For every sale, I work with experienced Prague-based lawyers who specialise in property law. Legal support is therefore an integral part of the entire process and the seller does not need to find a separate lawyer. Within the transaction, the lawyer primarily represents the seller's interests and remains available to you throughout the property transfer.
Once we agree on a specific buyer, the lawyer takes over the legal side of the transaction. They prepare the reservation agreement, communicate with both the buyer and the seller and subsequently prepare the purchase agreement, the legal escrow agreement and all other necessary documentation. We continuously keep the contractual documentation up to date so that it reflects current legislation as well as the circumstances of the specific transaction.
The process also includes compliance with all obligations arising from AML legislation. Before the transaction is completed, the parties are identified and the required AML forms are completed.
Reservation agreements are signed either in person or, in most cases, electronically, which allows us to speed up the process significantly. Purchase agreements are generally signed in person at the lawyer's office, where the seller, buyer, lawyer and I meet together. Signatures are verified and all necessary formalities are completed on site.
If the property is subject to a mortgage or another lien, the lawyer will also advise you on which documents need to be obtained from the bank. This typically includes a current statement of the outstanding loan balance as of a specific date and the conditions for removing the lien. These details are then incorporated directly into the purchase agreement and the structure of the transaction.
The purchase price is normally held in legal escrow and released only once the agreed conditions have been fulfilled. If there is a mortgage on the property, part of the purchase price may be paid directly from escrow to the bank to repay the loan, with the remaining amount then paid to the seller. This ensures that the entire transfer is structured to be safe and transparent for all parties.
Just like me, the lawyer remains available to the seller throughout the entire process. The aim is for you to know exactly what is happening at every stage, what you are signing and what the next step will be until the transfer has been fully completed.
Thinking about selling or renting?
Get in touch for a non-binding consultation. Together we will go through your property and the current local market.