Rules of Buying Czech Properties for Foreign Citizens

Step 1. Reserve the Property and Paying Deposit

Checking the Property

If you chose an apartment you like, you can make an agreement with the developer or the owner of it to keep it for you for a while. Verbal reservations in practice rarely last longer than two weeks.

This period gives you an opportunity together with your real estate agent to check the legal status of the property. In particular, you should apply to the real estate cadastre (Katastr nemovitostí) to get an extract. It shows who was the owner and when, when the sale agreements were concluded, whether the property was mortgaged, and so on. If the property is legally clean, a deposit agreement can be concluded.

Concluding a Deposit Agreement

This agreement and every following document must be concluded in Czech. If you don’t speak it, it’s not a problem. You can ask your agent for help or involve a third-party translator.

The agreement specifies the period for which the property is reserved, the amount of the deposit paid, and penalties for non-compliance with arrangements.

At the same time, you pay a reservation fee. Usually, 50000-250000 CZK, which is up to 5% of the property value. If the transaction doesn’t happen due to the seller’s fault, they return a deposit and pay a fine (for example, in the amount of the monthly rental rate of such a property). If it is your fault as a buyer, the seller keeps the deposit.

Opening a Bank Account in the Czech Republic

The law doesn’t require you to open an account Czechia. You are allowed to use an already existing account in your country for transactions. But a Czech account may be useful in the future. For example, to pay for utilities or receive rental payments. The procedure is simple and takes less than an hour. Foreigners can apply to any bank in the Czech Republic. You can even try to look for financial services in your language.

Step 2. Conclude a Contract

Making a Presale Contract

A presale contract for property is not a necessity. You need it, if you consider buying real estate with a mortgage or via instalments. In the first case, the bank considers a loan application by this document. In second one, you can transfers money from abroad by virtue of this contract. Also, you can request a presale contract, if the value of property is large.

You conclude such a contract after paying the reservation fee. A presale contract doesn't need notarization and must be signed only by the seller and the buyer. The document contains the details of the parties, payment procedure and terms, responsibility of the parties, etc.

Opening a Deposit Account

After signing the presale contract, you need to make another document which is a deposit agreement. It defines the procedure for money transfers.

The deposit equals to the value of the property minus the reservation fee and get stored in a separate deposit account (trust or escrow). The sum is transferred to the seller's account only after the transfer of ownership. The bank, your real estate agency, a notary or a lawyer can act as a keeper of the deposit. The deposit agreement is signed by three parties: you, the seller and the custodian of funds. As a buyer you transfer the money to the deposit account only after signing. 

Concluding a Sale Contract

This contract demands signatures from a buyer and a seller as well as notarization. A sale contract is the main document, because the transfer of ownership is based on it. The contract must be prepared in Czech, but you can arrange a version in your mother tongue in the Chamber of judicial interpreters.

A sale contract must include: 

• the total value of a property;
• information about a new owner and a previous one;
• terms of payments;
• payment methods (a lawyer’s or a notary’s trust account);
• responsibility for payment of fees for real estate re-registration;
• description of a property, including furniture and domestic appliances;
• terms of transferring the ownership;
• refund procedure, if the transaction fails.

At this stage, you must transfer the full cost of the property to the deposit account.

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Step 3. Make a Payment

In 99% of the case buyers pay in the Czech koruna. The bank transfer is a traditional method. Your options:

1. Open a bank account in a Czech bank. The procedure takes about 30-40 minutes and requires your foreign passport or any other ID (if the bank demands it). You need to put some money, €10 would be enough. You can use this account in the future to transfer payments for the deal or pay utilities.  
2. Transfer money from abroad to a trust account in the Czech Republic. In this case, the bank may require you to provide documents explaining the purpose of the transfer as well as documents confirming the source of funds. Usually, the transfer takes 2-5 days. Sometimes Czech banks take a commission (up to €50), and don’t forget about the currency rate on the day of a transfer.

You can legally bring a small amount of cash to the Czech Republic. But remember that  there are restrictions on the amount of cash you can export, depending on the country you are coming from. The sum on you bank card isn't restricted.

The buying procedure without a mortgage usually takes 3-4 days without the time for inspection of propeties at the beginning of the purchase and state registration at the final stage of the deal. 

Step 4. Registration of a New Owner 

The agent makes an application for re-registration of ownership after the conclusion of the main contract and sends both documents to the real estate cadastre. According to the law, the property is  getting "blocked" in the cadastre for 21 days for the sake of security. All operations with the property are banned during this time. Then the documents are taken for consideration. It takes not more than 45 days in general. 

The reverse side of the sale contract is stamped at registration. If you’d like to, you can order a statement of ownership (a property sheet) in the real estate cadastre. Costs about €4. You can also check the property's status on the cadastre's website.

The seller receives the money on their trust account after the new owner receives a copy of the sale contract certified by the cadastre, as well as a confirmation of registration. Depending on the prescribed conditions, you get the keys either at the time of signing the contract of sale or registration of ownership. At the same time, you have to pay all the state fees and fees to specialists who participated in the transaction.

Finally, you reissue contracts with utility services. Your real estate agent can help you with that. 

How long does a realty deal take in the Czech Republic?

It depends on whether the property is paid for immediately or purchased with a mortgage. If it’s a one-time payment then the whole procedure takes about 3-4 days, except for time for looking and reviewing real estate at the beginning and a state registration at the very end of the process. If the property is purchased with a mortgage, the term prolongs up to one and a half months, since it takes a while for the bank to review your application.

As an individual you need a foreign passport only, as a legal person you need a foreign passport and the extract about your company from the commercial register of your state.

Quoting conditions of Prian.info materials