Thursday, December 07, 2006

Purchasing Real Estate in Sweden - The normal way a real estate (private home) transaction is carried out in Sweden

  • The seller finds a suitable real estate agent, who advertises the real estate in newspapers and on the internet.
  • The potential buyer gets in touch with the real estate agent, who shows the house to to the buyer and presents the pertinent facts about the house and its running costs.
  • Following negotiations, the parties agrees orally on the transaction. Note that this is not binding on the parties as all agreements for sale of real estate in Sweden must be in written form.
  • The buyer arranges for an inspection of the house. Such an inspection may also be made after the purchase contract has been sign, but then with a possibility for the buyer to cancel the contract if major defects are detected.
  • The parties sign the purchase contract prepared by the real estate agent.
  • At the same time, the buyer makes a down-payment of about ten per cent of the purchase price.
  • On the take-over date set out in the purchase contract, the parties meet together with the real estate agent at the buyer’s bank.
  • At this closing, the bill of purchase will be signed by the parties and the payment of the purchase price will be effected.
  • The seller hands over the keys to the building together with any available maps and other documentation related to the real estate to the buyer.

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