Real Estate in Krakow - my private opinion about the market: "New World" (Nowy Świat)

niedziela, 20 czerwca 2010

"New World" (Nowy Świat) - general information

New World - it is a modern residential building located just 600 meters from Main Market. The building was constructed at the same place where old office building had existed. The construction works were finished at the beginning of 2007.

The developer: Grupa Bryksy

Official developer's website: New World

Location: Kraków, Cubulskiego Street no 2.

The complex has only one main entrance.

See the location map:

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- there is only 32 apartments

- 24 hour security

- underground parking and secure parking space outside the building (there are no paring spaces connected to smallest flat)

- air-conditioning

- quiet location (both streets are one way streets)

The building is an example of new architecture in the city centre. It is a small building and this is a biggest advantage I think. Owners or tenants can fill more comfortable - like at home and not like at the hotel (some people say that they fill like at the hotel in the buildings like let's say Angel Plaza). Short distance to Main Market and quiet location can make your live better. There are no trams, buses etc - so you can not hear any noise made by that kind of vehicles. However you can get to the tram or bus stops in 3 minutes.

There are two biggest disadvantages:
- there is a hospital as your neighbour
- there is no common area like gym, sauna or jacuzzi in the building.

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First steps

HOW TO BUY PROPERTY IN POLAND

The ownership of property in Poland is secured, by a state authority called simply Registry of mortgages. In Krakow it is Regional Court for Krakow Podgórze Land and Mortgage Register Department (Sąd Wieczystoksięgowy dla Krakowa Podgórza) Titles to property i.e. Lend Registers (Ksiegi Wieczyste) are kept there, where all encumbrances on properties are registered. Property is filed under the names of the owners and every Lend Register has got its individual or number. A title search is performed in order to find out if there are any claims, liens and encumbrances on the property. A title search also shows if the property was properly transferred. This is always done during the contracts process.

The only way to buy a property in Poland is to sign a property purchase agreement in the presence of public notary. A public notary must be appointed since any property purchase agreement, in order to be valid, must be done in the presence of a public notary. The public notary does not represent the interests of the Buyer or Seller. (S)he is a public official in the presence of whom the contract is read, understood by both parties and signed. The notary drafts the contract and is responsible for the verification and registration of the transaction in the public records, so that the buyer acquires the official title of the property.

The contract is drawn up only in Polish language in one original that always remains at the notary’s file, an official copy which is registered at the register office and the purchaser receives as many copies as he/she wants paying the proportional fee. If the purchaser is the foreigner and does not speak Polish, he/she has to name a translator who takes an oath and translates orally word by word the contract from Polish to the foreigner language. At the end of the contract the translator declares that he/she translated rightly and comprehended completely quoted in the contract the foreigner purchaser and signs for this at the contract.

The parties sign only the prototype contract.

CONTRACTS STRUCTURE AND CONTENT

Each contract has a concrete number given by the Notary and a composition date.

Report of the detail elements of the contracting parties, full names, father names, mother names, I. D. numbers, tax registration numbers, addresses.

The real estate is described in details (extent, limits, borders) and reports the Topographer of Engineers elements mentioned at the topographic diagram. At this point all the previous acts, titles of property, contract numbers and registration numbers at the register office are mentioned.

Afterwards, is reported the vendors statement, that sells the real estate and is described the price, the terms and the conditions of settlement of price in case it is not paid off immediately during the signature of contracts.

The vendor guarantees that the sold of real estate has no debts.

Thereupon, the buyer undertakes the vendor’s real estate and the vendor resigns from any rescission right.

Finally the notary certifies that the transaction takes place according the law, and reports in brief the relative laws and the certain formal statements of the contracting parties. There are also mentioned fees and tax connected with buying the property.

PURCHASERS EXPENSES

The purchaser must pay for the following expenses:

1. The transfer tax (civil tax) is 2% on the objective price mentioned in the contract.

2. The notary’s fee is about calculated on the deed of purchase mentioned price.

3. The estate agent’s fee depends on the agreement among the estate agent and the purchaser

4. The registration at the register office is 200 Polish zloty.

Totally the final cost could range from 5 to 7 % of the value of the property