With your personal English speaking agent, it is recommended to view a few (three
to four) properties, then stop, make a review, summarize and continue. Usually in
one full day about eight properties can be visited. After one to two days of viewing
properties you should choose the most suitable apartment/s and with your agent's
assistance make an offer to the seller. The agent will set up a meeting in which
the negotiation will take place.
Your agent will try to negotiate on your behalf. Don't expect a price cut of 10%!
Most of the apartments in our data base are market priced, so usually there is very
little to negotiate, unless the owner needs to sell the apartment very fast for
some reason. Your agent can, and will, do their best so you can enjoy the cheapest
3. Booking deposit, signing the pre-contract
To reserve the apartment you need to have around EUR2,000. If you do not have it
with you in cash : a). Withdraw with your credit card (please note that there is
a limit of around EUR 600/day) b). Withdraw from any bank
Banks in Hungary normally close at 4pm, but on Fridays they close at 3pm.
The pre-contract is in English and Hungarian. All the amounts and due dates (when
the remaining amount needs to be paid and the date of taking possession etc) are
4. Opening a bank account
It is recommended to have a Hungarian bank account. Your agent will advice you which
bank suits your needs. We usually recommend a bank that has internet access in English
and an international withdrawal card.
You will need to secure the services of a Hungarian lawyer in order to deal with
all aspects of the purchase, including, if necessary, the formation of a company
to purchase the property. We can recommend a number of reliable law firms who can
do this work for you, or you can use your own Hungarian lawyer if you have one.
6. Travelling back home and transferring the earnest money
As soon as you arrive home it is important to transfer the earnest money to the
lawyer's trust account. The earnest money is usually 10-20% of the property's price.
This amount is used to secure the deal. According to Hungarian law, the money is
not refunded if the buyer fails to complete the deal. It will be paid back double
if the seller fails to complete.
Please note: late payments are also considered to be a completion failure.
7. Signing the final contract and the payment of earnest money
After the earnest money has arrived at the lawyer's trust account, a final purchase
contract will be signed. This contract will be deposited at the land registry office
and you will get a "side note" on the property. The earnest money will
be transferred to the seller after the side note is registered.
8. Transfer of the balance to the lawyer's trust account
In the precontract as well as in the final contract the date of taking possession
is stipulated. This date is the deadline for the balance. It is important to note
that this date relates to the date the seller receives the money and not the sending
date. Usually it takes seven to 12 working days to send money from abroad. Failing
to transfer the money on time may result in loosing the deal and the earnest money.
According to Hungarian law, if the buyer fails to complete, the seller may step
out of the contract and withhold the earnest money.
9. Taking possession, payment of the balance and transfer of ownership
As soon as the balance arrives at the lawyer's trust account, the taking possession
can take place. At this stage three things happen simultaneously: the payment of
the balance to the seller, taking possession of the property including checking
the utility meters, and receiving a statement from the seller which states that
he received all the money and he transfers the ownership rights to the buyer. The
lawyer will then deposit this statement at the land registry office. The property
will be handled from that point on by a management company.