This article deals with the law of the Slovak Republic and its application by Slovak courts and authorities.
Buying a property is one of the biggest decisions in most people's lives. That is exactly why you should never sign a purchase contract under pressure or without truly understanding it. A few extra minutes of checking can save you considerable trouble and money.
The basis is to verify who the actual owner of the property is and whether the details in the contract match the current state in the land register. Check the exact description of the property, its area, any co-ownership, and above all whether the property carries any encumbrances, liens, easements or enforcement proceedings. Such entries often pass on to the new owner upon transfer.
Pay attention also to the purchase price and the way it is paid. A safe solution is placing the money in escrow with a lawyer, notary or a bank, where the price is paid to the seller only after the agreed conditions are met. Avoid cash payments without clear proof and watch the timing between payment and the transfer of ownership.
Do not underestimate the deadlines and obligations of both parties – when the property is handed over, in what condition, who covers the transfer fees, and what happens if one party withdraws from the contract. It is also important to clearly address the situation where the land register rejects the registration proposal or suspends the proceedings. A good contract anticipates in advance what could go wrong.
A major risk is using template contracts downloaded from the internet. They may look simple, but they often fail to address the specific situation, and missing provisions only show up when it is too late. Every deal is different, and the contract should protect you, not merely formally satisfy the land register.
If you want to be sure before signing, we will gladly review your contract or prepare a tailored one. At kohút & partners in Zvolen we offer an assessment for an agreed fixed price and will respond to your question within 24 hours. Contact us before signing – that is when we can help you the most.