Whether or not they are given residency status in Slovakia, Indian nationals may purchase real estate there. A foreigner may buy practically any real estate, with a few caveats. Real estates comprise apartments, homes, garages, gardens, land, and other buildings anchored firmly to the ground. When purchasing real estate and creating documents for the transfer of ownership of property, it is preferable to utilize the services of a lawyer, notary, or real estate agency. Additionally, a Property Registry check using an extract of ownership from the owner and any potential encumbrances is advised. Checking if a certain property is not the permanent or temporary home of a registered person, whether or not it is a legal person, is also advisable since their withdrawal might lead to unneeded issues in the future.
Rights to possess property in Slovakia
The ownership right is the ability of the property’s owners to use, keep, and care for the property as needed, within the confines of the law. This right becomes active when they legally acquire property ownership following the conditions outlined in current law. According to subsequent rules, the Civil Code generally governs the acquisition of property rights to real land. Statute number. 182/1995 Coll. on the ownership of flats and non-residential premises under the subsequent rules is a specific act that governs the purchase of apartments and commercial real estate.
Conditions for Foreign Nationals to Purchase Property (House, Apartment, or Land)
A foreigner like an Indian citizen cannot purchase a property that is subject to specific rules e.g. the Act on the Acquisition of Agricultural Land. A citizen or resident of a nation whose legal system forbids the ownership of agricultural property by Slovak nationals or residents cannot be the owner of the agricultural land.
Creation of a notarized property transfer contract
A public notary is responsible for handling the fulfillment of services relating to contract writing, property transfer, and the proposal for ownership transfer to the Land Registry. They also look into the specifics of ownership of the property and establish the parties’ identities. The public notary is required to inform all parties about the payment terms outlined in the report and the contract, as well as to submit a declaration that the contractual parties are aware of these terms. The notary is required to decline the effectuation of the report if it is clear that the contract does not follow the law, avoids the law, or violates good morals. A notary could also be the best person to act as a middleman when paying the seller the purchase money. You might decide in the contract for the sale of real estate that the buyer will deposit the money with the public notary and, at the same time, specify the terms under which the notary will release the money.
Filing with the land register
A database called the Land Registry holds information on properties, including their descriptions, coordinates, and ownership rights. In Slovakia, each property must be listed visually and registered with the Land Registry. A proposal for transfer is often also submitted to the Land Registry if a contract for the transfer of ownership of property is prepared by a notary or attorney. You may submit a proposal for registration on your behalf if the contract for the transfer of ownership of the property was created by you or a real estate agency. All legally required information must be included in the written application for registration, which must be filed. The plan must be written in two copies, one of which must be filed to the Land Registry and the other must be retained for your personal use as confirmation. The written rights to the property must be included in the Land Registry or other legally required appendices as part of the request for registration annexes. If the registration application is not submitted within three years after the property’s ownership transfer’s completion, it will be assumed that the parties have withdrawn from the agreement.
An assessment of the application
Within 30 days after receiving the registration proposal, the Land Registry must decide on the registration application. The Land Registry must decide on the application for registration within 20 days in the event of a contract for the transfer of ownership of the property that was created by a public notary or licensed attorney. Within 15 days after the date an application for registration was received, the Land Registry may determine whether to take immediate action on the proposal for registration. The Land Registry will allow the registration if the prerequisites are satisfied. Within 15 days after the decision, the Land Registry must send the decision on the permit of registration to all parties. Each party will get a copy of the Land Registry’s rejection judgment. Within 30 days after the decision’s delivery, an appeal may be filed.
Administrative fees
There is a €66 administrative charge for a preliminary determination of whether to approve the registration of real estate in the Land Registry. The following scenarios might result in a different price:
- A submission made electronically costs €33
- Requiring an urgent judgment on registration within 15 days costs €265.50
- Electronic submissions with a 15-day deadline cost €130
