FINANCING

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PURCHASE PROCEDURE
GENERAL INFORMATION

ORAL RESERVATION

Oral reservations are non-binding and are arranged for a period of 5 working days. In this period, it is necessary to confirm your interest in purchasing the property by signing the Reservation Agreement.

The name and contact details of the applicant are required to make an oral reservation. If more than one person is interested in a reservation at the same time, these parties will be kept in the records in the order in which they contacted the seller.

WRITTEN RESERVATION – RESERVATION AGREEMENT

The reservation fee per residential unit and appurtenances (storage cellar, parking space) is CZK 57,500, including 15% VAT. Once the Future Purchase Agreement is signed, this reservation fee becomes the first instalment on the deposit for the purchase price of the relevant unit. The reservation fee is to be paid by the client within 5 working days from the signing of the Reservation Agreement to the account number stated in the header of the Reservation Agreement; the variable symbol is the unit number.

The written reservation is binding, i.e., if the client voluntarily withdraws from the reservation contract or does not sign a future purchase agreement within 14 days of concluding the Reservation Agreement, the reservation fee shall be forfeited and will be included in the contractual penalty to which the seller is entitled. A binding reservation is created by signing the Reservation Agreement.

FUTURE PURCHASE AGREEMENT

The buyer is obliged to enter into a Future Purchase Agreement within 14 days of signing the Reservation Agreement, a sample version of which is provided to the buyer before the Reservation Agreement is signed. The second deposit in the amount of 15% of the purchase price, including VAT, is to be paid within 5 days of the signing of the Future Purchase Agreement (the Reservation Fee is included in this amount).

If the buyer is financing the purchase with a mortgage, the buyer shall pay CZK 2,000 (without VAT) as a fee for the entry of the Security Agreement in the Real Estate Register. This fee is charged to the buyer using a separate tax document as of the date of the signing of the Purchase Agreement and will be paid within 5 days of the signing of said agreement.

COMPLETION OF THE STRUCTURAL FRAMING STAGE OF CONSTRUCTION AND ROOFING OF THE HIGHEST FLOOR

Payment of the third deposit in the amount of 50% of the purchase price, including VAT. This amount includes applicable VAT and is payable within 5 working days in the case of financing from the buyer's own resources and within 60 working days in the case of financing by mortgage, always from the delivery date of a written notice from the seller to the buyer of the completion of the framing stage of construction. At the time of maturity of the third deposit, the seller undertakes to ensure the registration of the relevant unit in the Real Estate Register as a unit under construction (residential or non-residential) in the form of a declaration on the division of the right to the unit and the land into the ownership right to the units under construction in order to enable the entry of the security in favour of the mortgage bank so that the bank can release part of the purchase price in the amount of the third deposit in favour of the seller.

COMPLETION OF INTERIOR PLASTERING

The payment of the fourth deposit in the amount of 20% of the purchase price, including VAT. The amount includes the relevant VAT and is payable within 5 working days from the delivery of the written notice of the seller to the buyer on the completion of interior plastering.

FINAL INSPECTION

Projected date of final inspection of residential building: 3Q/2022

Payment of the fifth deposit in the amount of the remaining part of the purchase price, including VAT. The amount includes the relevant VAT and is payable within 5 working days from the delivery of the written notice of the seller to the buyer on the issuance of occupancy permission.

HANDOVER OF UNIT AND SIGNING OF PURCHASE AGREEMENT

Projected date: 4Q/2022

The signing of the Purchase Agreement precedes the payment of the balance of the purchase price. The fee for entering the Purchase Agreement in the Real Estate Register in the amount of CZK 2,000 is split by the seller and the buyer. This fee is charged to the buyer using a separate tax document as of the date of the signing of the Purchase Agreement and will be paid within 5 days of the signing of said agreement.

ENTRY IN THE REAL ESTATE REGISTER

The submission of a motion to enter the Purchase Agreement into the Real Estate Register results in the entry of the change of ownership of the relevant unit, including the co-ownership share in the common parts of the building and the land, in the Real Estate Register following a twenty-day protection period.

Each new owner automatically becomes a member of the Association of Unit Owners, which is formed at the inaugural meeting of owners after the final inspection of the building and before the transfer of ownership of the first unit by the seller to a third party.

