Transfer of Real Estate

Contracts of purchase or donation represent the leading methods of house, flat or land transfer. A notary will draft a purchase agreement in the form of a notarial deed which is considered as an authentic document unlike the contracts drafted by a lawyer or real estate agent. In cases of dispute, a notarial deed may be used as undisputable evidence of the verity of the information stated within.

What documents are required to draft an agreement in the form of a notarial deed? First of all, documents demonstrating the transferor’s property right to the real estate in question (e.g. an inheritance decision or purchase agreement) are required. The transferor will usually have these in their possession. They can also be searched for in the relevant collections, which your notary will help you with during your first meeting. Then you will need an excerpt from the land register. At present, notaries have online access to the land register and they are able to retrieve official excerpts for you. An expert opinion as to the value of the real estate is sometimes required for tax purposes. You should ask your notary whether an expert opinion is necessary as it is not always required. For example, it is not required for expanding or reducing joint property of spouses because these agreements are not subject to tax..

The notarial profession specializes in the legal relations real estate thus a notary ensures that agreements are elaborated to the required professional standard. Whilst drafting an agreement, a notary will instruct both parties on the legal consequences of their actions thus preventing any future disputes from arising. A real estate transfer agreement must be submitted to the land registry for the registration of the property right. You may also appoint a notary to represent you in proceedings with the land registry office.

In the Czech Republic, notaries perform a notarial activity, provide legal assistance, perform property administration, and perform other activities for which they are entitled compensation the amount of which, as well as the manner in which it is established, is governed by the provisions of the Decree No. 196/2001 Coll., as amended. The amount of notary's remuneration shall be determined in accordance with the compensation rate per act or total of acts concerning the notary's activity determined by a fixed amount or as a percentage of a tariff rate, whereas the value of the subject of the act serves as the tariff value (e.g. the usual price of a thing, the price of transferred property, the amount of a claim, etc.). Due to a complex calculation of the compensation for the notary's activity, the potential applicants / clients are recommended to address their possible inquiries directly to the notary having the sufficient knowledge of the relevant language.