Stages and features of buying an apartment in the Czech Republic.

Stages and features of buying an apartment in the Czech Republic.
Czech Republic & ndash; this is one of those countries where it is difficult to circumvent the rules of the law or bribe. Legal and power tricks do not have the expected effect. Buying an apartment on the territory of a law-governed state is an advantageous investment of funds even if political or economic cataclysms arise.
To avoid problems when preparing a sale transaction, you need to know the specifics of the current legislation of the country relating to this area.
Stages of buying real estate in the Czech Republic.
First, the buyer must choose suitable apartment options for the purpose of their subsequent inspection. Next is to check the liked objects. When the search is successfully completed, a contract is signed that confirms the reservation. This document is a kind of guarantor of the obligations assumed by the seller and the buyer. In the process of registration of the contract the buying party undertakes to pay the amount of the reservation, the amount of which is about 10% of the cost of housing.
To obtain ownership of real estate, the buyer and seller sign a contract of sale from a notary. During payment, the whole amount of the object’s value goes to the notary for storage, sent to the account of the agency accompanying the transaction or to the bank cell.
The next stage involves the procedure for registering the contract in a special cadastre. The timing of recording a new owner in the cadastre may be different: in small cities, the procedure takes several days, in large & ndash; about a month. After the successful passage of this stage, the ownership of the property passes to the new owner, and the amount of its value & ndash; to the seller.
The transaction ends with a transfer to a new owner of contracts, according to which electricity, water supply, gasification services are provided, etc. There remains to be concluded an agreement on property insurance and to register with the tax inspectorate.
What you need to know about the purchased housing?
A buyer who wants to become an owner of an apartment in the Czech Republic must find out answers to some important questions before entering into a transaction. To begin with, it is necessary to determine the type of property that can be shared, personal and cooperative. The first priority right to purchase housing with shared ownership is the neighbors. Cooperative real estate allows you to settle in an apartment on legal grounds, but not to own property rights. The permission of the cooperative will have to be obtained if the tenant wants to have an animal or rent a square meter for rental use.
Acquired real estate should not be mortgaged or have debts. Since the Czech Republic is a European country, the mortgage is quite popular here. It is permissible to buy mortgage housing, but only on condition of a competent drawing up of an agreement excluding the possibility of transferring obligations for paying a loan to a buyer.
Also it should be clarified whether the apartment has the right of priority purchase, which can be not only an individual, but also the state. He has such an opportunity during privatization.
Information on the cost of services for buying property in the Czech Republic you can find here.

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