On 1st January, 2024, the rules for the sale and purchase of agricultural lands have changed; I wish to focus on three significant rules here:
- in the case of the sale and purchase of real estate subject to the Land Act, the purchase price must be determined in Hungarian forints;
- the purchase price can only and exclusively be paid by bank transfer or by lawyer's deposit;
- the sales contract must not contain any specific provisions regarding the person entitled to pre-emption.
Many sales contracts contain, for example, a clause stating that if a person entitled to pre-emption exercises this right, they are required to reimburse the original buyer for the legal fees. As of 1st January, 2024, such a contractual clause results in the nonapproval of the contract by the authorities.