Are GARTAL projects encumbered with loans for the financing of their construction?
Like most developers on Czech markets, GARTAL finances its projects with loans from reputable banks. This gives assurance to buyers that the construction does not depend on GARTAL’s fluctuating financial liquidity, coming from funds paid...
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...
What makes accommodation units and studios specific?
Studios are categories of non-residential units that have all the attributes of an apartment – i.e., bathroom and toilet, kitchen corner, but for reasons of hygiene regulations (noise limits, level of lighting), they cannot receive...
What is required for successful registration in the land register?
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...
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 units, of which at least four are held by four different owners.” Unless the existence of a condominium association is proven, no other owner’s ownership of a unit subject to transfer may be registered in the Land Register. CAs can be established on a voluntary basis, even in buildings that do not meet the statutory requirements for their mandatory establishment.
A CA is established upon the approval of its Articles of Association in one of the following three ways: in a declaration, made pursuant to Section 1166 of the Civil Code; in an agreement on construction, pursuant to Section 1170 of the Civil Code; or by consensual legal action of all unit owners aimed at its founding, pursuant to Section 1200 of the Civil Code.
A condominium association is a legal entity whose competences are limited to building management.
The existing CA in the building takes care of building management and addresses issues pertaining to common areas and will carry on even while ownership of individual units is being transferred.
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