Buy a Property in Slovakia
Buy a Property in SlovakiaUpdated on Wednesday 06th May 2020
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Since Slovakia became a member of the European Union in 2004, it became possible for everybody in this country to buy a real estate, no matter what his or her citizenship or place of residence is. This applies to all types of properties, be it a city condo, a country house or a mountain cottage. Our lawyers in Slovakia can assist you with the entire process of acquiring a property in this country.
Procedure connected to buying a property in Slovakia
Buying a property in Slovakia is the same as in any other European Union country. The process associated with acquiring a real estate in this country is very straightforward, consisting of the following steps:
1. Buyer and seller agree on a price and on the transaction terms;
2. The buyer lodges the entire property cost, or a deposit formerly agreed upon with the seller, to a notarial custody or into a bank account where the funds are deposited until the real estate rights are transferred to the buyer;
3. An independent surveyor report is put together and sent to a lawyer in order to write the sale contract. All the documents are translated in the buyer’s language;
4. Both parties sign the contract. The seller’s signature has to be checked by the registry or a notary;
5. The buying cost is released to the seller after the buyer receives an extract from the cadaster, procedure which generally lasts up to four weeks.
It is important for the buyer not to acquit the funds prior to the property ownership transfer being ended.
Fees and other costs involving buying a property in Slovakia
Apart from the actual property costs, the expenses involving buying a real estate in Slovakia are relatively low. These fees and other costs include:
• The sales contract costs differ depending on the lawyers in Slovakia or real estate agency, however as an average they are of around EUR 500;
• There can be certain administrative fees charged by the cadastral office;
• When acquiring a property in Slovakia, there are certain local taxes involved;
• Other costs. We can offer more detailed information on what these other costs consist of.
If you wish to acquire a real estate in Slovakia, we can help. Please contact our law firm in Slovakia for assistance on this matter.