Agreement on a future purchase agreement (smlouva o smlouvě budoucí kupní, SoSBK)
SoSBKA contract by which the parties undertake to conclude a purchase agreement within a set period on terms already agreed (§ 1785 et seq. of the Civil Code, občanský zákoník). It is used mainly for new builds, when the flat does not yet exist as a unit. It must contain the essential terms of the future contract; if one party refuses to sign, the other may go to court or claim damages.
Example
A flat for CZK 5,000,000: on signing the SoSBK the buyer pays a 10 % deposit, i.e. CZK 500,000 of own funds. The purchase agreement is signed after occupancy approval (kolaudace) and registration of the unit; only then does the bank draw the main part of the CZK 4,000,000 mortgage at 5.00 % with a payment of CZK 23,384.
In practice
The bank wants to see the SoSBK before approving the loan, especially the date for signing the purchase agreement, the amount and security of the deposits and the annex with the specification standards. Watch for contractual penalties that apply only to you and for any right of the developer to move the date unilaterally. Without a pre-approved mortgage, a SoSBK with a harsh penalty for a missed deposit is a dangerous thing to sign.
How it differs
It sits between two other contracts. A reservation agreement only holds the flat for a short time for a fee. A purchase agreement actually transfers ownership and goes to the land registry, whereas a SoSBK does neither and creates no ownership right. On the strength of a SoSBK, the bank usually draws only the deposits.
Related terms
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