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The signing of the purchase contract

The signing of the purchase contract: pay attention to the pre-contract responsibility

If you intend to purchase the property, you are obliged to the so called pre-contract responsibility. The Czech legislation gives a definition the duty of not to cause any damage and assigns a duty on seller and buyer, to inform each other about anything which might be essencial for the trade.

Negotiate carefully about the purchase

Did you find your dreamt-of property, the beatiful flat or a cozy family house ? Take an action for others not to deprive you of it.

Steve has decided to purchase a larger flat in Prague. Initially he was just watching the offers of the real estate agencies without any obligation and he found a couple of favourite ones.  It crossed his mind  why not to start to negotiate with several agencies simoultaneously. Possibly it´ll be revealed, during the negotiation with the owners,  which of them is going to be worth buying, the bargain. Therefore he arranged the meetings with all the owners and performed like a serious interested buyer. However he didn´t suspect, that he caused the damage to those owners, whose flats he had refused finally. From January 2014 on he might bear the consequenses for it.

New Civil Code adjusts explicitly the so called pre-contract responsibility. The legislation tries to control the dishonest conduct of the involved participants by the purchase of the properties. What to beware of:

  • It´s not possible to act false. If you pretend, that you intend to conclude a contract and you don´t make it happen at the end, accordingly you become the responsible for the possible damage, which could emerge to the owner.
  • In case of you step down the contract conclusion at last minute, you are obliged to pay for it. If you don´t inform your partner about possible difficulities, you are due to reimburse the caused damage.

In case of such a behaviour, the damaged part, i.e. seller,  has got a legitimate claim for the reimbursement of the caused damage.

Don´t withhold the troublesome news

It´s mandatory to provide all the necessary informations, which might influence anyhow further negotiation, to the seller ( and the seller to you). We mean for example the option of funding. Do inform your seller about any step you make by the arrangement of your mortgage. Let your seller know where any difficulities might occur, or that the approval of your mortgage is going to be prolonged.

The stepping down the contract is usually originated due to the option of the funding or the process of the approval of the mortgage. Sometimes it simply doesn´t come off well ! In case of you act straight, the seller isn´t allowed to claim any compensation of the damage from you. And what lesson does draw from it? Just do play fair under all the circumstances.

Learn how to keep a secret

The Czech laws also pay attention to the protection of the sensitive data. You exchange the confidential data with the seller by the negotiation about the property. Whether they concern the property, financial matters or whether they´re strictly personal, you are obliged to protect them properly. In case of any part of the purchase misuses  those data somehow for its favour, all, which was obtained by means of it, has to be given back. In other words: if your abuse somehow data from the seller by the property purchase, you will have to return the property to the original owner.

The terms of the pre-contract responsibility might seem too strict. Its essence lies within the awareness of the involved parts, the seller and the buyer. If you meet the rule, you don´t need to be afraid of anything and the trade will go without a hitch. Our advisory is going to assist you by the negotiations and the signing of the contract. Then it´s time to make a payment and move in.

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Author: Rádce
Published: 21.04.2014

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