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!
Expert Tip:
"Ask for a CV! A good agent has 5+ years of experience and at least 20 successful deals."
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!
Example:
Selling an apartment for €100,000 incurs ~€5,000 in commission. Without an agent, it might sell for just €90,000. Is it worth it?
"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.
Remember: People who save €300 on inspections often end up spending €10,000 on repairs later.
Buying Property: With or Without an Agent?
If you still think you can manage alone, answer these 3 questions:
Do you know how to check the land registry history for the last 30 years?
Can you calculate utility costs for the next 5 years in 5 minutes?
Are you certain the purchase contract has no hidden clauses?
If the answer is "no" – you need an agent.
