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STEP BY STEP

1) REAL ESTATE BROKERAGE CONTRACT

With this contract, the real estate agency undertakes to arrange, for the owner of the immovable property, a concluding of a certain contract with a third party (lease agreement, purchase agreement, agreement on the transfer of the cooperative share in the housing cooperative). The real estate agency then receives an agreed remuneration (real estate company commission), which is paid from the first rent (in the case of a lease agreement) or the difference between the total amount paid by the buyer and the amount requested by the owner of the real estate (in the case of a sale contract or agreement on the transfer of the cooperative share within the cooperative).

2) NON-EXCLUSIVE CONTRACT FOR REAL ESTATE AGENCY SERVICES

The non-exclusive contract for real estate services allows the real estate owner both to sell/rent through several real estate agents at the same time, as well as self-help. The real estate agency commission is payable only if the real estate agency finds the buyer/tenant and sells/leases the real estate, in other cases the real estate agency is not entitled to any remuneration, even for the activity it has done for the property owner in connection with mediation (promotion) real estate, real estate inspections, communication with interested parties, printing of promotional materials, moving the property to the top of the real estate portals and others). Until recently, there is no widespread belief that the more real estate agencies offer the real estate, the faster and at a higher price the real estate is sold/rented -> today real estate agencies advertise on the same real estate servers and promotional materials where advertisements from these different companies on the same real estate, but each with different information (description, size, price, layout or equipment). This gives the buyer/tenant distrust and asks why the real estate has to be advertised simultaneously by multiple entities and often comes to the conclusion that this is probably because the real estate is unsalable/unrecoverable. Therefore, the buyer/tenant waits to believe that the price will be reduced or to feel that he can discuss the price. This situation clearly reduces the success of the quick sale / lease of real estate and the highest possible profit for the owner of the real estate.

If there is no uniform fixed price, the buyer's/tenant's belief in the credibility of the real estate offer decreases.

3) EXCLUSIVE CONTRACT FOR REAL ESTATE AGENCY SERVICES

The exclusive agency agreement guarantees the owner of the real estate to achieve the highest possible profit, high credibility of the offer in the eyes of the buyer/tenant, its higher interest and thus faster sale/rental of the real estate. By concluding an exclusive contract, the owner of the immovable property entrusts the real estate agency for exclusive representation in the sale or lease of his immovable property (therefore, only one real estate agency represents the property owner). Since the price is set unambiguously (there is not a variety of advertisements with different prices), the buyer/tenant accepts it as clearly given. The broker is able to defend the interests of the real estate owner as much as possible because the buyer/tenant has no possibility to contact another real estate agency asking for a price reduction. In order to ensure that the real estate is sold/rented as quickly as possible, the real estate agency devotes increased care, time and money to the promotion of real estate in various media or promotional materials. This contract is concluded for a definite period (the time depends on the agreement with the owner of the real estate). It is also possible to arrange that, after a certain period of time, the exclusive regime of the real estate agency's contract (brokerage) will automatically be changed to a non-exclusive (so-called exclusive) trial contract.

4) REAL ESTATE PROPERTY RESERVATION AGREEMENT 

In case of serious interest in the real estate, the interested party signs a real estate property reservation agreement and pays a reservation fee. From this point on, the immovable property is reserved only for those interested, and the interested party is obliged to sign the subsequent contract (lease agreements, purchase agreements, agreements on the transfer of the cooperative share in the housing co-operative) within the agreed deadline under penalty of forfeiture of the reservation fee.

5) CONTRACT FOR THE CONCLUSION OF A FUTURE PURCHASE CONTRACT

It’s concluded in cases where both the seller and the buyer are interested in concluding the purchase contract, but for some reasons it is not yet possible (eg the buyer handles the mortgage loan, the seller is waiting for the settlement of the succession, closing the privatization of his real estate, etc.). The contract for the conclusion of the future purchase contract obliges the seller and the buyer to conclude the purchase contract. The binding text of the purchase contract itself is annexed to the contract for the conclusion of the future purchase contract.

