Denmark is a liberal country where the foreigners are allowed many rights, but in case of acquiring a Danish property, many restrictions are imposed on foreign residents. In fact, if a foreigner wants to acquire a property, then he or she must:
• Have resided in Denmark for at least five years
• Is working in the country with a European Nation identity
• Have a valid residential or commercial permit if he or she is a non-EU resident
In fact, foreigners are also restricted to buy certain properties like summer homes, and holiday homes in the coastal areas. For a non-resident of the Danish empire, it is extremely difficult to normally acquire a property. This is why most of the international residents open up local businesses in the country through which they get the license of buying a property.
1. After selecting the desired property, assign someone to check the dampness of the house and other physical parameters also even though the seller is required to provide you with a report on the physical condition of the property.
2. Once this process is done, the seller’s agent will draw a purchase agreement.
3. After both the parties sign this agreement, the buyer’s attorney form the conveyance deed and register it in the local Land Registry Office.
4. Once the conveyance deed is registered, the buyer needs to make a down payment of 5% of the total property price.
5. The rest amount should be deposited in the seller’s bank account after the transfer is done. It can also be deposited in an escrow bank account from where the funds will be transferred to the seller’s account only after the buyer receives unconditional ownership on the property.
6. The total time taken for the completion of the property registration process is around three to seven days, depending upon the complexity of the deed.
7. As you will be buying the property through the corporate route, you need to ensure that the documents pertaining to your business are updated with a good history and no governmental red marks.
8. The registration fee, which needs to be submitted is 0.6% of the assessed property value and it should be paid at the Land Registry Office.