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FAQ about property buy in Prague




How long does a real estate transaction take?

The average time is between 4 to 6 months, which includes the time needed to find the desired property, but is dependent on whether the contract is a pre-purchase of purchase.

 

Shall I sign a reservation contract if the agent/owner claims that they have more potential buyers?

Do NOT sign it before getting it checked by an independent attorney.

Purchase contract or pre-purchase contract?

Usually you will sign a pre-purchase contract in case of mortgage, in case of cash payment you can sign the purchase contract.

Is the purchase contract quite different from the purchase contract?

No, usually the pre contract contains everything what will be included by the purchase contract, too.

Where should I pay the deposit?

To the escrow account. Always keep proof of deposit.

How long it takes to collect the documents and bank approval?

About 6 weeks.

How long it takes to mark me as the property owner at the registry office?

In Prague it takes approximately 2-3 months