| With over 5000km of coastline Norway can offer a | | | | specific form and will list the agent's terms and |
| wide range of properties from apartments in the | | | | conditions and also specify your rights and obligations. |
| cities to chalet style houses in the smaller villages. | | | | Having found that ideal property, you enter into a |
| From the southernmost point of Norway, to the | | | | written contract of purchase. This means that both |
| mountain areas of eastern Norway with its extensive | | | | you (the purchaser) agree to purchase the property, |
| skiing facilities, to the far north, Norway will have the | | | | and the seller agrees to sell. At this point a deposit of |
| answer for you. Although property in Norway is more | | | | 10 of the property purchase price. |
| expensive by European standards. If you enjoy | | | | If you are using your property as a holiday home |
| nature, the outdoor life, and sea fishing in particular | | | | you will be liable to a yearly tax of 2.5.When a holiday |
| Norway has the answer for you. | | | | property is sold the profit is tax free, if you have |
| In Norway the majority of property sales are | | | | owned the property for more than 5 years. If you |
| conducted through Estate agents who are registered | | | | have not owned it for 5 years, or have used it as a |
| by the Norwegian government and they are entitled | | | | business, a 28% tax on the profit will apply. |
| to conclude the transaction without the assistance of | | | | Due to Norway's weather, defects in property can |
| a lawyer, they will also take charge of the final | | | | be quite expensive, if the property differs materially |
| financial settlement, registering the deed to the | | | | from the prospectus given by the seller/estate |
| property in the central state register | | | | agent, the purchaser will normally be able to claim a |
| Estate Agents, lawyers and banks have direct access | | | | reduction of the properties selling price, or |
| to the central state register. This register is updated | | | | compensation within 5 years of taking possession of |
| every day, listing changes of property ownership, | | | | the property. To comply with this you must make |
| restrictions on use, charges and encumbrances etc. A | | | | the seller aware of the defect, and file a claims form |
| transaction submitted one day is registered the next | | | | within 12 months if the defect is discovered 2 years |
| day. | | | | or later after taking possession. |
| To be an Estate Agent in Norway you must be | | | | These guidelines are meant for guidance only and |
| insured for at least NOK 10 million to cover any | | | | describe a straightforward purchase scenario. |
| liabilities either party may incur in the course of the | | | | However this information is not meant to replace |
| transaction of the property sale. | | | | proper legal advice, which we always insist you take. |
| Your agent will ask you to enter into an agreement | | | | John Everitt is a consultant to Globespan European |
| on an "estate agent assignment" this will be on a | | | | property portal. |