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DO I HAVE TO PAY A FEE WHEN RESERVING A PROPERTY? WILL I BE ABLE TO CANCEL THE RESERVATION?

You can reserve the chosen property for the period of 2 days. You can book it orally, over the phone or email after a viewing it or after a meeting with our representative and without paying any booking fee, contractual principal or advance payment.

After passing of the reservation period we either conclude the particular contract or the reservation is cancelled.

I AM INTERESTED IN YOUR OFFER. HOW CAN I GET IN TOUCH WITH YOU?

Our sales team is available every working day from 9.00 am till 6.00 pm. The viewing of any of offered properties can be booked over the phone or during a face to face meeting in our office in the 6th floor of KEYSTONE Office Building, Pobřežní 667/78, 186 00 Prague 8 - Karlín.

CAN I VISIT MORE PROPERTIES DURING ONE VIEWING? ARE YOU ABLE TO ARRANGE A TRANSPORT TO THE PROPERTY?

Yes, during the time of one arranged viewing you can visit several properties in our offer if is it possible from their location perspective.

And yes, if demanded by the client, we can arrange a transport to selected property

WHAT ARE THE DIFFERENCES BETWEEN COOPERATIVE AND PERSONAL OWNERSHIP?

When purchasing a property that is in regime of a cooperative ownership a buyer becomes an owner of the shares of the cooperative housing corporation (“cooperative”). These shares establish the right to use a particular unit. The buyer also becomes member of the cooperative that is an actual owner of the property.

If the property is to be bought within a personal ownership, the buyer becomes a direct owner of the property.

The cooperative ownership provides several advantages compared to personal one:

  • The purchase price. In case of the cooperative ownership the purchase price is just a prorated part of the total property value, the rest is paid to the cooperative in “monthly rent”. Once the total price is paid and based upon the cooperative member request the property might be transferred to his/her personal ownership.
  • The simplicity of the cooperative ownership transfer. When transferring cooperative ownership there is no obligation to pay real estate transfer tax (in specific case there is duty to pay income tax of a profit form cooperative ownership transfer), the agreement on ownership transfer is not submitted to the Land Register and the transfer does not require the consent of the cooperative.

WHAT ABOUT CONTRACTS? WHAT TYPES OF CONTRACTS CAN WE CONCLUDE?

The type of concluded contract reflects the phase realisation of the project/ real estate that interests the client.

We consider then the contract on future contract (smlouva o smlouvě budoucí) in case of the projects in progress or the purchase contract (kupní smlouva) in case of finalized projects that have gained the Final Approval.

CAN GARTAL HELP ME ON GETTING ASSETS FOR PURCHASE OF THE REAL? IS THE CREDIT ANYHOW SECURED?

Thanks to our reliable partners, GARTAL offers the opportunity to get the best solution of your financing of purchase of Your new housing. We secure documents completion and the whole communication with the bank, property value assessor and Land Register. Our long-term cooperation with the partners assures that You will receive the most convenient interest.

The credit is guaranteed by a lien on the property, which is the most common way of securing the debt. The lien is established by a written agreement (the Security Agreement) and is submitted to the relevant Land Register.

In case the debt (the credit/the mortgage) is not repaid the pledgee (the bank that provided the credit) can sell the property in lien and satisfy its claim. The lien is not linked to the person but to the property, i.e. it passes to the new owner if the particular property is sold.

WHAT ABOUT THE CREDIT AND THE JOINT PROPERTY OF SPOUSES? WHAT HAPPENS IN CASE OF A DIVORCE?

If the property is bought during the marriage lasting and with using a credit for its purchase, it is a part of the joint property of spouses (“SJM”) and belongs to both spouse equally and both of them guarantee the credit. However, by a notary deed SJM can be limited and particular already purchased property can be excepted of it or eventually can be such exception agreed for any future purchase of the property.

In case the property of exempt to SJM, the credit provided for its purchase of guaranteed only by the spouse that owns the property.

There are other ways how only one of spouse might become a sole owner of the property such as a purchase of the property by the funds gained before the marriage, eventually gained as a gift or inherited during the marriage.

