Why to work with a real estate agent when buying a property in the Czech Republic?

What is common in the Western countries and in the US, here in the Czech Republic is not common at all. And here I mean – working with a real estate agent when purchasing a real estate. Local buyers look for a suitable property themselves and then rely on the seller’s agent to finish the transaction. Sometimes buyers have their own lawyer to check the documents created by the selling party.

Although it does work for most of the Czechs, it may not be the case for the foreigners who want to buy a real estate in the Czech Republic.

Why is it hard for a foreigner to buy a real estate in the Czech Republic without hiring an agent?

  1. First problem may be the language barrier: many real estate agents do not speak any foreign language so agreeing on a viewing and any further communication for a foreign buyer could be hard or even impossible. Even if a foreigner speaks Czech, often the level is not sufficient in order to understand well all the documents that need to be signed during the property transfer.
  2. Another challenge may be that a foreigner is not familiar with the local real estate market: what area to choose, what type of a property to choose, is there a space for the price negotiation or is it a great deal already, etc.?
  3. Some people are simply too busy to dedicate time often enough to the search of a good deal.

The answer to all these and other possible challenges is – hire a experienced real estate agent who will help you to buy a property.

What are the benefits of working with a buying real estate agent?

1. The home search is agent’s daily work (so you can keep yours).

What it means for you: The agent knows where to search. He/she dedicates time to the search regularly. He/she reacts fast to suitable offers so you don’t miss opportunities.

2. You focus on living in the home, the agent focusses on the investment potential.

What it means for you: He/she advises the pros and cons of the neighborhood, nearby transportation, etc. He/she investigates the future plans of the building authorities, reviews maintenance and utilities costs for the property. All this is in order to ensure you buy an easy-to-sell real estate in case you’ll decide to sell it in the future.

3. Price and contract terms negotiations.

What it means for you: the agent makes a price valuation of the chosen property and conduct on your behalf the price negotiations as well as negotiate with the seller the agreement terms.

4. The agent makes the legal check of the property and review the documentation.

What it means for you: the agent makes sure the property has no legal issues and the seller has no limitations to sell it. The agent and his legal team review all the documents to ensure they meet legal requirements and the parties’ terms agreement.

5. The agent supervises the whole transaction to minimize the possibility that it falls through.

What it means for you: During several months long transaction the agent is the main point of contact between all the involved parties. He/she supervises that everyone does what he or she has to and that all the deadlines are met.

6. The agent cools down the tense moments.

What it means for you: Long and costly real estate transactions may create frustration and anxiety on both sides. Not being emotionally involved the agent often serves as a diplomatic pillow to resolve the tense moments.

7. The transaction risks are covered by the professional insurance.

What it means for you: Exceptional cases like failure to determine the legal risks of a property, loss or damage of important documents, other issues that may cause you financial damage are covered by agent’s professional insurance.

If you need help with purchasing a home or an investment property in the Czech Republic, feel free to contact me.

Alexandra Kurbanova – real estate agent in Prague and suburbs.

Connect with me (Whatsapp, Viber): +420 606 171 876

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