Are GARTAL projects encumbered with loans for the financing of their construction?
Like most developers on Czech markets, GARTAL finances its projects with loans from reputable banks. This gives assurance to buyers that the construction does not depend on GARTAL’s fluctuating financial liquidity, coming from funds paid...
What is the property tax rate? When is it due?
Every owner of a real property (apartment, house, land) registered as the owner in the Land Register, as at 1 January of the given year, must file a property tax return by the end of...
What is required for successful registration in the land register?
Essential for successful registration in the Land Register is a written agreement on the basis of which the real property is transferred or passes to a third party. Aside from the said agreement (title transfer...
What taxes do i have to pay in the event of a real property transfer? Are there any other fees involved?
The following taxes may need to be paid on the transfer of a real property: Income tax of 21% if the seller is a legal entity. The tax is paid by the seller. Income tax...
If a property is purchased during a marriage, it becomes a part of the spouses’ common property (“CP”) if the couple is married pursuant to the laws of the Czech Republic. That means that it belongs to both spouses indivisibly, and both spouses are liable (solidary liability) for any obligations arising in connection with a mortgage used to pay the purchase price or a part thereof. Nevertheless, CP may be narrowed by a notarial record and a property may be extracted from CP. If a property is extracted from CP and a mortgage has been provided for its purchase which has also been extracted from CP, only the spouse who owns the property will be liable for its repayment.
Another way that one spouse alone can acquire a property is by acquiring it with funds obtained prior to the marriage or received as a gift or inheritance during the marriage. Such funds do not become part of CP.
In the case of a divorce, the following options are available for a property owned as part of CPi:
If the property is encumbered with a mortgage, both divorcing spouses bear solidary liability for it, i.e., jointly and severally. Mortgage settlement options:
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