When it comes to a divorce, the following might happen with the property in SJM:

  1. the property remains in shared co-ownership of both ex-spouses
  2. the property is sold to the third person and the profit is divided equally among the ex-spouses
  3. the property is transferred in a sole ownership of one of the ex-spouses and the other one receives an adequate financial compensation

The selected option depends on the agreement of divorcing spouses. In case they do not reach any settlement agreement regarding jointly owned property within three years since the divorce, by law the option a) comes into force.

The credit that has been drawn to purchase the particular property is guaranteed by both divorcing spouses equally. Again, there are several options how to settle such a credit:

  1. the credit is transferred to one of the ex-spouses
  2. the property will be sold and gained money will cover the debt with the crediting bank and the rest of it will be split between divorced spouses

CAN I PURCHASE THE REAL ESTATE FOR ANYONE ELSE, E.G. A MINOR?

Yes, the right to acquire things has a person since his/her birth. Thus, a minor can also own a property. However, the right to conclude contracts has a child when attaining the age of majority, i.e. by the turning eighteen or in some cases sixteen years old. The purchase contract must be concluded and signed by child’s legal guardian whose interests do not conflict with the interests of the child.

IS THERE ANY OTHER LIMITATIONS OF DISPOSAL WITH PROPERTY?

Other kind of restrictions on the disposal with the property are easements which establish the right of another person than owner of the property to use it, e.g. right of passage, right to pump water etc.

Easements are linked to particular person or property and are registered in the Cadastre at the relevant Land Register.

DOES GARTAL USE CREDITS TO HAVE SUFFICIENT ASSETS FOR ITS PROJECTS?

As the most of the developers in the Czech Republic also GARTAL funds its projects via credits provided by the prestigious banks. Such arrangement provided buyers with the comfort that construction works do not rely on GARTAL’s changing financial liquidity feed by the money paid by the buyers, but have secured since the beginning sufficient funds to finalize the whole project. From the buyer’s perspective it is the safest way of project funding.

Money paid by the buyers are hold on a special account (escrow account) which is on the crediting bank disposal and GARTAL has no disposal rights. This money is not misused for other purposes than those related to the particular project.

WE HEARD A TERM “Declaration of the Owner of the Building”. WHAT DOES IT MEAN?

The Declaration of the Owner of the Building (as stipulated in § 1166 of the Civil Code) is an unilateral legal act of the property owner (usually of the building), by which the particular building is divided into residential or non-residential units, their accessories and equipment and with these related rights to the plots and building and common parts of the house. The Declaration of the Owner of the Building is submitted to relevant Land Register.

DO YOU PROVIDE A GUARANTEE ON PROPERTIES YOU BUILT UP? DOES THE GUARANTEE HAS ANY HIDDEN CONS?

GARTAL provides a standard 24-month guarantee that starts running since the hand-over of the property. So, the warranty period is not shortened of the time that takes

the Final Inspection Approval process. The unit equipment is covered by the guarantee provided by its suppliers. The buyer receives all required documents for any future guarantee claims.

The guarantee on common building area runs since the moment when the property is set operable.

WHAT IS THE REAL ESTATE PURCHASE /TRANSFER RELATED TAX DUTY? ARE THERE ANY OTHER FEES RELATED TO THE REAL ESTATE ACQUIAITION?

When transferring a property following tax duty might arise:

  • real estate acquisition tax of 4% of the purchase price. Paid by the purchaser. However, the first purchase of the property units from developer’s projects are liberated of this duty.
  • Income tax of 15% (seller is an individual) and 21% (seller is a legal entity). Paid by the seller. Even this tax duty has several exempts:

    • The seller has in the sold property his/her residence for at least two years before selling it
    • The gained funds have been used for purchase of another property for seller’s residential purposes
    • The sold property was owned by the seller for at least five years.
  • Income tax is due also in case of property donation, i.e. free transfer, with exemption of donation between relatives (from sibling, uncle, aunt, niece or nephew, spouse, daughter or son in law or mother or father in law) or other person with whom the new owner lived in common household or was dependable for at least one year.

