Country Guides Country Guide: Poland

Date Published:

30/05/2008

Since Poland joined the EU in 2004, the ban on foreigners owning property has been lifted. On choosing a property you wish to buy, the price can be negotiated directly with the owners - face to face contact is far more common when buying or selling a property in Poland than it is in the UK - or through the estate agent.

Once you have agreed a purchase price you should make an appointment with a notary for the sale to be recorded as legally binding - it is commonplace for both the buyer and vendor to use the same notary and often meetings are with all parties present. You may if you wish - and it's advisable to do so - appoint your own English-speaking solicitor. At the very least you would be wise to engage the services of a translator as all sales documents, naturally, will be written in Polish.

The notary will draw up an 'initial contract' which will outline the details and any conditions that must be met before the sale completes (for example, repairs that must be undertaken by the vendor). At this juncture a completion date will be agreed and a deposit of approximately 20% is due to be paid by the buyer.

After the initial contract is signed the notary will carry out the necessary checks/searches. Assuming all is in order, at the final contract meeting the balance of the money must be exchanged and the vendor must supply a document drawn from the 'council' offices on that day stating that there are no loans secured on the house - loans secured on a property stay with the property, not the owner, and will thus be passed onto the new owner.

On a new build property 7% VAT is levied. It is customary for the buyer to pay the notary's fees (which include all taxes to be paid) of approximately 2-2.5% of the purchase price.

The views represented in this article are those of the author and not of Channel 4. The purpose of the article is to provide general information only and does not constitute financial, investment, legal or other advice.You should not rely on any information provided in this article and you should always seek out independent professional advice relevant to your own particular circumstances.