How I managed to buy a Flat in Poland

Buying Real Estate in Poland

This is my story and definitely not financial/legal advice

Business In Warsaw Poland
Real Estate in Poland

What will you need to buy real estate in Poland?

  1. Your Passport (if you are foreigner)
  2. Your PESEL number
  3. Polish ID (if you have one)

Wait, wait, are we going too fast?

You can go back to (buying) cycling stuff, instead:

How does the flat-buying process looks like in PL?

  1. Online Search: Look for offers online.
  2. Contact & Visit: Contact the people/agent and schedule a visit.
  3. Visit Duration: The visit should last at least 1 hour.

If you are good to go, make a buying offer. Negotiate!

And not only with the seller, also with the agent, as their initial quote can be 3/5% of the property value.

  1. Booking Agreement: Sign a booking agreement (money down).
  2. Credit Check (Initial): Check how much credit you can get given your circumstances in a few banks (at least 3).

Make sure to understand the consequences of getting a credit: LTV, interest rates, principal, years…

  1. Loan Confirmation (Promise): Get confirmation from a bank (promise) of how much loan you can potentially get.
  2. Preliminary Contract & Deposit: Sign the preliminary contract between the parties, and the flat is fully booked.

You will Pay around 5% of the property value (this counts towards the total price and can be negociated).

  1. Agent Payment (If Applicable): Pay the agent, if any.

  2. Agreed Payment: Pay whatever amount you agreed upon.

  3. Bank Property Check: Someone from the bank will check the property itself to ensure the Loan-to-Value (LTV) makes sense and the price is reasonable.

  4. Final Bank Offer & Contract: After some time (2-3 weeks), the real bank offer and contract are generated and need to be signed.

  5. Notary Signatures: Signatures with the notary, together with the seller.

  6. Bank Transfer: With the notary contract signed, the bank can send the money to the seller.

  7. Key Handover: You receive the keys, and the transaction is complete.

If before buying you want to be sure that are amazing cycling routes…