In short
- Start with a price based on real deals. Neighbours' listings are a poor guide.
- Prepare documents before you list: Land Register, cadastre, building manager's statement.
- Good photos and an honest text bring more calls than a high price.
- Receive the money through a notary or bank escrow. Never take cash.
1. Set your starting price
The first decision matters most. A price that is too high means the listing sits, buyers get used to seeing it and later ask for a bigger discount. A price that is too low means a quick sale, with money left for the buyer.
Look at the prices of real deals for similar flats in the same building and area. What the neighbours are asking tells you much less. We cover this in detail in how to set the starting price.
2. Prepare the documents
The buyer and their bank will ask you to prove the flat is yours and that everything about it is in order. If the documents are ready before the listing goes up, the deal won't get stuck in the last week.
- Land Register (Zemesgrāmata) extract: owner, mortgages, restrictions
- Cadastre information: floor area and premises group
- Statement from the building manager that there are no utility debts
- Heating bills for the last seasons, because buyers will ask
- Energy certificate, if your flat needs one
- Bank statement of the remaining loan balance, if the flat is mortgaged
3. Prepare the flat and the listing
Buyers see your flat on their phone first. Clean, bright rooms, landscape shots and a clear floor plan bring more calls than any sales phrase.
In the listing, write what buyers will ask anyway: floor, building series, heating type, monthly costs, renovation, parking.
4. Viewings and price negotiation
Group viewings close together, for example on two days in a row. Buyers see there is interest, and you don't have to get the flat ready every evening.
When a buyer makes an offer, don't rush to answer. Compare the offer with deal prices, and leave your starting price out of it. If after a few weeks there are no serious offers, the problem is usually the price, and we have an article on cutting the price.
5. Deposit, contract and money
Once the price is agreed, the buyer often pays a deposit (rokasnauda). It shows serious intent and is put in writing. If the buyer takes a mortgage, the bank will still value the flat and issue its approval, which takes time.
The purchase contract is usually drafted by a notary or lawyer. The money goes into a notary or bank escrow and is paid out to you after the buyer is entered in the Land Register. That is the safest order for both sides.
6. After the deal: tax and handover
Record the handover in a handover certificate with meter readings. Then transfer the utility contracts and tell the building manager.
If you owned the flat for less than 60 months, or it wasn't your declared residence, you may have to pay income tax on the capital gain. More on this in our article on selling costs.
Common questions
How long does it usually take to sell a flat?
It depends on the price, the neighbourhood and the flat's condition: a correctly priced flat sells faster. If the buyer takes a mortgage, a few more weeks pass before the money arrives.
Can I sell a flat without an estate agent?
Yes. You set the price, create the listing, run viewings and find a notary to draft the contract yourself.
Who pays the state fee for registering the new owner?
Usually the buyer, but the parties can agree otherwise. Write it into the contract.
Can I sell a flat that still has a mortgage?
Yes. The loan is repaid from the buyer's money, and the bank then deletes the mortgage from the Land Register.
Sources
- Zemesgrāmatu portāls · Tiesu namu aģentūra
- Kadastra informācijas sistēma · Valsts zemes dienests
- Ienākuma nodoklis no kapitāla pieauguma · Valsts ieņēmumu dienests
This article is for information only and is not legal, financial or tax advice. It may contain mistakes or be out of date, so check it against official sources or with a specialist before you decide. m²cena accepts no liability for any loss or damage arising from the use of the information in this article.