The ABC’s of homebuying

When thinking about purchasing a new home, there is often confusion about what to pay attention to and concentrate on. Follow these procedures, and soon the keys to the coveted apartment will be in his pocket.


  • If the building of your new apartment is under construction, you will need to enter into a reservation agreement.
  • The agreement will include a technical description of the apartment, the terms of construction, as well as the terms of payment.
  • The reservation agreement provides for the payment of 10% of the value of the apartment.
  • For ALTUM financial aid clients, the down payment will serve as a reservation fee.
  • Once the reservation is made, we start to coordinate the wishes and options of the apartment’s decoration.

IF A LOAN IS required

  • If the purchase of an apartment requires a mortgage loan, we cooperate with Latvia’s largest banks.
  • It is essential to reach an agreement with a bank before signing the reservation agreement.
  • While the documentation in the bank is being settled, the reservation for the chosen apartment can be made orally.
  • The bank shall credit the amount paid during the reservation agreement as the down payment.
  • The appraisal of the apartment is usually provided by the selected bank.
  • For payment transactions, you will need to create an Escrow account with the bank


  • The purchase contract is entered into only once the project, in which the selected apartment is located, has been commissioned. The apartment can also be selected in a project that has already been built and commissioned.
  • The purchase agreement is concluded with a notary by registering ownership in the Land Register.
  • In the case of a mortgage loan, the first payment for TEPAT GRUPA should be transferred within three days after signing the purchase agreement.
  • If the reservation agreement has been concluded, the down payment will become part of the purchase agreement’s total sum.          
  • If a bank loan is not used, then the amount for the purchase of the apartment must be paid within the term specified in the purchase agreement.


  • TEPAT GRUPA will prepare all the documentation necessary to register your new property in the Land Register.
  • You must carry out the costs related to registration — state fees, commissions, notary services, etc.
  • And that’s it, that’s all!  You will receive the keys to your new home when the apartment is registered in the Land Register on your behalf.
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