The business with properties does, indeed, belong to the ones that are among the more expensive ones which may be conducted. Despite the fact that the vast majority of properties are recorded in the land registry, uncertainty as to who their owner really is.
As hard to believe as it may seem, the Supreme Court has recently heard a case in which the above was the issue – after rather lengthy proceedings it ruled on favour of the current owners of a residential unit who were taken a legal action against by the original proprietors. The chain of ownership transfers was, due to the fact that there were four changes between the two, very difficult to track.
The Supreme Court concluded that the most important aspect while purchasing property is the “good faith” in the validity of the Land Registry records; paradoxically, after rather a long period of time the ruling agreed with the practice of the Constitutional Court of the Czech Republic – if there is no reason for the buyer to question the Land Registry records, they are in the right.
The crucial point is, then, to assess whether or not there are reasons to challenge the validity of the records – one can easily imagine that major complications may occur during transactions and disposals of properties. That is why we strongly recommend that those who are planning to buy/sell a property should pay due attention not only to the status quo in the Land Registry records, but also to other circumstances; a co-operation with a person who is capable of providing qualified legal advisory services exceeding those offered by the real estate agents.