Legal conveyancing and expert advice |
Specialist property legal advice is a must for anyone considering property purchases in the Republics. Issues of title remain at large and derive from the lack of both an effective ‘land registry' and free property market until relatively recently. Restitution issues concerning property seized by the state in 1948 also contribute to the need to exercise caution when purchasing property.
Practical issues such as common ownership of buildings, restrictive tenancy issues and separate ownership of buildings on land which vests in others' ownership, need to be considered carefully by suitably qualified legal advisers who are able to undertake the title due diligence and conveyancing work to the standard expected by our clients.
We co-operate with commercial lawyers who specialise in advice in the areas of law of real estates in the Czech Republic, commercial law and employment law. Property issues form a substantial part of the servicing of blue chip client companies whose seat is located throughout the region of the Northern Moravia, the turnover size of many of the practice's clients running into tens of billions of Czech crowns.
Whilst many of our clients are small individual buyers, we feel the quality of service afforded cannot be compromised when making property purchases, within a corporate structure, irrespective of deal size.
Title insurance
Where doubt exists as to the correct title to a property, title insurance may be taken to mitigate any loss which may arise in the future. The types of risks covered are varied – freehold, leasehold interests, known risks or all risks, liens and encumbrances to title of any property. Policies can also be taken by mortgagors to insure borrower ownership and legal defence.
Payout amounts to the actual monetary loss suffered from defect in title (arising from both transfer issues and/or ownership defects of title) although premiums are more cost effective for larger commercial purchases and cover for domestic property may be more difficult to obtain.
Title insurance is often used to streamline the due diligence process especially important in today's market where many buyers are chasing few properties, it can be used to reduce the need for due diligence and speed up deal process and helps exit without warranties.
Policies can be set to cover purchase price, or in the case of development the end value on completion. Policies can be assigned on transfer of ownership and remain throughout ownership.
We are able to introduce clients to providers of policies should cover be required.
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Czech before you buy s.r.o. – Converting requirements into reality |
