Purchase of a real estate in Czech Republic
You’re ready for a big change in your life and you're excited. Buying a property is likely to be the biggest purchase you’ll ever make, so it’s vital to get it right. Getting it just slightly wrong can be costly.
It’s a time-consuming and tiring process, which demands sometimes complicated legal aspects. You’ll need to sign contractual documents and sort out numerous financial and regulatory documents.
Being assisted by a professional and experienced real estate agent can make the process considerably faster and smoother, saving you considerable time, stress and money.
Do you want to know more?
How to buy a real estate in Czech Republic?
We'll discuss your requirements: area, budget, property layout, etc. If required I'll connect you with the mortgage specialist to help finance your purchase. We'll conclude the agreement in which I'll make a commitment to search for you the property according to your requirements. You'll pay the advance payment for the services.
I’ll actively search through the current internal and external offers and will email property profiles that best match your criteria. I'll organise and assist you during the shortlisted properties' visits. I'll make a market price evaluation of the chosen property in order to negotiate the best possible purchase price for you.
Once the decision is taken, we'll sign a reservation agreement. It will ensure that the property won't be offered to other potential buyers until the Purchase Agreement is signed. The reservation fee (normally between 2 and 5% from the total purchase price) will be a confirmation of your serious intention to buy the property and will be deducted from the final purchase amount.
Our lawyer will prepare a new Purchase agreement or will check the offered one by counterside to ensure your rights are protected. It is important to include in the Purchase agreement the part that would describe the actions and penalties in case the counterside will break the agreement. Upon the signture of the Purchase agreement the rest of the amount for my services is due. The right for my commission can only be claimed upon the transfer of the title to you.
The best practice is to transfer the purchase price minus the reservation fee to the escrow account - an account specially opened for that purpose by a third party like a lawyer, notary or a bank. That third party would pay out the purchase price to the seller upon the Purchase agreement conditions, normally after the title is transferred to you in the Land register. I'll recommend the best option among escrow accounts.
I'll assist with handing over the property to you and transfer of the utilities to your name. I'll help with two taxes you will have to pay: one time Property purchase tax and yearly Property owner tax. Upon the title transfer to you, you should pay the Property purchase tax that is currently 4% from the purchase price. It should be done within three months starting from the month following the one when the title transfer has happened. The nearest January you should register youself for the yearly Property owner tax. Do not forget that upon the title transfer the property is not insured. I can help with getting good offers from RE/MAX recommended providers.
Benefits of working with me
Easy communication: I'll explain you the important things in English, Italian, Russian or French and will be a bridge in communication between you and Czech owners, buyers, authorities etc.
Valuable recommendations: I live in Czech Republic since 2008 and I orient well in its geography, laws and customs
I'm a foreigner myself: I know what it is to be a foreigner in Czech Republic, what may be your needs and how to deal with them