Payment Schedule
Cash payment:
remainder of the purchase price (payment due prior to the signing of the purchase contract, based on the issued deposit request slip)
Cash payment:
| 1st deposit = | reservation fee + VAT (payment due 5 business days after signing the reservation contract) |
| 2nd deposit = | 15% + VAT of total price (payment due 14 days after signing the agreement on a future purchase contract) |
| 3rd deposit = | 50% + VAT of total price (payment due in 14 days, based on a deposit request slip issued after the completion of the reinforced concrete ceiling above the last above-grade level of the building) |
| 4th deposit = | 30% + VAT of total price (payment due in 14 days based on a deposit request slip and after completion of the interior wall finishes) |
Mortgage financing:
remainder of the purchase price (payment due prior to the signing of the purchase contract, based on the issued deposit request slip) The payment schedule can be adjusted to the buyer’s individual needs and requirements.
| 1st deposit = | reservation fee + VAT (payment due 5 business days after signing the reservation contract) |
| 2nd deposit = | 0 - 15% + VAT of total price (payment due 14 days after signing the agreement on a future purchase contract) – buyer’s own funds |
| 3rd deposit = | 65% + VAT of total price, less the amount of the 2nd deposit (payment due in 60 days, based on a deposit request slip issued after the completion of the reinforced concrete ceiling above the last above-grade level of the building and after the filing of the owner’s declaration specifying those units in the building that are still under construction with the land registry) |
| 4th deposit = | 30% + VAT of total price (payment due in 14 days based on a deposit request slip and after completion of the interior wall finishes) |
- Verbal reservation:
This reservation is non-binding and it can be good for as long as three business days after the buyer receives and reads over the draft of the contract. The buyer must confirm that they are interested in going ahead with the purchase of the property by signing the reservation contract within the above timeframe.
- Written reservation:
This reservation is binding on the buyer and it starts with the signing of the reservation contract. Attached to the reservation contract is the draft of the agreement on the commitment to sign a future purchase contract. Should the buyer decide to cancel the reservation contract on their own volition, the seller will not refund the reservation fee.
Reservation fee: CZK 50,000 + VAT.
The reservation fee goes toward the purchase price and it becomes the 1st buyer deposit, based on the payment schedule that is part of the agreement on the commitment to sign a future purchase contract.
The reservation fee must be paid by the buyer within five (business) days following the signing of the reservation contract (the funds must be transferred to the bank account specified in the heading of the reservation contract and the buyer’s birth registration number is used as the ‘variable symbol’ payment identifier).
- Agreement on the commitment to sign a future purchase contract:
Within twenty business days after signing the reservation contract, the seller and the buyer will discuss and sign an agreement on the commitment to sign a future purchase contract, which confirms the relationship between the future buyer and the seller. The agreement contains a detailed description of the property being sold, the basic parts of the future purchase contract, payment terms and a description of the different steps that are part of the purchase process.
The 2nd buyer deposit is paid after the seller sends out a notice announcing the start of construction.
Subsequent payments are made by the buyer – always after the completion of the respective stage of construction. The payments that will be due after the completion of the ceiling above the last above-grade level of the building and the interior wall finishes in the buyer’s unit (i.e. the payment of the 3rd and 4th buyer deposit) are made by the buyer based on a deposit request slip received from the seller (per the agreed upon payment schedule).
- Purchase contract:
Prior to the signing of the purchase contract and the handover of the unit to the buyer, the buyer must pay the outstanding balance on the purchase price (per the agreed upon payment schedule). This outstanding balance is paid after the completion of construction, after the issuance of a certificate of occupancy and after the assignment of a street number to the building. This is followed by the signing of the purchase contract, the filing of an application to have the purchase contract recorded at the land registry office (filing at the land registry is taken care of by the seller) and the final handover of the unit to the buyer for occupancy (this must be preceded by the signing of the purchase contract and the payment of the outstanding balance of the purchase price).
