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What are the steps in the process of buying or selling real estate?

The process of buying or selling real estate in Serbia involves several steps such as finding the property, conducting inspections, negotiating the price. Once an agreement on price and terms is reached, the next step is drafting the real estate purchase contract. This step involves preparing all necessary documents and thoroughly defining all terms of the purchase.

Before signing the contract, it is recommended to verify the legal status of the property. This includes checking ownership rights, mortgages, encumbrances, or other restrictions that may affect the property and its ownership. Following this, the contract is signed and notarized by the competent notary public. After signing the contract, the process of transferring ownership of the property follows. This includes registration in the cadastre and payment of all relevant taxes and fees.

What are the legal obligations of the buyer and seller?

The obligations of the seller:

The seller should prepare all necessary documents for the transfer of ownership of the real estate, such as proof of ownership and other relevant evidence. Before concluding the contract, the seller is obliged to clear the property from all encumbrances, mortgages, or other restrictions that could affect the ownership of the property.”

The obligations of the buyer:

The buyer is obliged to provide accurate information about themselves as potential buyers of the real estate and is required to pay the agreed price for the property in accordance with the sales contract. The buyer should verify the legal status of the property before concluding the contract and sign the real estate purchase contract, fulfilling all obligations stated therein. After concluding the contract, the buyer is obligated to take all necessary steps to transfer ownership of the property to their name, including registration in the cadastre and payment of all necessary taxes.

How is property divided among heirs?

The division of property among heirs is regulated by the Law on Inheritance, where the right to a compulsory share and the statutory order of inheritance must be respected.

What are the rights and obligations of the landlord and tenant in the case of renting residential or commercial space?

The landlord has the following rights and obligations:

The right to payment of rent, maintenance of the property, and access to the property. The landlord is obliged to respect all terms and provisions of the lease agreement and provide the tenant with peaceful enjoyment of the property.

Rights and obligations of the tenant:

The right to peaceful enjoyment, payment of rent, maintenance of the property in good condition, notification of issues, and return of the property after the expiration of the lease agreement.

How are disputes between the landlord and tenant resolved?

The first step in resolving disputes is usually negotiations between the landlord and tenant. Parties may attempt to settle the dispute amicably through negotiations and compromise. If negotiations fail, parties may turn to a mediator, a neutral third party who will try to facilitate an agreement between the landlord and tenant. If the parties have an arbitration clause in their lease agreement, the dispute may be resolved through arbitration. If negotiations, mediation, or arbitration fail to resolve the dispute, parties may file a lawsuit with the competent court for dispute resolution.

How are consumers protected in the case of purchasing real estate?

The Consumer Protection Act protects consumers by providing them with the right to clear and truthful information about the real estate they are purchasing, as well as the right to a refund or replacement in case of defects or non-fulfillment of contractual obligations.