[BUYING AND SELLING REAL ESTATE IN SLOVAKIA]
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KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER SLOVAKIAN LAW
I.
Types of Real Property Conveyance 8 Transactions
contract, (ii) the conveyance agreement is drafted in the form of a notarial deed or (iii) the conveyance agreement is drafted by an attorney-at- law (so called “authorisation”). A transfer contract may also be concluded in electronic form – by means of guaranteed electronic signature which is created by special software and replaces the handwritten signature. Signature certification by notary is not required in such case. For electronic submission, all attachments must be submitted electronically and authorised with qualified electronic signature, in the case of some documents, their conversion into electronic form with preservation of legal effects is also required (it can only be done by an attorney, a notary or the Slovak Post.) III. Contents and documents a. Mandatory Content • Identification of the legal transaction at hand (purchase, donation, etc.), place and time of the legal transaction; • Identification of the contracting parties; • Purchase price or manner of its determination; • Exact description of the real property, i.e., a description of the
a)
Purchase of an undeveloped plot of land
b)
Purchase of a developed plot of land
c)
Purchase of a building
d)
Purchase of a flat
e)
Purchase of non-residential premises
f)
Establishing a right to build 9
Note : A separate form of acquiring real property (indirectly) is a share deal – acquiring control over the entity (see below) owning the real property through purchase of shares in such entity. Conveyance of title to real property may also take the form of a donation (see below) or exchange contract (basically a mirrored purchase contract). II. Formal Requirements A contract for the transfer of real property (purchase, donation) must be in writing and the expressions of will of the parties must be contained in the same document, i.e. signing in counterparts is not possible. The signature of the transferor (on a paper- form contract) must be certified by a notary or a Slovak municipality’s registry department. Exceptions apply in cases where (i) the state, a state body, a municipality, etc. is a party to the 8 Please note that for the purposes hereof, we focus on conveyance of real properties based on a contract (in contrast to other types of real property transfer, such as inheritance or in auction). 9 The right to build is a right in rem related to a plot of land consisting in a right to have an above ground or underground structure whether yet existing or existing in future. It is not considered as real property per se under Slovak law.
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land – details of the cadastral territory, the exact plot number, the land register "C" or "E", the type of land, and the area of the land; details of the conscription number and the plot number on which the building is erected; building –
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ILN Real Estate Group – Buying and Selling Real Estate Series
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