6) PURCHASE CONTRACT 

A contract under which the title to the immovable property in question is transferred from the seller to the buyer for consideration. The real estate property is specified in the purchase contract according to the data obtained from the real estate cadastre, the purchase price and its maturity, the conditions for handing over the real estate and other necessary requisites. The text of the purchase contract is always agreed in advance by the contracting parties, the purchase contract is subsequently submitted to the relevant land registry office, which will decide on the permission to deposit the ownership right in favor of the buyer.

7) AGREEMENT ON TRANSFER OF COOPERATIVE SHARE IN HOUSING COOPERATIVE

A bilateral agreement between the transferor and the transferee that the transferor transfers to the transferee a cooperative interest in the housing cooperative with which the right to lease to a particular cooperative flat is attached. The agreement states the price for the transfer of the cooperative share and its maturity, the conditions for handing over the cooperative flat and other necessary elements. The text of the agreement is always agreed in advance by the contracting parties, the agreement is subsequently submitted to the housing cooperative to confirm its acceptance by the housing cooperative. 

8) AGREEMENT ON CUSTODY 

In order to ensure a smooth transfer of the purchase price, the purchase price is deposited in the safekeeping of a third impartial person (lawyer, notary, bank). This custody is then paid according to the agreement of the contracting parties, most commonly after registration of the buyer's ownership right in the real estate cadastre (in the case of a purchase contract) or after confirmation of the acquirer's membership in the housing cooperative (in the case of an agreement on the transfer of the cooperative share in the housing cooperative).

9) LEASE AGREEMENT

On the basis of the lease agreement, the owner of the immovable property, for the consideration of use by the tenant, usually leaves the relevant immovable property for a definite period of time.

Legal terms

Real estate

Real property are land and underground structures with a separate purpose, as well as rights in rem, and rights that are declared law by the property. If the law stipulates that a particular item is not part of the land, and if such a thing cannot be transferred from one place to another without violating its substance, the matter is also immovable. Each plot includes a space above and below its surface, buildings set up on land and other facilities except temporary buildings, including what is embedded in the land or fixed in the walls.

Building

The aboveground permanent structure, connected to the ground, is a solid foundation that is spatially concentrated and externally enclosed by perimeter walls and roof structures.

Apartment

A room or set of rooms that are part of a house is a living space and is intended and used for the purpose of living.

Unit

The unit includes a flat as a spatially separated part of the house and a share of the common parts of the immovable property linked together and inseparable. It includes not only the common parts of the house, but also the land on which the house stands (or share in it). Each unit has its own owner, registered on the Title Deed in the Land Registry.

Unit within personal ownership

In the case of purchase of a unit in private ownership, the Buyer will be registered on the Title Deed in the Land Registry as its owner and any subsequent changes in ownership shall be registered by the relevant Land Registry.
 

Unit Owners Community

It’s the legal entity responsible for the management of the house and land and its members are compulsorily (all forced) all owners of units in the respective house. “SVJ” membership is inextricably linked to the ownership of the unit. It must be based in a house where at least five units are owned by at least three owners. It may delegate the management of the house and land to another person (manager).

Cooperative unit (cooperative share in housing cooperative)

It differs from a unit in private ownership by the housing cooperative being the owner of an apartment in the land register. The acquirer thus becomes not the owner of the flat, but the owner of the cooperative share in this housing cooperative. The ownership of a cooperative stake in a housing cooperative is then inextricably linked to the right to lease a particular cooperative apartment specified in the lease. The co-operative share in a housing co-operative associated with the lease of a particular apartment can be transferred to private ownership after being approved by a member meeting and the board of directors of the co-operative. The condition of transfer to private ownership is the payment of an annuity if its amount is not zero. A cooperative stake in a housing cooperative may be financed by a mortgage loan only if the cooperative confirms to the bank that the cooperative flat will be transferred to private ownership within one year from the date of transfer of the cooperative share to the acquirer or if the acquirer has the possibility to guarantee the bank with another real estate.

