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FAQ: Buying and selling a property in Slovakia

The Slovak Spectator brings you the set of the most frequently asked questions with regard to buying and selling real estate in Slovakia.

Illustrative stock photo(Source: SME)

Roman Špalda of ARTHUR Real Estate Company, RE/MAX Vision, Tatrabanka, ČSOB, VÚB, and Slovenská Sporiteľňa kindly helped us answer the questions.

Read also more in our section: Frequently asked questions

Q: I want to purchase an apartment in Slovakia. Which authorities will help me with ownership issues?
Q: What should I pay attention to before I sign a contract of purchase?
Q: How do I go about entering real estate in the land registry/cadastre office?
Q: How much does it cost to get the paperwork done?
Q: Who usually covers the costs - the buyer or the seller?
Q: Do I need to have permanent residence in Slovakia in order to be eligible for a bank loan from a Slovak bank?
Q: What other conditions do I need to fulfil in order to be eligible for a loan from a Slovak bank?
Q:How do I proceed at the Cadastre Office?
Q: As a foreigner, am I entitled for a loan for the young (under the age of 35)?

Do you have more questions about buying and selling a property in Slovakia? Please let us know at spectator@spectator.sk.


Q: I want to purchase an apartment in Slovakia. Which authorities will help me with ownership issues?
A:
The only state office you will be dealing with as the buyer of real estate is the cadastre office, or land registry office (Kataster or Katastrálny Úrad) in your respective district office. If you are buying your apartment or house through a real estate agency, the agents usually handle this for you.

Q: What should I pay attention to before I sign a contract of purchase?
A:
The contracts must contain certain features as stipulated by the law on cadastre (162/1995). The contract must clearly state: identification data of both parties of the contract, a detailed specification of the real estate including description, location, square metres, equipment, and technical condition. If the cadastre office finds any mistakes in this, they will suspend the proceeding.

It should also clearly state the purchasing price, how the money will be transferred from the buyer to the seller, and the deadline by when the transfer needs to be completed.

The details on how the apartment or house will be given over to the new owner, such as keys or new locks, needs to be clear in the contract, as well as the deadline by when it should be done.

By law, the contract should include the name and contact of the administrator of the apartment block and the sanctions for both parties if they fail to fulfil their duties as defined by the contract.

Q: How do I go about entering real estate in the land registry/cadastre office?
A:
The transfer can be proposed by either the buyer, or the seller, or both together, based on the agreement between the two parties. They should then file the proposal to enter the ownership rights at the cadastre office (Návrh na Vklad Vlastníckych Práv). This needs to be done in person at your respective cadastre office (respective to where the transferred flat or house is located).

Q: How much does it cost to get the paperwork done?
A:
If the transaction is facilitated by a real estate agency, these fees are usually included in the fee paid to the real estate agent. The fee can be a fixed sum or a percentage of the purchasing price.

If you choose not to use the services of a real estate agent, you need to count on the fees for the cadastre proceeding (€66 for regular proceeding within 30 working days or €266 in a fast-tracked proceeding, within 15 working days).

There is also a fee for the verification of the signatures of the sellers on the contract (price per signature, at a notary office or at your municipal office). The price per signature may be around €3 or so.

If you are buying real estate with a mortgage, you should also count on another fee at the cadastre office, €66, for entering the deposit contract with the bank in the registry.

Q: Who usually covers the costs - the buyer or the seller?
A: This depends on the agreement between the two parties. Typically the buyer pays the cadastre fees, but some people choose to divide the costs equally between themselves. If a real estate agency is involved, they pay the fees.

Q: Do I need to have permanent residence in Slovakia in order to be eligible for a bank loan from a Slovak bank?
A: No, banks provide mortgage loans also to foreigners who do not have permanent residence in Slovakia. Some banks, however, might require a confirmation of income from a company based in Slovakia.

Q: What other conditions do I need to fulfil in order to be eligible for a loan from a Slovak bank?
A:
The standard criteria apply to foreigners the same as for Slovak citizens. The bank will want to see your ID, as well as any record of loan registry from your home country. ČSOB for example only grants up to 70 percent of the value of the real estate to a foreigner. When deciding on granting a mortgage, banks look at a range of parametres, including age, education, job, income, and number of children. It is not possible to guarantee your loan for real estate located outside Slovakia.

Q:How do I proceed at the Cadastre Office?
A:
When paying for your real estate with a mortgage, you need to file a proposal to enter the depository right to your property in favour of the bank (Návrh na Vklad Záložného Práva). You can do this simultaneously when filing the proposal to enter the property in the registry (Návrh na Vklad Vlastníckych Práv).

Q: As a foreigner, am I entitled for a loan for the young (under the age of 35)?
A:
Yes, this benefit applies to foreigners in the same way it does to Slovak citizens. However, they need to have a permanent residency in Slovakia and will often have to meet strict criteria.

Roman Špalda of ARTHUR Real Estate Company, RE/MAX Vision , the banks Tatra Banka, ČSOB, VÚB, and Slovenská Sporiteľňa kindly helped us answer the questions.

This section is sponsored by ARTHUR REAL ESTATE COMPANY, which specialises in real estate sales and rentals.

Topic: Foreigners in Slovakia


This article is also related to other trending topics: Real Estate, Frequently asked questions

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