If you came to visit this blog, I assume you know very well how does the crypto market work, how do people make money from crypto, how to withdraw crypto, and so on. Long story short, this blog is for experienced crypto traders or holders, who made some profits on the crypto markets and are looking for alternative investment possibilities. Such as buying a house with crypto. Some of the people approached me asking, if they can buy a real estate property using cryptocurrency in Georgia, that is why I decided to answer that question with a separate blog.
Can I buy an investment property in Georgia, a Country with Bitcoin?
In Georgia the official exchange currency is Lari, this applies to real estate. All the property sales must be done in the local currency. The question is, does this actually work nowadays? I would say yes, for companies. Companies need to align themselves with the legislation. However, what do the individuals do? The truth is that, once the transaction is done most of the local owners accept USD until now. For private owners, restrictions are not in place yet.
How can I buy a property with Bitcoin or another crypto in Tbilisi, Georgia?
Now that you know, how real estate trading works in Georgia, you probably want to know how you can buy a property actually in Bitcoin. What are the footsteps to follow? How does it precisely? There is your checklist for buying a house in Georgia with Bitcoin or any other crypto.
Checklist for purchasing real estate with crypto
- Find the property that you like. Should be the private owner. Now, the private owner does not always mean you do not get a good deal. Some people think so, but this is absolutely not true. You can get amazing deals with the owner. Sometimes prices can be below the developer company’s price. If you are looking for such deals, you should for sure contact me.
- Agree on payment terms. The seller might agree to get paid in BTC. It is absolutely their responsibility. Now, most people yet are not familiar with the crypto market, they find it to be a scam or whatsoever. In that case, find an agent maybe who can assist you to smoothen the procedure.
- Once you agreed on property purchase payment terms, you can then move forward with registering your property.
How to buy a property with Bitcoin remotely?
Did you know you could purchase a property remotely? You do not need to be physically traveling to Georgia in order to buy a condo here. I understand, that you might need to see the property before you invest. But for some people, do not have to see investment property before they make an investment. it is just an investment property, they find a reliable developer or an agent who can also manage their properties. This way, they can just settle the payment when their agents do the rest of the job with property registration and later property management.
Checklist for buying real estate remotely with Bitcoin:
To buy investment property remotely, without even visiting the country and leaving your own home, you need to follow the following checklist:
- Find a reliable trustee in that country. That could be our company or any other.
- Find a real estate investment property of your needs.
- Agree with payment and other terms
- Sign the pre-purchase agreement remotely. For this reason, you need to send apostilled or legalized POA in Georgia. The original is required. Your trustee then will translate and notarize it.
- Settle the payment.
- Ask your trustee to sign the final purchase agreement.
And, Walah! The next day you are the owner of the property.
Best Luck and High gains 🙂
Watch me talking purchasing a property with Bitcoin
The property sell procedure explained in detail
for those who are not in Georgia and cannot come to Georgia, we take care of property selling or buying remotely, with the help of the power of attorney. To sell a flat you need to use some Real Estate websites that are quite popular in Georgia list your properties there, receive calls, answer them, meet your buyers and show them the property, talk with them to negotiate terms and once they agree on the terms you need to prepare purchase agreement, go to the public service hall to sign these papers that’s it you are pretty much done.
When does the buyer pay while selling a flat?
this practice is quite inconvenient for some people because it happens at the same time. Either you go first and sign papers and then the buyer gives you money in cash or bank transfer to you or either buyer gives you money at first and then you assign a paper. this is inconvenient sometimes for either party but that’s how a majority of deals are done in Georgia. We never faced any problems with that. For extra security, people can register pre-purchase agreements.
What happens if the buyer won’t pay or seller won’t register ownership after buying a real estate?
in that case, you will need to go to court. in that case, the pre-purchase agreement does not make any sense because you can go and prove that you are right in court with the sales agreement too. The terms of sale are all these details that I mentioned stipulated in the pre-purchase agreement as well as in the sales agreement. As some people think that they are extra secure with a pre-purchase agreement when the outcome is the same if either party did not comply with what they have promised. imagine what happens or what happens if they will sign this paper and the next day you will decide not to transfer this money the seller needs some Assurance as well as the buyer’s right there should be some mutual trust involved.
First of all, we check the status of the property in advance to make sure that there is no liability registered for that property and as we know that this property is all clean, with no mortgage usually you/
Expats.