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How to buy an apartment and finance

We have prepared for you a clear procedure for buying a flat and information about financing.

1 Verbal reservation
2 Reservation agreement
3 Contract for future purchase contract
4 Contract to transfer unit ownership
5 Handover of residential unit
1

Verbal reservation

At your request, we will provisionally reserve the apartment in which you have expressed interest for a period of seven days so that you have time to study the project documentation, verify possibilities of financing, etc.
An oral reservation can be provided by means of an in-person meeting with our sales agent at the headquarters of our company (in the case of apartments in the preparation phase / under construction) or when viewing the given apartment (in the case of completed projects).

2

Reservation agreement

In the event that you decide to purchase an apartment, we will send you a draft Reservation Contract.
The standard reservation period is 30 days following signing of the contract. In legitimate cases, that period can be extended upon mutual agreement.
The reservation fee is CZK 200,000 for each individual unit.
An annex to the reservation contract comprises sample text of the subsequent contract, i.e. the Contract on a Future Purchase Contract (in the case of an apartment in the preparation phase / under construction) or the Contract on Transfer of Unit Ownership (in the case of completed projects).

3

Contract for future purchase contract

This contract is concluded within the reservation period and primarily defines the following:
• subject of transfer, i.e. the apartment that you have selected including outdoor spaces (terrace/balcony/front yard) attached to the apartment, garage space and basement space
• purchase price and means of payment thereof
• purchase-price deposit in the amount of 20% of the total purchase price including VAT (the reservation fee is included in the deposit), payable within ten days from the signing of the Contract
• balance due in the amount of 80% of the total purchase price including VAT following final approval of the project and signing of the Contract on Transfer of Unit Ownership (Purchase Contract)
• construction completion dates
• possibility of client changes
• text of the Contract on Transfer of Unit Ownership (Purchase Contract) and the date of its signing
• commitment of the contracting parties to conclude the Purchase Contract within 30 days following final approval of the project
• other conditions necessary for conclusion of the Purchase Contract

4

Contract to transfer unit ownership

This contract is concluded within the reservation period (in the case of completed projects) or within the period agreed in the Contract on a Future Purchase Contract (in the case of apartments in the preparation phase / under construction). The subject of transfer, purchase price excl. and incl. VAT, means of payment (the buyer’s own financial means / mortgage loan), date of handover of the unit and other requisites necessary for transfer of unit ownership are precisely specified in the contract.
Within the Purchase Contract, it is possible to arrange holding of the purchase price in escrow. This service is provided free of charge by our company’s contractual law firm. In the event that the client requires a different escrow holder (a different law firm, bank, notary), the client shall arrange escrow at his/her own expense.

5

Handover of residential unit

Handover of the unit follows signing of the Contract on Transfer of Unit Ownership and payment of the full purchase price. The latest possible date of handover is specified in the Purchase Contract as being within 20 days from depositing of the deed of ownership in the property register in favour of the new owner.