Five steps for purchasing property that is currently mortgaged to a bank:
- Three-party agreement. Sign a commitment involving the seller, buyer, and lending bank — establishing rights and obligations for all parties before any money moves.
- Payment. Open an account at the mortgaging bank. Deposit funds in a single payment or agreed installments.
- Notarized contract. Both parties prepare documentation at a notary office: identification, land-use certificates, marital status confirmation, and purchase agreement.
- Financial obligations. Pay personal income tax (2% of transfer price) and land registration fee (0.5% based on area and land value).
- Registration completion. Submit documentation to the land registry office to officially transfer ownership. Processing takes 10–20 days depending on location.