HOUSING COOPERATIVE

The housing cooperative is a business corporation and can only be established to provide the housing needs of its members. Ownership of a housing cooperative is connected with the ownership of a cooperative stake in a housing cooperative with the right to lease a cooperative flat.

FAMILY HOUSE

The detached house is a residential building in which more than half of the floor area meets the requirements for permanent family housing and is intended for this purpose, with no more than three separate apartments, no more than two above-ground and one underground floor and an attic.

APARTMENT BUILDING

A residential building in which more than half of the floor space meets the requirements for permanent living and is intended for this purpose

COMMERCIAL SPACE

A room or a set of rooms that are a separate part of the house and which are designated by the planning authority for purposes other than housing.

LAND, BUILDING LAND

Land is a part of the Earth's surface separated from neighboring parts by the boundary of a territorial unit or by the boundary of the cadastral territory, the boundary of ownership, the boundary defined by the regulatory plan, the territorial decision or territorial consent, the boundary of another right entered in the Land Registry by the record, the boundary of the lien, the boundary of the right of construction, the boundary of land types, or the interface of land use.

The building land is then a piece of land, a part of it or a set of plots, which is defined and intended for the location of the building by a land-use decision or a regulatory plan.

PLOT, BUILDING PLOT

Land, which is geometrically and positively determined, is displayed in the cadastral map and marked with a plot number; the building plot is then land registered in the type of land built-up area and courtyard

CADASTRAL TERRITORY

It is a technical unit, which consists of a topically closed and cadastre file of real property.

CADASTRAL MAP

It is a large scale plan with a description that shows all the land that is the subject of the cadastre, cadastral area, and other planimetric elements; the lands are displayed in the cadastral map by projection of their borders into the display plane, they are marked with parcel numbers and types of land types.

TITLE DEED

It is an extract from the cadastre (public document), which documents ownership of the immovable property in question. In the title deed, any liens, easements or other restrictions on the immovable property are recorded. The property sheets are marked with a serial number within the given cadastral territory and contain, in addition to the owner's specification, real estate property, registration of rights to these immovable property, also the acquisition title.

ACQUISITION TITLE

The title is the charter on which the person has acquired title to the immovable property. Most often, the acquisition title is a purchase contract, a gift contract or a court decision on succession.

CADASTRE

It is a public list that contains a set of data on immovable property defined by the Land Registry Act including their inventory, description, their geometric and location designation, and the registration of rights to such immovable property. Cadastre serves not only for accounting and tax purposes, but also for statistical and technical purposes. It includes the registration of ownership, other rights in rem and other, statutory rights to such immovable property. Changes to the cadastre may be recorded by deposit, record or comment.

DEPOSIT PROPOSAL

Request of a natural or legal person to implement proposed changes in the records of the relevant cadastral office.

SEAL

The seal on the cadastre extract means that the immovable thing in question is affected by the change. The cadastral office will mark the seal on the property sheet on the basis of the incoming contracts, decisions and other documents and assign a management number to each seal.

MORTGAGE LOAN (MORTGAGE)

Loan (intended for both natural and legal persons) whose repayment (often including accessories) is secured by a mortgage on a real estate. It’s used to purchase or reconstruct real estate. The purpose of the mortgage loan is therefore to provide funding for an immovable property investment.

BUILDING SAVINGS

Building savings was created primarily to enable citizens to address the housing situation. It’s a financial product provided by building societies. The client, with the help of the state, creates equity, but can also apply for a building savings loan or a bridging loan, which will be paid together with the funds already saved.

AUCTION

Auctioning is a public hearing the purpose of which is to transfer the title to an object of auction without a fixed price and offers an immovable property to an indeterminate number of persons at a pre-agreed location for auctioning to the highest bidder provided that in an auction notice. Accordingly, the successful bidder concludes the purchase contract for the immovable property in question. Auctioning can be voluntary or involuntary.

JOINT PROPERTY OF SPOUSES

It is a specific form of property that arises through marriage and includes property (movable and immovable) or the spouses' obligations acquired during the marriage.

