MORE ABOUT OUR SERVICE
We offer a new service on the Estonian market that enables you to conveniently purchase a new home. It is only natural that as a future client of ours you might have questions pertaining to you swapping homes. For your benefit, we have gathered together the questions we are most frequently asked.
Who can use the service MUM provides?
Anyone who wants to buy a home and has the financial resources needed to make a downpayment and pay monthly rent.
What is the maximum value of a home that can be bought using MUM?
The maximum value of the home being bought is 500,000 euros.
What kind of home can be bought using MUM?
You can buy any apartment, townhouse or private home that is ready for use.
In whose name is the home purchased?
The home is registered in the name of MUM Kodu OÜ at the moment of the transaction, and a contract under the law of obligations is entered into with you to buy out the house on the terms agreed with you, upon meeting which the home is then re-registered in your name.
What documents do I need to submit to obtain an offer from MUM Kodu OÜ?
To obtain an offer, first submit a request on our website with a link to the desired property. We will then get in touch with you and make an initial offer.
What does the cost of the service consist of?
The service fee paid to MUM Kodu OÜ starts from 1% of the value of the purchased property (e.g. 2000 euros on a home costing 200,000 euros).
Two notarial transactions are required, the cost of which is set out on the state’s price list.
Transaction 1. Formalising the sale of the property from the seller to MUM Kodu OÜ (e.g. around 900 euros on a home costing 200,000 euros).
Transaction 2. Formalising the transfer of the real estate from MUM Kodu OÜ to you (around 900 euros).
To use the home until you buy it out requires you to pay rent, the amount of which depends on the value of the home, its location and the amount of the downpayment. The exact rental price is set out in our offer.
Can the downpayment be made over a longer period?
We agree on the terms of the downpayment with you according to your wishes and the options that are open to you. The payment of the downpayment required for a home loan can be postponed for a longer period, allowing you to choose higher-quality real estate.
What happens to my initial downpayment?
Downpayments are deducted from the initial purchase price paid to MUM Kodu OÜ when buying out the home and are considered by the bank to be the downpayment for the home loan.
Can I sell my home if I wish to?
Yes, you can sell the purchased home at a time that is convenient to you and MUM Kodu OÜ will refund the downpayment (original purchase price - sale price - downpayments). If you sell the property for a price higher than the purchase price, then you retain the difference. If you sell the property for a lower price, the difference is deducted from the amount of the downpayment.
When do I have to start paying rent on my home?
You start paying rent from the month following the purchase of the home.
How long do I have to buy out my home?
We usually enter into a contract under the law of obligations with the aim of you buying out the home within a period of three to six months. You can extent this period if you wish to.
How long is the rent contract entered into for?
We enter into the rent contract for the same term as the contract under the law of obligations.
Can a home be bought in a company’s name?
What happens if for some reason I can’t or don’t want to buy out the home I’ve chosen?
In this case you will need to find a new buyer for your home. The easiest way to do this is through real estate sites or by using a broker.