Are you going to buy an apartment in Prague? Then pay attention to one of the mistakes that people make most often, which we will show you in the next part of our series Living in Prague. Not only can the following missteps cost you a lot of time, but also a lot of money.
So what to look out for when buying an apartment:
1. Signing the wrong booking contract
There are two types of booking contracts. The first of these is the contract between the buyer and the real estate agency. However, the seller is missing from it, so it does not offer you any guarantees, for example, in the event that the seller decides to cancel the entire transaction. Therefore, request a reservation contract that the seller also signs. Also, be sure to check that it includes potential penalties for the seller should they decide to back out of the sale.
2. Inaccurate dimensions of the apartment
Some brokers include the area of ​​the balcony or basement in the apartment size. At current prices, this can mean a difference of CZK 1 million. Also, pay attention to the confusion of the terms floor area and usable area. Before buying an apartment, request an "owner's declaration" document from the land registry. In it you will find all the information about the size of the apartment and what belongs to it. You will pay 20 crowns for it.
3. Failure to specify other parts of the apartment in the purchase contract
When you buy an apartment, you are also entitled to other non-residential premises. Not everything that belongs to the apartment can be recognized on one title deed where the apartment is listed. As a rule, there are no related plots (e.g. yard or garden) or co-ownership shares in non-residential premises. Again, a visit to the land registry office will help, where you can request a "register of personal rights". This is a list of properties that the seller owns. It will cost you only 50 crowns.
4. Badly substantiated late handover of the apartment in the purchase contract
Not every seller has the option to move out immediately after the sale. But what if the transfer of the apartment keeps moving? To avoid such complications, it is enough to include in the contract a penalty for each day of delay in handing over the apartment. This should be two to three times the rent of a comparable apartment to make it worthwhile for the seller to move into the rental.
5. Bad agreement on equipment that will remain in the apartment
Did the broker inform you during the inspection that the equipment will remain in the apartment, but when you take over, you find that the apartment has been emptied? No matter where the mistake happened, it is usually impossible to correct it. Therefore, if you are buying a furnished apartment, make a list of them and attach it to the reservation contract as part of the purchase. After all, the opposite also applies, i.e. in the case when you expect the apartment to be empty.
And what other mistakes to watch out for?
And what about you? Have you had a bad experience buying an apartment? Did you make a mistake that you were very sorry for? Let us know in the comments!
Other most common mistakes when buying an apartment:
- the land under the apartment building is owned by another person,
- overlooking restrictions on the right of ownership of the apartment (lease agreement, easement, right of pre-emption, notice of dispute, execution order and other entries related to execution, lien of a non-bank entity),
failure to resolve the prohibition of alienation or encumbrance by the seller's mortgage bank,
- the seller's refusal to sign the pledge agreement,
- failure to clarify the delivery date with the seller,
- failure to clarify the date of payment of the purchase price with the seller,
- failure to verify the possibility of obtaining a mortgage before signing the reservation contract,
- a problematic apartment neighbor,
- dysfunctional community of unit owners,
- concluded disadvantageous contracts for the supply of energy to the apartment building (heating, water heating) or for the maintenance of the house (administration, security, garden maintenance, etc.),
- indebted community of unit owners,
- unit owners owe payments to the unit owners association,
- failure to verify the construction and technical condition of the apartment building and future repair costs.
If you are considering buying an apartment in Prague, we will tell you which locations in the city have the greatest potential from this point of view: • 3 pražské čtvrti, kde ...
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Daniel, Lukáš, Honza, Martina, Květa, Ruda