Coping with the passing of a loved one is undeniably difficult. Often, the subsequent inheritance proceedings don’t make it any easier on the emotions of the bereaved. However, these proceedings are inevitable for anyone who loses someone close. A significant aspect of these proceedings involves the settlement of assets, including real estate, if the deceased owned any. And for this purpose in the Czech Republic, you require a property valuation.
How does property valuation for inheritance proceedings work in the Czech Republic, and what are the costs involved?
Why do you need it?
As part of the inheritance proceedings, a valuation report that the notary requests from you—also known as the market value assessment for inheritance proceedings—must always be presented if the inheritance includes real estate. Primarily, it serves to potentially facilitate settlements among heirs (for instance, if one heir decides to buy out the others), but it also determines the notary’s fee for overseeing the inheritance process.
Where can you obtain it?
Good news is that while previously a court-appointed expert had to provide property valuations for inheritance proceedings in the Czech Republic, nowadays a professional assessment by a real estate agent or a real estate agency is sufficient.
Ensure you choose an experienced real estate agent who specializes in inheritance proceedings and property valuations. They should be well-versed in the real estate market of the area where the property is located, its locality, and be able to consider factors such as the building type, layout, and dimensions, etc.
How much does the valuation cost in the Czech Republic?
If you need to carry out a property valuation for inheritance purposes, the cost primarily depends on the rates of individual real estate agencies. In general, these fees usually range from around 1,500 to 3,000 Czech crowns. If you decide to sell the inherited property and choose the services of KOTULA Prague Realtor, we‘ll provide you with a property valuation completely free of charge. You can rest assured that our agents are committed to a professional and empathetic approach.
At our real estate agency, we’re always ready to offer guidance and assistance with everything you’ll need to successfully navigate the challenging life situation involving property settlement during inheritance proceedings. Get in touch with us at any time for more information.
Photo: KHUNKORN, khunkorn via Canva.com
