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The process of renting Latvian real estate ('renting' as in 'paying money to the owner of a property in exchange for the right of use', not renting out your own property) overlaps with the process of buying, but is generally not as complicated. The question of finding a property remains exactly the same - please refer to the previous chapter.
What differs are the documents needed. When renting a piece of real property, no matter its type - residential, commercial or industrial - a renting contract (īres līgums or nomas līgums in Latvian; there is a difference in these two terms, but in daily conversations they are often used interchangeably) is signed, and it becomes the basis for any interaction between the renter and the tenant.
While many individuals rent premises without proper documentation, on the basis of a verbal agreement only, it is, illegal to do so. While not having a contract is a law violation itself, it also implies a number of other violations - mostly on the renter's part - chiefly tax evasion. In this case, the tenant will lose its tenant status, meaning that it will have no legal place of residence and/or registration. This can subsequently lead to various other problems, from inability to conduct business to the extradition from Latvia. This is the reason why it is very important to consult a law agency when signing such a contract, in order to make sure that everything is in accordance with the law. It is also advisable to look for real estate via a property assistance agency, as it will sort out all the unscrupulous renters who might push you to not conclude a rent agreement.
05-02-2025 om 16:18
geschreven door PROPERTY GUIDE LATVIA
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