Owning real estate in the Czech Republic is a great investment. Whether you use it as your main residence or you lease it out to earn a profit, there are a lot of benefits from owning a place here. However, there will come a time when you have to let it go. Perhaps you need to move to a new place. Or you're eyeing a new one and you no longer need what you have now. In any case, it's important to note that selling a
property in the Czech Republic is pretty complex. This guide will show you why.
What Are The Costs of Selling Your Property in The Czech Republic?
Selling your property in the Czech Republic comes with its own set of costs. And you'll have to pay them if you want to do everything legally. They include the notary fees, your real estate agent's commission, valuation services, and the appropriate
taxes. Not to mention other costs that can help spruce up your real estate as you put it on the market. With so many things to pay for, it's a good thing that most of these costs are paid via the final property price that the buyer pays you.
Should You Sell Your Property Privately in The Czech Republic?
These days,
selling your own real estate in the Czech Republic is becoming a more popular option. After all, it lessens the costs you need to pay. Hiring a real estate agent may be helpful in a lot of ways, but it can also get pretty expensive. If you're confident enough to take on this endeavor on your own, you'll also get to keep more of the profit from the sale. You also get to stay on top of the entire process since you don't have to rely on anyone else to do the work for you.
How Do You Make a Property Valuation in The Czech Republic?
A property valuation is a vital part of selling real estate in the Czech Republic. This is how you'll find out the true value of your property, and from there, you can set an initial asking price. If you hired a
real estate agent or company to help you sell the place, a valuation might be part of their many services. But if you chose to sell it on your own, you can always hire a third-party company to do it for you. Additionally, buyers who are
applying for a mortgage will also be required to conduct their own valuations for the property.
How Do You Survey Your Property for Selling?
When you put your property in the Czech Republic for sale, you have to make sure that it's at its best. No one will want to buy it if it has many problems. So before selling the place, conduct your own surveys first. Check the windows and doors and see if they're working properly. Check the tubes and plumbing to see if anything needs fixing. And if there are small repairs needed, do them yourself. It'll be a lot cheaper than having professionals do it. Also, while you're at it, look into the security of the place too. This is one of the many things buyers will
look for in a property.
How Do You Market Your Property in The Czech Republic?
Whether you sell your property through real estate or on your own, everything ends up online! As you put your property in the Czech Republic for sale, you will need to market it so that potential buyers will check it out. And what better place is there than the internet? The
top property listing websites in the Czech Republic are great platforms to get your real estate out there. The likes of
Sreality and
Eurobydleni are popular, not just in the country, but in the rest of the world too. Through them, even international buyers can discover and check out your property.
What is The Process of Notarizing Your Property in The Czech Republic?
Selling your property in the Czech Republic is filled with lots of legal paperwork. And it's because of this that your notary has a huge role to play in the entire process. From contracts to titles, it's their job to legalize everything and make them official. There aren't even standard templates to follow. Both you and the buyer have the right to set your own terms and conditions in the legal documents. And once they're notarized, they'll be legally binding. This is also why you need to hire a trustworthy notary.
What Documents Do You Need To Sell Your Property?
Among the many documents you need to sell your property in the Czech Republic, the title deed is the most important. It's what determines the ownership of the real estate, after all. Before you sell the place, you need to make sure that you are, in fact, the listed owner on the title deed. If not, then you won't have any legal right to sell it at all. The Building Energy Performance Certificate (PENB) is also vital as it stands as proof that everything on the property is working just fine.
How Do You Set Up the Sale & Purchase The Czech Republic?
The sale & purchase contract, more commonly known as the reservation contract, is drawn up by the notary. During this part of the process, you need to set some terms and conditions that will allow you to exit the agreement legally. Why? Because upon signing this contract and when it's notarized, it will serve as a legally binding document. On your end as the seller, this means that you will have to take the property off the market and sell it only to the listed buyer. If you don't, you'll be liable to pay the buyer back double the amount of the 10% to 30% deposit that they paid you.
What are The Legal Issues in Selling Your Property in The Czech Republic?
The transfer of any real estate in the Czech Republic comes with a few notable
legal issues. As already mentioned, there's the reservation contract, an important document that binds you to the sale. There's also the issue of the title ownership, wherein you have to make sure that you are, in fact, listed as the owner of the property before you put it on the market. But then there's also the principle of '
good faith' here in the Czech Republic. In this matter, if the buyer can prove that they truly believed that you, the seller, had all the legal rights to sell the property even if it was discovered otherwise afterward, the sale will still be legal.
How Long is The Process of Selling Your Property?
There's no telling how long it will for you to sell your property in the Czech Republic. Typically, it'd only take around two to three months. If everything goes smoothly from start to finish, it can even only take around thirty days, approximately one month. However, if you're not that lucky, the process can easily extend to take over six months in total. This is what may happen if you don't start the process prepared, particularly with the important documents. More often than not, it's gathering up all the important documents that take up a lot of time.
What are The Best Tips for Selling Property in The Czech Republic?
Now, for some
helpful tips. Firstly, make sure to meet the buyer in person. Whether you're selling the place on your own or you hired a broker, it's always better to meet the buyer yourself. Things will go smoothly if you're able to communicate with them directly. Secondly, schedule a move-out date. Nothing is more humiliating than getting thrown out of a property you once owned. So to avoid this, make sure you and the buyer have settled on when you move out and when they can move in.
If you ever come to the point of needing to sell your property in the Czech Republic, let this real estate guide help you. It offers all the basics of the process, from what you need to submit to what you need to accomplish.
