New Regulations in the Sphere of Real Estate Transactions
Our attorney-at-law Jekaterina Kalniņa has recently published article on new regulations in the sphere of real estate transactions.
On 22 June 2020 in the official newspaper Latvijas Vēstnesis there was proclaimed the Law on Real Estate Intermediaries Activities (Intermediaries law) that will come into effect on 01 August 2020. Intermediaries law is binding to all private persons (natural or legal entities as well as partnerships) who operate or are willing to operate as agents or intermediaries in real estate transactions by getting remuneration, including group companies where a parent company often provides intermediary services to subsidiary companies, to the EU citizens or merchandisers registered in an EU member state.
The law sets forth mandatory requirements for persons who can act as real estate transaction intermediaries, respectively any private person who is engaged in real estate alienation, lease, rent or otherwise transfer for use, and provides and receives remuneration for the following services within its operational activities: real estate transaction offers, related real estate negotiations and drafting of necessary documents, preparing and explaining of real estate transaction provisions (including rights and obligations concerning particular transaction).
Under the legislation of Latvia courts of general jurisdiction in Latvia hear civil, administrative and criminal cases. Latvia does not have specialised courts, for instance family courts, or judges who specialise in particular legal issues, as is the case in other countries …more
Recognition of foreign courts in Latvia
Procedure of recognition of the foreign court and arbitration judgments in the Republic of Latvia is stipulated in the Civil Procedure Law. However, regarding the countries of European Union the Regulations adopted by the European Union must be applied …more
Report of entrepreneurship in Latvia
System of economic activities in the Republic of Latvia …more