[BUYING AND SELLING REAL ESTATE IN SLOVAKIA]
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apartment or non-residential premises – details of the number, floor number, entrance number and co-ownership shares in common parts and common facilities of the house and on the built-up and adjacent land, the conscription number, and the plot number on which the building is erected;
detailed in the escrow agreement. These usually include submission of an official extract from the land register evidencing the registration of the transferee in the land register as the owner of the transferred real property (and additional content, e.g., that the real property is free from any mortgage and/or easement). • Handover procedure details; • Liability for defects – from extended liability (compared to statutory standard) to limited liability (excluded defects etc.); • Declarations, if necessary, regarding the required municipal decisions such as, for instance, the occupancy permit determining the purpose of the use of the real property; • Detailed representations and warranties regarding the current ownership and substantial characteristics of the real property such as: access to public roads, connectivity to supplies (gas, electricity, etc.); • Determination of the technical condition of the flat based on expert appraisal with specification of the repairs to be carried out within the next 12 months; Note : Collateral provisions may be agreed in the conveyance agreement dealing with specific requirements of the parties, such as (i) reservation of the ownership right (e.g., until full payment of the purchase price), (ii) repurchase clause, (iii) pre-emption right, (iv) trial purchase. A detailed description of these institutes exceeds the scope of this overview however they could be
Note: Under Slovak law, the land ( solum ) and the building ( superficies ) constitute two distinct objects of ownership. Thus, the land and the building built upon it may be owned by different persons. • Where the real property is jointly owned by several owners, the ownership title expressed as a fraction of the total (e.g., one-half) must be stated; • Other specific requirements applying on content of a contract for transfer of a flat, such as accession to the facility service agreement. b. Recommended Content • Specific payment terms reflecting, e.g., loan, involvement of a bank, etc.; Note: Deposit of the purchase price at a notary, attorney-at-law, or bank (escrow account) and its release after the transfer is effective is commonly used. The parties conclude a separate escrow agreement with the bank, notary, or attorney-at-law. According to the escrow agreement the bank/notary/attorney-at-law is obliged to transfer the purchase price upon the fulfilment of the condition precedent(s) for the release of the purchase price
ILN Real Estate Group – Buying and Selling Real Estate Series
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