, the power of attorney terminates by undertaking of all actions for which the power of attorney was issued.
Another note attention should be drawn to is the existence of reciprocity for acquiring property rights to real estate if you are a foreigner. Is there reciprocity with the state of which you are a citizen and the right to purchase real estate? You can get this information by calling our consultants.
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For more information about Starting up company in Serbia visit the following link: https://saricconsultant.rs/en/how-to-start-a-business-in-serbia-how-to-get-a-work-permit-and-a-residence-permit-in-serbia/
If you are interested in successfully and efficiently completing certain transactions related to real estate dealings (purchase, sale, exchange, capital injection with companies, pledges, leases, gifts) with our assistance and expertise, feel free to contact us. We will send you the terms of cooperation and schedule a meeting as soon as possible!
