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Checklist – Real estate purchase contract

Are you planning to buy a property? Look out for the following list of areas you should definitely check before you buy.

realitní makléřka ukazuje zájemcům o koupi kuchyň
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If you omit some, you could be out of pocket, or worse, you could lose large sums of money. Therefore, it is always advisable to have the purchase contract and subsequently the escrow agreement drawn up by a professional who will also check the following points.

So what to remember?

  • Legal defects in the property(liens, pre-emption rights, easements, restrictions on ownership rights, seals…)
  • Debts on the house, apartment (arrears to the repair fund)
  • Factual defects of the property (technical condition, electricity, water, gas, internet, sewerage/septic system)
  • Heritage protection of the property
  • Property in a National Park or Protected Landscape Area
  • Execution, insolvency of the seller
  • Cooperative apartment – check the statutes of the cooperative (rights and obligations)
  • SVJ – statutes
  • Information about life in and around the house
  • Financing and specific conditions of possible mortgage bank
  • New construction – warranty period
  • Property tax
  • Change of permanent residence (seller’s deregistration or buyer’s registration)

Please note that the real estate acquisition tax has been abolished and the effective date in this respect is 31 March 2020. For more information, see the article Abolition of real estate acquisition tax.

Real Estate Purchase or Sale

We provide a complete package of legal services related to real estate sales and purchases, including reservation contracts and escrow services. We will also help you with all tax and land registry issues. Our work is fast and accurate, ensuring a worry-free transaction. You’re also welcome to pay after services are provided.

In the contract then:

  • Identification of the contracting parties
  • Designation of the property
  • Purchase price and method of payment
  • Acceptance of the property – when, where, how, – handover protocol
  • Rights and obligations of the seller, the buyer
  • Contractual penalties
  • Signatures
  • Escrow agreement
  • Application for deposit

We will check all these points and will be happy to help you with everything.

Download the free e-book 5 tips to buy or sell property risk-free and go through the process of selling or buying a house, flat and land smoothly.

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Real Estate Purchase or Sale

We provide a complete package of legal services related to real estate sales and purchases, including reservation contracts and escrow services. We will also help you with all tax and land registry issues. Our work is fast and accurate, ensuring a worry-free transaction. You’re also welcome to pay after services are provided.

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Author of the article

JUDr. Ondřej Preuss, Ph.D.

Ondřej is the attorney who came up with the idea of providing legal services online. He's been earning his living through legal services for more than 10 years. He especially likes to help clients who may have given up hope in solving their legal issues at work, for example with real estate transfers or copyright licenses.

Education
  • Law, Ph.D, Pf UK in Prague
  • Law, L’université Nancy-II, Nancy
  • Law, Master’s degree (Mgr.), Pf UK in Prague
  • International Territorial Studies (Bc.), FSV UK in Prague

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