Real estate due diligence in Georgia
refers to the procedures which have to be completed prior to purchasing a real estate property
in this country. Foreign investors who want to open a company in Georgia
should know that the procedure is also available for commercial properties
, but it is necessary to know that due diligence
is not an obligatory procedure under the local law, as it is only recommended to verify if the respective property
is sold with no hidden liabilities. Our team of lawyers in Georgia
can assist with advice on the procedure.
Due diligence guidelines in Georgia
When purchasing a commercial property
, investors who are interested in company formation in Georgia
are highly advised to start the due diligence procedure
, which is comprised of a set of steps that will verify various aspects related to the respective property
At the same time, investors can perform environmental due diligence, which will testify if the property respects the requirements established by the local legislation for environmental aspects.
The procedure starts by visiting the respective location and it can include the participation of the seller, as well as of the real estate brokers. Investors are advised to be represented by attorneys in Georgia.
Aspects to consider when performing due diligence in Georgia
Foreign investors who are interested in the procedure of company registration in Georgia
should verify a set of aspects when performing due diligence on a commercial property
that will be used as a main business location
, as follows:
• inspections carried out by the seller;
• surveys of the land/ property performed by the seller;
• insurance aspects;
• environmental aspects;
• the property’s current bills;
• construction documents.