FINANCING

PAYMENT OF THE UNIT WITH THE BUYER’S OWN RESOURCES

The FIRST DEPOSIT (reserve fee) in the amount of CZK 57,500, including VAT, is due within 5 working days days of signing the Reservation Agreement. After signing the Future Purchase Agreement, the first deposit becomes the first payment of the deposit on the purchase price of the unit.

The SECOND DEPOSIT in the amount of 15% of the contracted purchase price, including VAT, with the first deposit/reservation fee being included in this payment. The amount includes the relevant VAT and is payable within 5 working days from the signing of the Future Purchase Agreement.

The THIRD DEPOSIT in the amount of 50% of the contracted purchase price, including VAT. The amount includes the relevant VAT and is payable within 5 working days from the delivery of the written notice of the seller to the buyer on the completion of the framing stage.

The FOURTH DEPOSIT in the amount of 20% of the contracted purchase price, including VAT. The amount includes the relevant VAT and is payable within 5 working days from the delivery of the written notice of the seller to the buyer on the completion of interior plastering.

The FIFTH DEPOSIT (final payment) for the remainder of the contracted purchase price, including VAT. The amount includes the relevant VAT and is payable within 5 working days from the delivery of the written notice of the seller to the buyer on the issuance of occupancy permission.

MORTGAGE FINANCING – PAYMENT CALENDAR

The FIRST DEPOSIT (reserve fee) in the amount of CZK 57,500, including VAT, is due within 5 working days of signing the Reservation Agreement.

The SECOND DEPOSIT from the buyer’s own resources in the amount of 15% of the contracted purchase price, including VAT, , with the first deposit/reservation fee being included in this payment. The amount includes the relevant VAT and is payable within 5 working days from the signing of the Future Purchase Agreement.

The THIRD DEPOSIT in the amount of 50% of the contracted purchase price, including VAT. The amount includes the relevant VAT and is payable within 60 working days from the delivery of the written notice of the seller to the buyer on the completion of the framing stage. At the time of maturity of the third deposit, the seller undertakes to ensure the entry of the relevant unit in the Real Estate Register as a unit under construction (residential or non-residential) in the form of a declaration on the division of the right to the unit and the land into the ownership right to the units under construction in order to enable the entry of the security in favour of the mortgage bank so that the bank can release part of the purchase price in the amount of the third deposit in favour of the seller.

Upon signing the Reservation Agreement or the Future Purchase Agreement and always at the time of fulfilment of the relevant milestone under the agreement for the purposes of payment of the third, fourth and fifth deposits on the purchase price, the seller will issue and send a written notice of fulfilment of the relevant milestone and maturity of the relevant part of the purchase price. This notification will also include a deposit statement with a quantification of the relevant deposit on the purchase price.

After payment of all deposits and other payments according to the Reservation Agreement and Future Purchase Agreement, after entering the Purchase Agreement in the Real Estate Register and handing over the unit to the buyer, the seller will issue a final tax document for the purchase price of the unit with the current VAT. The date of taxable performance will be the date of handing over the real estate to the buyer for use or the date of delivery of the notification stating the date of the registration of the change of ownership, whichever occurs earlier, in accordance with applicable provisions of the VAT Act.

All payments will be made by bank transfer to the seller's account specified in the Reservation Agreement and the Future Purchase Agreement and on the relevant deposit statement.

Radim Štantejský

602 366 095 radim.stantejsky@bcas.cz

Brumlovka building
Vyskočilova 1100/2, Prague 4

You can also contact our partner banks, with which we have prepared discounted mortgage packages for you.

The use of these offers provides you a number of advantages over ordinary mortgage applicants:

preferential conditions on mortgage loans for clients of the Rezidence Oliva project,

no commission is paid for arranging your mortgage, and the funds saved in this way are used exclusively to further improve the mortgage conditions,

significant simplification of the mortgage application and approval process, and partner banks are already equipped by the developer with all the necessary project documentation,

you do not pay for the valuation of the purchased residential unit; this valuation will be prepared by the bank in cooperation with the developer, so you immediately know your maximum loan amount,

at our partner banks, you deal with experienced specialists with detailed knowledge of the project, who guarantee a fast and individual approach.