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What taxes do i have to pay in the event of a real property transfer? Are there any other fees involved?
The following taxes may need to be paid on the transfer of a real property: Income tax of 21% if the seller is a legal entity. The tax is paid by the seller. Income tax...
Why must there be a condominium association? What rules apply to a condominium association?
Pursuant to the Civil Code amendment applicable from 1 July 2020, a condominium association (CA) shall be established, provided it had not been established earlier, by unit owners in a building comprising at least five...
How are a mortgage and purchase of an apartment treated, from the point of view of common marital property? What is the procedure in the event of a divorce?
If a property is purchased during a marriage, it becomes a part of the spouses’ common property (“CP”) if the couple is married pursuant to the laws of the Czech Republic. That means that it...
Is a reservation of a real property always binding and subject to a fee?
No, a prospective buyer can reserve a property for up to 2 days without a commitment. This can be done in person, over the phone, or by e-mail, after a viewing or a meeting with...
Essential for successful registration in the Land Register is a written agreement on the basis of which the real property is transferred or passes to a third party. Aside from the said agreement (title transfer document), an application for registration must be completed, using the prescribed form (which is available at nv.cuzk.cz/Web/Uvod.aspx). An application may be submitted by any party to the property transfer agreement. By law, the Land Register Authority must wait for 20 days, during which registration cannot be made even if all background documents are in order. Only after the expiration of that statutory period can registration be made for the benefit of the person acquiring ownership of the property. Usually, the proceedings take one calendar month.
The buyer becomes the owner of the property upon the registration of his ownership in the Land Register, which is registered retroactively as at the date of the delivery of the application for registration to the Land Register Authority, with which the relevant ownership transfer document is enclosed.
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