Real Estate Agent in Latvia: Is It Really Necessary?

"I Can Do It Myself!" – Why That’s Still Not a Good Idea

Trying to buy property without an agent is like driving through a foreign country without GPS – possible, but risky. Industry experts note that even seemingly simple transactions hide unexpected pitfalls:

• Illegal renovations that could cost thousands in fines,

• Hidden co-owners in the land registry,

• Aged utilities that reveal defects only after purchase.

3 Reasons Why an Agent Is Your Ally

1. They Check What You Might Miss

• Verifies the property for construction defects (technical inspection: ~€300),

• Calculates property taxes (up to 0.6% of the cadastral value!).

2. They Speak "Legal" Language

• Explains differences between joint ownership, separate ownership, idealized shares, and associated risks,

• Drafts a purchase agreement to avoid legal ambiguities and disputes.

3. They Handle Banking Matters

• Aligns the preliminary agreement with bank requirements,

• Helps choose a loan plan that’s fair and competitive.

How to Spot a "Fake Agent"? 3 Red Flags

⚠️ Not registered in the Ministry of Economy’s registry → Run!
⚠️ No LANĪDA certificate → Why hide their professionalism?
⚠️ No plan → "We’ll figure it out! Don’t worry!" is not a plan!

What’s the Cost? (Sometimes Nothing!)

• Buying: Often free – the agent’s commission is paid by the seller.

• Selling: Up to 5% of the transaction value, but guarantees faster sales and higher prices!

"I’ve Already Found My Dream Property!" – What’s Next?

Even if you’ve found "the one," an agent still adds value:

• Inspects documents like a paranoid detective,

• Negotiates discounts – they know how to persuade sellers,

• Organizes inspections – from wiring to sewage.

Buying Property: With or Without an Agent?

If you still think you can manage alone, answer these 3 questions:

1. Do you know how to check the land registry history for the last 30 years?

2. Can you calculate utility costs for the next 5 years in 5 minutes?

3. Are you certain the purchase contract has no hidden clauses?

If the answer is "no" – you need an agent.