Norway — Property: Buying Process

Why this matters

Understanding the buying process in Norway is crucial for relocating individuals to avoid common mistakes and ensure a successful property purchase.

Key facts

• Most residential sales are handled by an estate agent through a bidding round with open, rising bids.
• The Consumer Council recommends using an estate agent or lawyer to settle the deal so transfer and payment are secured.
• The deed must be on Kartverket form and signed before two adult witnesses resident in Norway.
• A 2021 committee report proposed a 30-minute minimum bid deadline and banning secret bids; it was not confirmed as law, so check current rules.

Steps

1. Find a Property — Locate a suitable property through real estate agents or online listings. Prices and availability can vary widely.
2. Arrange Financing — Contact banks or mortgage providers to apply for a mortgage. The loan-to-value ratio can be up to 95% for residential property.
3. Offer and Agreement — Make an offer and sign a purchase agreement. This is typically subject to a home inspection and financial assessment.
4. Pay Fees and Taxes — Paying property tax, registration fees, and potentially additional taxes (such as the wealth tax for foreign buyers).
5. Complete Legal Documentation — Sign the final sale agreement and register the property with the Norwegian Land Registry (Forsyningstjenesten).