Part of the shared property is what one spouse has acquired or what the two spouses have acquired together in the marriage, except

  1. the personal need of one of the spouses
  2. only one spouse has received a gift, heritage or legacy, a common property would only be the case if the donor or testator expressed an express wish that the matter belong to both spouses together
  3. one of the spouses has received compensation for non-material damage
  4. one of the spouses acquired legal acts relating to his exclusive possession
  5. one spouse has received compensation for damage, destruction or loss of his sole property

 

The common property also includes the profit that comes from the property belonging to only one of the spouses.

The joint property includes debts incurred during the marriage, except as follows:

  • Debt incurred over the duration of the marriage and relating to the property belonging to only one spouse
  • Debts taken over by one of the spouses without the consent of the other spouse, and not the acquisition of everyday or common family needs


In addition, the joint property includes the spouse's shareholding in a company or cooperative if the spouse has become a partner of a company or a member of the cooperative during the marriage.

CO-OWNERSHIP

It is a form of ownership where two or more persons have ownership rights to a single common cause - these persons consider themselves to be the sole proprietor of the case as a whole. In the case of the sale of this common thing, the consent of all the co-owners is necessary, no matter how large the share of each co-owner is.

RESTRICTIONS ON THE PROPRIETARY RIGHT INDICATED ON THE RELEVANT TITLE DEED

LIEN (MORTGAGE RIGHT)

The lien serves the creditor to secure the debtor's debt (including any accessories - interest or contractual penalties) in the event that the debt is not met in time (repaid by the debtor). In this case, the satisfaction of the proceeds can be achieved by monetizing the pledge. At the same time, other hedging rights may also be established for the duration of the lien, such as prohibiting the alienation of a real estate or prohibiting another from imposing immovable property.

PRE-EMPTION RIGHT

The pre-emption right is the right of the entitled person to request that the thing be offered for sale to that person at the time of the disposal. It can use the pre-emption right, but it does not have to. It is no longer the case that if one of the joint owners of a joint property wants to sell its share, it must first offer it to the other venturers, except when the joint ownership is based on a title that the venturers could not influence their rights and obligations - such as inheritance. Newly, the principle is that if the landowner and the owner of the land are different, the landowner, if he intends to sell it, has to offer this land as a priority to buy the building owner and vice versa.

EASEMENT

It limits the owner of a real estate to another person. The easements are divided into servants and real burdens.

“Servants” are determined by the passivity of the owner of the burden-loaded thing. The proprietor's thing can be burdened with servitude by requiring the owner to bear something or refrain from doing something for the benefit of another person. An example of servitude is eg the servicing of the utility network, the service of the path, the passageway and the servitude of the apartment.

On the other hand, real burdens require the active behavior of the owner of the burdened thing and lie above all in the obligation of repeated performance on the part of the owner of the loaded thing. An example of a real burden is, for example, the obligation of the landowner to maintain a well to which another person has a servant or to regularly supply usable items (eg heating or food) to another person.

BUILDING RIGHTS

It entitles a person different from the landowner to have this foreign land. The right of construction can only be established as temporary, for a maximum of 99 years. At the end of this period, the landowner who acquires the ownership of the building will give the building right holder compensation equal to half the value at the time of the termination of the building right.

INSOLVENCY (BANKRUPTCY)

Insolvency or insolvency is a situation where a company or a citizen (legal or natural person) is unable to meet its obligations and repay the debt to the creditor. Ways of resolving the debtor's bankruptcy are bankruptcy, reorganization or debt relief.

EXECUTION

Execution, or enforcement, is the enforced execution order against the debtor's will. The purpose of distraint is to ensure a rapid and effective protection of the creditor's rights granted to him by an enforceable judgment of the court, an enforceable arbitration award, a notarial deed with the permission of enforceability or another enforcement order. As a rule, distraint consists in recovering a sum of money from the debtor for the creditor, or coercing to fulfill another obligation. Execution limits the owner to dispose of property.

 

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