When buying a flat or a house, people focus on the price and the mortgage, but the risks hide in the detail. A charge or an easement on the title deed, a seller who owns the property jointly with a spouse, or a reservation agreement that mainly protects the estate agent. Most of these problems come to light if the paperwork is checked before signing.
We check the title deed, known in Slovakia as the list vlastníctva, and the seller's right to sell, review the reservation and preliminary agreements and draft a purchase contract that also covers the case where the Land Registry refuses registration. We arrange payment through notarial escrow or a blocked bank account and align it with the bank's process if there is a mortgage. Finally, we file the registration application and follow the Land Registry proceedings.
If you pay the price before the Land Registry approves the transfer, you carry the risk of getting it back. Notarial escrow or a blocked bank account lets the money be released only after registration.
When a co-ownership share is sold, the other co-owners have a statutory right of first refusal (Section 140 of the Slovak Civil Code).
Property held in the community property of spouses must be sold by both spouses.
Income from selling property the seller has owned for more than five years is exempt from income tax (Section 9 of Slovak Act No. 595/2003). The law provides further exemptions too.
Articles are in Slovak.
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In a consultation we assess your situation, suggest a way forward and tell you what costs to expect.
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This page is for general information, reflects Slovak law at the time of writing and is not a substitute for advice on your particular matter.