[BUYING AND SELLING REAL ESTATE IN SLOVAKIA]
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useful in some cases. We will gladly provide more detailed information upon request. c. Required Documents • Declaration of the facility services provider or the chairperson of the community of flats and non- residential premises owners in the building that the transferor does not have any arrears of rent or payments for the services (heating/cooling, electricity, garbage, etc.). • Energy certification - owner of a building is obliged to keep the energy certification during its validity and to hand it over to the new owner in case of transfer.
Due Diligence In addition, depending on the location and nature of the real property, the seller should conduct a detailed due diligence review focussed on specific issues (as applicable): - unrestricted right to transfer the real property, pre-emption rights, long-term lease of arable lands, existence of mortgage over the real property; - specific historical forms of ownership, e.g., “Urbarium” and ramifications on the transaction or intended use; - (non)existence of unresolved ownership restitution claims raised by entitled persons persecuted by the fascist/communist regimes; - construction planning aspects/restrictions; Note : Construction, alteration as well as a change in use or the demolition of a building in most cases require a territorial and (building) permit issued by the local building authorities. The building project must comply with the local (or zoning, as the case may be) development plans. Therefore, regarding the prospective plans of construction, the development and land use should be reviewed very carefully before the closing of the contract. - environmental burdens and issues; - access to utilities networks; - public law limitations (civil defence structures, inundation area, etc.); - sufficient access to the real property (e.g., public road connection). V. Transfer of Ownership The transfer of ownership to real property in each case requires initiating a procedure before
IV. Legal Title & Due Diligence Legal Title
The legal systems that have historically governed the ownership of real property in the territory of the Slovak Republic have resulted in a situation characterized by fractioned ownership of lands and legal uncertainty due to the fact that the same lands can sometimes be concurrently recorded in different registers and still (although in very limited extent now) in the name of different owners. The records of ownership recorded in the land registry do not represent definitive proof of ownership as these records are considered veracious until proven otherwise. Thus, a review of the land register is of major importance where ownership status is concerned. In particular, in major transactions a detailed review of title records for the past 10 years is highly recommended.
ILN Real Estate Group – Buying and Selling Real Estate Series
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