+420220580154Initial Preparation
Budget Assessment: Define your budget.
Market Research: Narrow down your preferences (flat type, area, condition)
Property Selection
Market Research: Explore property listings provided by us based on your preferences.
Viewings: We schedule personal visits to shortlisted properties and prepare a video of the viewings.
Due Diligence: Verification the property’s legal status (ownership, encumbrances, liens, payments, and information about the flat, building, and its management).
Negotiation and Reservation of the Flat
Price Negotiation: We make an offer to the seller if negotiation is possible
Reservation Agreement (Rezervační smlouva): The flat is reserved for you for a period of usually one month. A reservation fee (typically 3–5% of the purchase price) must be paid within 5 working days of signing the agreement.
Technical Inspection: Recommended for second-hand flats.
Purchase of the Property
Purchase Contract: Negotiation of contract terms is handled by us, and our real estate lawyer reviews the purchase contract (Kupní smlouva) during the reservation period.
Escrow Agreement: Using an escrow account for secure handling of funds (preferably with our lawyer, but in some cases, the seller’s lawyer may be used).
Source of Funds: According to Czech law, you will need to prove the source of the funds for the property purchase.
Payment
Signing the Purchase Contract: Can be done in person or via Power of Attorney with verified signatures (at the Czech Embassy in Israel, Czech Post Office, or municipal office).
Down Payment: Transfering the agreed amount into the escrow account, usually within 10 working days of signing the purchase agreement.
Transfer of Ownership
Submission: Submitting the signed purchase contract and request for ownership change to the Land Registry, usually within 5 working days of transferring funds to the escrow account.
Registration: Ownership transfer is typically recorded in the Land Registry within 30 days after the submission of the request.
Post-Purchase Tasks
Handover of the Flat: Generally occurs within 5 working days after ownership is registered, and funds are transferred from the escrow account to the seller. A handover protocol is signed, documenting electricity, water, and gas consumption.
Utility Transfers: Organizing the transfer of all utility services (gas, electricity) to the new owner.