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Real Estate separation in Lithuania

Property is classified as movable and immovable. Immovable objects is generally land and other items that relate to the land and can not be moved from one place to another without changing their purpose and considerable reduction of their value (buildings, equipment, plantations and other items in accordance with the purpose and nature is immovable). Land is a major immovable object. All immovable objects must be registered in the public register, only identified (statutory procedures) objects will be registered.

Immovable property legal regime is characterized by:

 

  • The ownership right, must be recorded;
  • The obligation of which is the immovable object;
  • The right to property and other rights to immovable property is subject to the location of the state and it‘s law;
  • The real estate limitation period is ten years;
  • Notarial form is required.

Real Estate separation is a way of real estate formation in which  real estate that is registered in real estate register and at the request of the co-owners of real estate is separated in parts that become separate real estates.

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