For the entry at the Land Register is charged a fee of 1.000 CZK. This fixed fee is payable with each contract, that establishes the real estate transfer, without taking into account how many properties are transferred via that contract.

When you purchase any property of our development projects, this fee is paid by us.

WHAT IS REQUIRED FOR THE SUCCESSFUL LAND REGISTER ENTRY?

For the successful entry at the Land Register is essential a written contract based on which a particular property has been sold or transferred to the personal ownership. The entry itself is initiated by a submission of the written proposal on a specific form (available here http://cuzk.cz/Zivotni-situace/Formulare/Formulare.aspx) submitted to relevant Land Register (depends on the Cadastre in which the particular real estate is located).

The proposal might be sent by any of the parties of the real estate transfer contract. The Land Register does not have by law set any period of time to deal with the proposal, however You should count with the period of two months at least (especially in Prague).

The purchaser becomes the owner of the property at the moment of entry at the Land Register that is effective retrospectively by the date of the submission of the proposal of entry at the Land Register.

WHAT IS THE RATE OF THE REAL ESTATE ACQUISITION TAX? WHO IS LIABLE TO PAY IT?

The rate of the real estate acquisition tax is 4% of the price of the sold property. Liable to pay the real estate acquisition tax is the purchaser of the property.

However the original purchase of the property directly from the developer is exempt to the real estate tax.

WHAT IS THE RATE OF THE REAL ESTATE TAX? WHEN IT MUST BE PAID?

Every property owner listed (building, house, flat or land) in the Land Register by the January 1st of the particular year must be the end of January fill and submit real estate tax return declaration and pay calculated tax by the end of May.

The calculation of the real estate tax depends on the type of the property, its purpose, its size and coefficient related to the size or type of the municipality in which the property is.

WHY MUST BE THE HOMEOWNER ASSOCIATION ESTABLISHED? WHAT RULES APPLY TO IT?

Due to new legislation of the New Civil Code (§ 1194 and following of NCC) there is a duty to establish the homeowner association (in Czech “SVJ” – Společenství vlastníků jednotek) in residential building where are at least five residential units and they are owned at least by three different persons (individuals or legal entities). SVJ is in

common language frequently called cooperative (in Czech “družstvo”) however it has nothing to do with the cooperative housing.

SVJ might be also established voluntarily in any residential building that does not fall under legal obligation to do so.

SVJ comes into being on the date of the registration in a public register at the relevant court, the membership of the unit’s owner is mandatory and is linked to the private ownership of the particular residential unit, i.e. arises with the ownership and comes to an end when the unit is transferred to another person.

SVJ is a legal entity that is limited to act only in area of building management and particular land pieces.

For establishing of the SVJ is needed to draft its Statues (that are in line of the provision of NCC), held the Establishing meeting and unanimously approve the Statues. The Statues are recorded as notary deed ad submitted for registration to the particular public register. The date of SVJ establishment is the day of the registration. The notary deed is needed for each and every change of the Statues.

Existing SVJ ensures that the management of the building and solving of the issues related common spaces and plots continues even in case of units ownership transfer.

HOW IS MEASURED THE UTILITIES CONSUMPTION, SPECIFICALLY THE HEAT, IN PARTICULAR UNITS?

Each residential unit has installed an individual heat meter.

WHAT ARE THE SPECIFICS OF SO CALLED ATELIERS OR STUDIOS?

Ateliers are a specific unit category. They have all the requisites of the residential unit, i.e. bathroom, kitchenette, but due to hygienic reasons such as noise limits, natural light limits, they can be approved only as non-residential units, in this case as temporal residential units. These units can be used for temporal accommodation and in some cases a person can have the property for a permanent residency address.

Ateliers (studios) can be rented, however it is appropriate to use for a contract a wording of the non-residential unit rent.

The buyer (if is a VAT payer) has the possibility to ask for VAT return in case the unit is used for economical activity. You can get back one fifth of the purchase price of the property.

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