Riga Woman's Bank-Free Instalment Flat Purchase Ends in Losses and Eviction

A resident of Riga, Latvia's capital, attempted to buy an apartment on an instalment basis without taking a bank loan, but the deal left her with significant financial losses. A court has ruled that she must be evicted from the home.

The case illustrates the risks of rent-to-own arrangements, in which buyer and seller agree directly, with no bank involved. In such a deal the buyer can end up having to leave the apartment and may lose money already paid.

The situation is made more complicated by the fact that the apartment in question has been damaged in a fire. The woman is therefore left without both the money and the home she had hoped to own.

The available part of the publication gives no further details on the terms of the deal, the amounts involved or the court proceedings.