Here is a guide about property registration in Hungary
Registering Property in Hungary
This topic examines the steps, time, and cost involved in registering property in Hungary.
Registration Requirements: Procedure 1.Obtain a certified title sheet folio at the Land Registry OfficeTime to complete:1 dayCost to complete:HUF 4,000Comment:Obtain an original certified title sheet folio at the Land Registry Office for checking the current data of the property. The title sheet folio includes information on liens and tax non-payments.
According to the Hungarian law, the issue of title sheet folio cannot precede over 30 days the date of signing of the contract.
Procedure 2.The sale and purchase agreement is signed by a lawyer to become validTime to complete:1 dayCost to complete:1% of the purchase price (lawyer's fees) - subject to the parties' agreementComment:After the negotiations between parties are finished, a written form of the sale and purchase agreement is required, and each page has to be initialed / signed by the parties. The contract becomes valid by the countersignature of a lawyer (signature, stamp and dry stamp on each page). The countersignature certifies the identity of the signing parties and that the content of the agreement is in line with the legal regulations and the will of the parties. Procedure 3.Obtain the extract of the purchaser from the Court of RegistryTime to complete:1 dayCost to complete:HUF 5,000Comment:An extract of the purchaser from the commercial registry must be obtained.
With the data indicated in the extract the officer can check that the legal entity really exists and that the manager is really entitled to sign for the company.
The commercial register is public, so anybody can go there and ask for a company extract. At real estate sales if the purchaser is a legal entity, it is obliged to submit an extended company extract. The extract has to contain the deleted and actual data of the company as well, and may not be issued earlier than 30 days preceding the sale. It means that if a company has a fresh extract in its files from former legal relationships, it may use that for this purpose, but since the extract is submitted to the land registry office, it has to get a new one for other purposes.
Procedure 4.Submit application to the Land Registry Office and register the titleTime to complete:60-90 daysCost to complete:10% of property value (Stamp duty) + HUF 5,000 (registration fee)Comment:The official deadline for the land registry office to register a right under the application is 30 days. In practice, it usually takes 2-3 months. As of January 2006, amendments to the Act on Land Registration included a registration fee of HUF 5,000 for the transfer of property titles. Also, as of January 2006, it is possible to retrieve a standardized application form online, at:
www.takarnet.hu. The Registry office will only accept this standard form.
Once the application has been submitted to the land registry office, one set of the documents are forwarded to the stamp duty office. Purchaser will then receive a letter from the stamp duty office and will pay stamp duty by postal check or bank transfer. Stamp duty payable: 10% of the gross market value for sales of commercial property. For sales without retaining of the ownership, the title is registered at the end of the time period indicated above.
Usually, if the purchaser does not pay the full purchase price at the signing of the contract, the vendor retains its ownership. (Such retention may be registered until the payment of the full purchase price). The application may request the registration of the sale with retention of ownership, or the registration of title. As of January 2006 there is a new possibility instead of applying for the retention of ownership until the payment of the full purchase price - according to the new regulation the seller may declare that he/she will ask for registering the purchaser's title at a certain date but no later than 6 months from the date of the agreement, and during this time period the registration is pending and no other registrations or applications may be fulfilled regarding the property. In the event that the land registry office shall not receive the consent above from the owner of the property, deletes automatically the pending application.
The fact of sale with retention of ownership is indicated on a so-called side note in 24 hours counted from the submission. This means that some kind of application was submitted with regard to the property but it was not judged by the land registry office yet (not registered, not refused). For sales with retention of ownership, a declaration has to be submitted stating that the title may be registered, simultaneously with the deletion of the retention of ownership. Following the submission of the declaration, a new side note will be indicated, and the title of the purchaser will be registered.
Transfers of property are subject to a 20% VAT. For residential buildings, only the first sale is subject to VAT.
The documentation shall include:
The standardized application form
Two original copies and one photocopy of the contract.
Original extract of the purchaser from the commercial register.
Specimen of signature of the executive officer who has signed the contract (issued by a notary public)
Note: Procedures sometimes take place simultaneously. Instances of this are marked with an asterisk
Procedure 4 is the method of registration used in Whitecastles case as far as i am aware. Surely it has passed all time limits by now.
), when I send it back it will be lodged in Land Registry and in a couple of months( Dr,H said must be by law in 30 days but in practice ot takes the Land REg months sometimes) I will be registered.