Slovakia » The Purchase Process

Anyone can buy property in Slovakia. There are no restrictions for foreigner to buy property in Slovakia unlike many EU member states. Foreigners have the privilege of buying real estate in Slovakia in their own names without having to set up a company. In May 2004 all restrictions except on agricultural and forest land were abolished to encourage property purchase. The process of property buying in Slovakia is simple and straightforward. With the inclusion of Slovakia to EU this 2004, the restriction on foreign ownership of land has been lifted, except for agricultural and forest land. Being a member of the EU, Slovakia has the same real estate purchase process as other European countries.

• After selecting a property you wish to purchase in Slovakia negotiations of the sales price are made between the two parties until an agreement is reached.
• A pre-purchase agreement is made between the two parties. The buyer has to pay a deposit of 10% in order to secure the property. It is only after the deposit has been secured that the legal proceedings can take their course. The pre-purchase agreement is signed by both the parties.
• It is always advisable to have legal help to guide you through the complete purchase process.
• If the buyer or seller in Slovakia later changes his/her  mind about property purchase, the one doing so is required to pay for the expenses incurred by the agent. In case of the buyer, deductions of the agent’s expenses are made from the deposit and the rest of the balance is returned. While in the case of the seller backing off, it requires for him/her to pay for the agent’s expenses and return the deposit in full to the buyer.
• A property report is prepared by the surveyor.  The copy of the report after completion is given to the solicitor so that he can proceed with the final purchase contract. 
• The surveyor’s property report and final contract must be translated so that the people signing it are aware of all the details. The final contract is signed by both parties and the payments are made at this stage.
• Within 4 weeks the title deeds are transferred to the buyer’s name.
• The buyer should always request for Kataster paper before complete payment is given in order to avoid any legal complications. Slovak agencies usually require the seller to provide a Kataster paper before selling property in order to have a clear picture.
• The Cadastral Register (“kataster nehnutelnosti”) is a document that discloses the property owner, the legal state of the property or details of any mortgages etc or such related legalities. The paper cannot be older than three months and this is so to safeguard the buyer.
• The title deeds are then transferred to the buyer’s name after a period of four weeks.