Seller's Guide: How to Sell Your Property the Fastest

A Complete Guide for Sellers: How to Sell Your Property

Selling a property is not a simple process. And if we are talking about a property where you have built your life and are leaving many memories, the process is all the more demanding because an emotional component that is not negligible is involved. Precisely because of this aspect, we are sometimes unrealistic about the valuation of our property and do not know how or where to start. Regent is here to help you devise the best plan and make it easier to navigate the real estate market. In the following, we provide guidelines for the simplest and most successful sale of real estate.

Prepare your property for sale

Before you put it on the market, your property should be in the best possible condition. What does this mean? Be aware that what is beautiful to you or is a reflection of your specific style is not necessarily what the market is looking for and wants. And yes, of course, "every product has a buyer", but as much as possible, adapt the apartment to market needs and trends. Make the necessary repairs, clean the apartment, repaint the walls if necessary and make the space bright and accessible and suitable for potential remodeling according to the wishes of the future owner.

Hire a professional photographer

A good photograph will bring more potential buyers to a viewing than if you were to take the camera on your phone. Namely, a good photographer not only knows how to take a quality photograph, he is an expert at finding the best angle, "catching" the most favorable sunlight, and even doing a "mini staging" so that your property is presented in the best possible light.

Prepare an extract from the land register

Prepare an extract from the land registry department (gruntovnica) of the municipal court in the area where the property is located, documents showing that the building was legally built and an energy certificate.

The extract consists of three parts:

• the property sheet or inventory list (sheet A) in which the property is registered, i.e. its main features – land registry parcel number, area, address, method of use, built-up area, etc.
• the ownership sheet or title deed (sheet B) in which ownership is registered, i.e. data on the owner of the property, all changes in connection with ownership and personal restrictions to which the owner is personally subject in relation to the management or disposal of the land registry body, for example: minority, guardianship, extension of parental rights, opening of bankruptcy
• the encumbrance sheet or encumbrance list (sheet C) which shows whether the property is encumbered with the rights of third parties, for example: mortgage, right of repurchase, pre-emption, lease or rent, redemption, life support of certain persons and easements, etc.

You can find more about how you can check the land registry extract for a particular property yourself in the video How to get a land registry extract.

As the owner of the property, you are obliged to obtain an energy certificate and make it available to potential buyers. Our experts will be happy to guide you through all these steps and answer any potential questions you may encounter along the way.

Determine a realistic price for your property

The correct price of a property is crucial for a successful sale. It is difficult to be objective when it comes to a space we love, and that is why it is important to research the local market and compare your property with similar properties that have recently been sold in the area. This will give you a good overview of how much your property is worth and help you set a competitive price. Hiring a professional appraiser, in which Regent can also help you, will also give you the best insight into the price.

Effectively place the property on the market

Placing the property on the market is the first serious step that will bring potential buyers to your door. There are a number of ways to advertise a property, including advertising on various sites, social networks and web classifieds, and even advertising in print. It is important to use different methods to reach as many potential buyers as possible. Choosing a platform for advertising a property makes this simpler and more productive, and that is why we advise you to contact our experts who will know where, how and when to present your property.

Be flexible with viewing offers

The period of selling a property is not simple and easy and you must be prepared for potential buyers to want to come and view the property at different times of the day, and even on weekends. If you want to sell the property as quickly as possible, you will have to give them that opportunity. Keep this in mind and adapt your free time to the situation, and a real estate agent can help you greatly in this.

Readiness for potential legal difficulties

It is important to understand the whole process, the paperwork, the bureaucracy and all the potential difficulties and problems that may arise along the way. In order to avoid them and, if they arise, to resolve them smoothly and quickly, we recommend cooperation with one of our lawyers or real estate agents. This engagement will save you unnecessary stress, complications, and ultimately – shorten the entire procedure.

Preliminary contract and sales contract

In the process of buying and selling, it is customary to sign a preliminary contract in which the property is defined by stating the land registry data of the property (cadastral municipality, plot number and land registry entry number in which the property is registered) and a description of the property (for an apartment or house, these are the address, floor, apartment or house number, a description of the rooms it consists of and the total area), the agreed price, the date of conclusion of the final contract and the payment of the down payment.

The down payment is agreed as a cancellation fee. What does this mean? If the buyer withdraws from the purchase in the middle of the process, you as the seller keep the down payment. In case of your withdrawal, you must pay the buyer double the amount of the down payment. The usual amount is ten percent of the value of the property.

After the preliminary contract, the sales contract follows. This document, in addition to everything contained in the preliminary contract, usually also contains the date of handing over the property to the buyer and the seller's guarantee that there are no third-party rights to the property. The provisions on the sales contract are contained in Articles 376 to 473 of the Civil Obligations Act.

Tabular statement and registration of ownership

After the buyer has paid you the full amount agreed in the contract, you will certify a tabular statement at a notary public, which allows the buyer to register the right of ownership of the property.

You are then obliged to give the buyer of the property an energy certificate or a photocopy of it.

Regent's experts can help you with their advice, recommendations and knowledge to complete this process as quickly and simply as possible, and you can find a more extensive text in which we have covered the buying and selling process HERE.

Tax obligations

Although the real estate transfer tax is reported and paid by the buyer, you as the seller can become liable for income tax from property on the basis of the alienation of real estate, if you sold, donated, exchanged or otherwise transferred the acquired or donated property to another person within two years of its acquisition.

You are exempt from paying this tax if:

• the property was used for housing by you and dependent members of your immediate family
• the alienation was carried out between spouses and relatives in the first line and other members of the immediate family
• the alienation was carried out between divorced spouses,
• if the alienation is directly related to a divorce
• the alienation is in direct connection with the inheritance of real estate alienated after three years from the date of acquisition.

If you are not exempt from paying tax, you are obliged to submit a report on income from property on the basis of the alienation of real estate to the competent branch of the Tax Administration according to your place of residence within eight days of the alienation of the real estate.

The tax rate is 25 percent, and it is calculated on the basis of the difference between the income from the sale of real estate (determined according to the market value) and the purchase value of the real estate increased by the growth of producer prices of industrial products.

Read more about taxes HERE, and you can also contact Regent's experts who will answer all your questions and doubts.