FAQs on buying a property in Prague
HOW LONG DOES A REAL ESTATE TRANSACTION TAKE?
Once you have selected your property and had your offer accepted by the sellor, the process should not take more than 6 weeks, if you will need bank finance, then it will take a few weeks longer depending on the speed of the banks.
SHOULD I SIGN A RESERVATION CONTRACT IF THE OWNER CLAIMS THAT THEY HAVE MORE
If you really do not want to lose the property, then make sure that the contract is fair and that there is no unreasonable risk. It is best if your legal advisor checks all documents before signature. Theymight be trying to pressure but might also be telling the truth.
SALES CONTRACT OR CONTRACT OF FUTURE SALE?
Standard practice means that you will sign a furture sale contract in case of mortgage, in the case of a 100% equity purchase than you can directly conclude the sales contracts.
IS THE FUTURE SALE CONTRACT QUITE DIFFERENT FROM THE SALECONTRACT?
The future contract should contain the agreed final version of the sale contract.
WHERE SHOULD I PAY THE DEPOSIT?
To an escrow account in accordance with the escrow agreement which mirrors the payment terms of the sales agreements.
HOW LONG IT TAKES TO COMPILE ALL OF THE DOCUMENTS AND GAIN BANK APPROVAL?
Usually about 6 weeks.
HOW LONG DOES IT TAKE TO TRANSFER TITLE AT THE REGISTRY OFFICE?
In Prague it takes approximately 1 month.