Homeowners?

 

Žižkovská věž

Žižkovská věž

I had not written about it only because I had been waiting for it to become more official. Jono and I are in the middle of purchasing a flat. The flat is in an older building in Bořivojova street, not far from where Franz Kafka and his brother-in-law once had an asbestos factory, and just behind the landmark Žižkovská věž, the rocket-like TV tower.

The building has 5 floors and no lift. It is empty and waiting for reconstruction. The developer will be restoring the façade, replacing pipes, putting in a lift and generally modernising the building’s infrastructure. They will also be converting the attic space into 4 new flats. Jono and I are buying one of those. The flat will be a 4+kk, which means 4 rooms and an open kitchen. It will also have 2 bathrooms and a 12 m2 terrace. The floor plans, which are all there is to see at the moment, look promising.

They have not yet started the building work because they are still waiting for the building permit. Delivery had been promised for the 15th of August. Now it looks like they won’t get the permit until sometime later this month. Hey ho, this is Prague, it’s bureaucracy and Kafka’s factory was just over the road.

Under Czech law, you cannot sell or purchase something that is not already in existence. For this reason, instead of simply signing a purchase agreement, we have to go through 3 initial steps.

The first step, which is the only one we have completed, is the reservation agreement. I signed that in the developer’s office and we have paid the reservation fee.

Once the building permit has been issued, we will have 30 days to sign the agreement on future purchase agreement and pay a 10% deposit.

Step 3 does not occur until construction is complete and a use permit has been issued. That is expected to happen early next summer and that is when we will finally sign the actual purchase agreement.

Waiting for our names to be entered into the Land Register is entirely another story, as that can take up to 6 months. The remaining 90% of the purchase price won’t be released until everything to do with the Land Register is in order and the mortgage has been registered, but I believe that we will be able to take possession and move in immediately.

Therefore I expect to be in our new flat in June of 2008, but that may be overly optimistic.

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7 Responses to Homeowners?

  1. Rip Taylor says:

    Great location and a good investment.
    Hooray!

    *Confetti!*

  2. Brian says:

    We’re packing our bags now. Will you have a place for the twins to sleep?

  3. Dane says:

    Just sayin’ hi, Max. I haven’t written on my blog for awhile, partially due to start-of-year school insanity. I think Smith must’ve learned bureaucracy from the Czechs!

    That said, there’s Museum of Communism postcards all over my bedroom, and people have been admiring them with a touch of intrigue.

  4. Rip Taylor says:

    I’ll show you some twins!
    Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha!

    *Confetti!*

  5. Max says:

    Brian, yes, of course, come on over (but wait till we have the flat).

    Hi Dane!

    Rip, I miss you.

    kb, yes, I have seen that photo and I like it very much.

  6. niquemg says:

    Welcome to the world of home ownership! Sounds like a nice place…MMG

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