Question 1

Who is behind BAK Development?

Accepted Answer

The company carries the name of its founder and managing director, Pavol Bak. It is made up of a development arm and a construction arm so that we keep both preparation and delivery under one roof as much as possible.

Question 2

Who is the general contractor on your projects?

Accepted Answer

Thanks to our in-house construction division, we act as the general contractor on most projects. We also work with vetted external construction companies and suppliers.

Question 3

How can I get in touch?

Accepted Answer

We're available every business day from 9:00 to 18:00. Meetings and further information can be arranged by phone or via the contact form on our website.

Question 4

Do you have references from past projects?

Accepted Answer

We have over 10 years of experience in construction and property sales. References and a summary of completed projects are in the “About us” section and on the Projects page.

Question 5

How do I find you?

Accepted Answer

Our client centre is at Komořanská 2428/17, Prague 12. We schedule in-person meetings in advance so communication stays fast and to the point.

Question 6

How does a project viewing work?

Accepted Answer

We arrange viewings with the sales team at least 24 hours in advance. For projects under construction, viewings may not always be possible due to the technical state of the site (e.g. preparation of slabs, pouring concrete floors). We do everything we can to accommodate clients.

Question 7

How do pre-reservation and reservation work?

Accepted Answer

A pre-reservation is created with the sales representative by mutual agreement and lasts 3 business days. A reservation begins after a reservation contract is signed. That starts the reservation period during which the Future Purchase Contract is signed.

Question 8

What is a tied / escrow account?

Accepted Answer

This term comes up mainly on projects where we, as the developer, use bank financing. These bank accounts provide maximum security for all parties (Bank, Developer, Buyer): the developer has no direct access to the funds, and their release to the developer is controlled by the financing bank.

Question 9

How does BAK Development finance its projects?

Accepted Answer

Depending on the project type we use a combination of external bank financing and our own equity. Some projects are financed entirely from our own funds.

Question 10

What types of contracts do we sign?

Accepted Answer

The standard sequence is: Reservation Contract (RC), Future Purchase Contract (FPC), Purchase Contract (PC).

Question 11

How can the purchase be financed?

Accepted Answer

The purchase can be financed with a mortgage or with your own funds. With our partner banks you can secure quick and favourable financing: there is no need for a property valuation, since the partner banks already have full project knowledge including a completed appraisal.

Question 12

Does the buyer incur any tax obligations on purchase?

Accepted Answer

Income tax of 15% (private seller) or 21% (corporate seller) is paid by the seller / developer. Once the property is acquired, the buyer is also subject to “real estate tax”: the owner registered in the cadastre as of 1 January of a given year is required to file a return by the end of January and pay the tax by the end of May.

Question 13

What are the future energy costs for a unit?

Accepted Answer

Estimated future costs are provided on request as a document covering energy costs in CZK/m². These are estimates prepared together with the energy supplier; the prices listed are not binding on the developer.

Question 14

What does standard fit-out of a unit mean?

Accepted Answer

Standard fit-out means the interior elements (sanitary ware, tiles, flooring, doors, etc.) that are an integral part of the unit and are already fully included in its price. Each project has its own standard, available as a Standard Catalogue.

Question 15

Can I buy an apartment for a third party?

Accepted Answer

Yes, but you'll need a certified power of attorney from that person. Because we value a personal approach, we prefer in-person contact or a video call to confirm purchase details. For purchases on behalf of a minor, the legal guardian must assist / sign, and everything must be in line with the third party's / child's interests.

Question 16

Why is a homeowners association created?

Accepted Answer

In residential buildings or complexes with at least five units where at least three are owned by different parties, the Czech Civil Code (§ 1194 et seq.) requires the formation of a homeowners association (“SVJ”) which manages the building's common areas and overall operation.

Question 17

What warranties apply to the purchased apartment?

Accepted Answer

The warranty can apply to residential and non-residential units as well as to the building's common areas. The complaints procedure also covers components and accessories of the building, including those outside it. The warranty period is 36 months and starts on the day the title is registered in the cadastre or the day the homeowners association legally comes into being. Silicone and acrylic sealants are an exception, with a 6-month complaint period.

FAQ

Frequently asked questions

Company and project flow

Purchase, contracts and financing

Unit, standard and warranties

Couldn't find what you were looking for?

FAQ

Frequently asked questions

Company and project flow

Purchase, contracts and financing

Unit, standard and warranties

Couldn't find what you were looking for?