You've made the right choice of property. Joy, anticipation, but also a lot of questions: what will happen now, what steps will follow, and when will I finally move in? In this article, I will guide you through the entire process of buying an apartment - from the perspective of the buyer, the real estate market, and finances.
1. Choosing an apartment and agreeing on the terms
After you choose a specific apartment, an agreement is made between the buyer and the seller. The following are mainly discussed:
- purchase price
- date of vacating the apartment
- method of financing (mortgage / own funds)
- what remains in the apartment (furniture, appliances)
At this stage, it is important to be clear whether you need a mortgage, and in what amount, and it is best to discuss it with an advisor so that you are sure that you have the funds for the property.
2. Reservation agreement – the first binding step
If both parties, the seller and the buyer, agree, a reservation agreement is usually signed. This ensures that the apartment will not be offered to other interested parties.. Tá zabezpečí, že byt nebude ponúkaný ďalším záujemcom.
What does a reservation agreement contain?
- identification of the apartment
- agreed purchase price
- period for concluding the purchase agreement
- amount of the reservation fee
Reservation fee
Most often it ranges between 2 - 5% of the purchase price. This fee is later included in the purchase price. 2 – 5 % z kúpnej ceny. Tento poplatok sa neskôr započítava do kúpnej ceny.
3. Financing and mortgage solutions
After signing the reservation contract, financing comes next financovanie.
If you finance the purchase with a mortgage:
- a mortgage application is submitted
- the bank requests an expert opinion
- the buyer's income and creditworthiness are checked
- the loan is approved
This process usually takes 2-4 weeks, depending on the bank.
Tip: An experienced financial advisor can speed up the whole process and set up a mortgage more advantageously. I will be happy to help you with this and arrange it to your satisfaction - link to me
4. Future Purchase Agreement (if necessary)
In some cases – for example, when waiting for a mortgage or in development projects – a signature is made zmluva o budúcej kúpnej zmluve.
That is determing:
- the exact conditions of the future purchase
- the terms of payment, signing of the purchase contract and other
- obligations of both parties
5. Purchase contract and payment of the purchase price
After the financing is approved, the purchase contract is signed kúpnej zmluvy.
How is payment made when purchasing a property?
Most often through:
- notary escrow
- lawyer escrow
- bank escrow
6. Submission of a proposal for entry in the cadastre
After signing the purchase contract, a proposal is submitted for the entry of the ownership right into the land register..
- standard period: approx. 30 days
- expedited entry: approx. 15 days
You become the owner only after the decision to allow entry into the real estate land register. do katastra nehnuteľností.
7. Handover of the apartment and energy transfers
After registration in the land registry, the apartment is handed over: odovzdanie bytu:
- the handover protocol is signed
- the meter readings are recorded
- the energy and administrator are transferred
At this point, you are actually taking possession of the apartment.
8. Moving in and new housing
And it's here – you can move into your apartment.
Don´t forget to:
- permanent residence registration
- property insurance (often mandatory for mortgages)
- setting up monthly payments to the administrator
Do you want the whole process to be stress-free?
If you are planning to buy an apartment and want to be sure that everything will go smoothly, safely and profitably, I would be happy to help you:
- with choosing a suitable property
- with setting up financing and arranging a mortgage
- with checking the contractual documentation
- with coordinating the entire process up to moving in
Thanks to my many years of experience in real estate and finance, you have everything solved in one place..
Contact me: Ing. Ivana Ladická, mobile: 0905 345 057
Buying an apartment is a big decision and it is good to have someone with you who will guide you safely through this process. And that is exactly what I am here for.