Frequently Asked Questions

THE COMPANY

What is MDAICReal?

MDAICReal (Abbreviation: MDAICR), where (M) Millennium, (D) Development, (A) Action, (I) Industrial, (C) Commercial and (R) Residential. The term "Action", herein, means no delay, no speculation and no uncertainty. All due processes are carried by our technical, financial and legal team within the shortest possible time so that all necessary actions can be taken in 24hrs without delay. The satisfaction of our clients is our primary goal and focus.

MDAICR is an International Real Estate Company, duly registered under the laws of the Czech Republic and EU. Its registered office is at Generala Selenera 3256, Kladno 272 01, Czech Republic. MDAICRral, s.r.o. (MDAICR) is with the Municipal Court in Prague (Section C, File: 219303, ID: 024 17 375). For more detailed information, please click here.

What is the quickest way to contact MDAICreal?
The quickest way to contact MDAICReal is to send electronically your request using the form provided in our Contact Form or the Request Form that is displayed in each each page of the website or send a mail to enquiries@mdaicreal.com. This Form coordinates your request with all the agents, realtors and the management at the same time and whoever is responsible for your sector will take action immediately and contact you within the shortest possible time.
What are the types of properties for rent and sale at MDAICReal?

At MDAICReal, we have the following types of properties for rent and sale in the international markets:

    • Industrial Properties;
    • Commercial Properties; and
    • Residential Properties.

SELLING YOUR PROPERTY

How long does it take to sell a property at MDAICReal?
On average it takes around thee (3) months from placing the property on the market. However, the selling period depends always on the requirements of the seller and the potential buyer.
Is it possible to speed up the selling process of my property?
Off course, making sure that your property is well presented visually to attract more interested clients (in the international market), which will lead to many offers (technical, commercial and financial). MDAICReal also help you speed up the selling process through its international business portfolio: international mortgage, property/fixed asset investment, etc. Our international investors earn great returns investing in pre-vetted, short-term, property-backed loans in Europe - one of the safest asset classes over time. Investors can invest from as little as €50 and earn up to 12% per year. Therefore, if your property is sold within a period of three (3), then MDAICReal may purchase it as an investment asset for its investors.
Do I always need to engage MDAICReal or an agent?
Engaging or instructing MDAIReal or an estate agent to sell your property is not a legal obligation. Some vendors try to keep costs down by avoiding to use an agent at all. However, it is well worth, considering the benefits we can provide. We always add values, providing the man power, know-how and experience, etc. you would need to effectively market your property to ensure it receives maximum exposure to attract as many clients as possible. We also deal with the viewings, manage competing offers and oversee the entire process through to completion. In short terms, we always find solutions to common issues and ensure a successful sale is achieved. Hence, MDAICReal makes you save time and money by selling you property with no stress.
How much will it cost me to sell my property through MDAICReal?
Estate agents typically charge between 1.5% to 5% commission on the sale of a property, depending on the country laws. They may also charge separate fees for advertising and promotional material. This should be confirmed to you by the estate agent before any instruction takes place or any agreement is signed. However, those experienced sellers and buyers may have preferred solicitors. With regards to solicitor’s fees or conveyancing fees, these can vary from firm to firm. It is important to contact more than one solicitor to receive quotes as there are no set fees for conveyancing. We, at MDAICReal, we charge our fees in accordance with the established laws (rules and regulations) of each respective country and tailored to satisfactorily meet the requirements of the client and the prevalent regulations of the market.
Do I have to engage a Solicitor?
It is not necessary to engage any solicitor. MDAICReal legal department will be responsible for all the necessary legal issues, including the drafting of the Sale and Purchase Agreement/Sale Agreement, protecting all your interest. The legal part of selling a house can be incredibly complicated so it is recommended that you do use our own internal experienced solicitor or a licensed conveyancer. It is cheaper, faster and better for you. Our solicitor or licensed conveyancer save you fees. Besides, the amount of time and effort required to organise the legal part yourself may not be far lesser. Our own experienced solicitor will also bring to your attention concerns that an independent or inexperienced person may well miss. Our legal department is also responsible for the notary services.
Do I need to provide an Energy Performance Certificate - EPC?
Yes. The EPC is a legal obligation that has been in place since January 2013. It must be made available within Five (5) banking days from the effective date of placing or putting the property on the (international) market. MDAICReal always displays the EPC rating or inform the potential buyers about its parameters and data in all marketing materials and websites.
How do viewings work?
If you’re selling through an estate agent, they will organise all viewings on your behalf. This can be very beneficial as they deal with any difficult questions, screen potential time wasters and are well placed to advise interested viewers (and you) on what happens next.
What about tax?
Capital Gains Tax (CGT) isn’t applicable on a main residence but may be applicable on a second home or an investment property. For more information, visit the HMRC website or speak to an accountant.
What should I expect from a successful sale?
Although an estate agent cannot guarantee an accepted offer with progress to exchange and complete, they will keep you up to date throughout the sales process. Solicitors should also ensure that all relevant documents are ready to be signed or actioned before the sale. Your estate agent and solicitor should be available to discuss your concerns with at any point during the process. If you feel it is moving too slowly, or if you’re unsure about anything, don’t be shy! Selling your home can be a stressful process and your estate agent is there to make it easier for you and deal with any concerns and questions you may have.

LETTING YOUR PROPERTY

Do I have to pay tax on my rental income?
The payment of tax on your rental income depends on the country's laws, where your property is located. In some countries such as Monaco, UK,Anguilla, Bahamas, Bermuda, BVI, Cayman Island, St Kitts and Nevis and Turks and Caicos Island and Latvia, there is no tax on rental income, while in other countries the tax on rental must be paid (e.g.: France (flat 7% tax, Greece (3.75% up to €1,500 and the rate climbs steeply to 19.3% and 21.1% for monthly incomes of €6,000 and €12,000, respectively)). Countries like UK for instance, the payment of tax on rental income depends on how much you earn from the rental income. In the UK, if you earn more than €6,000 in rental income, a tax of 9.21% shall be be paid and 11.98% for rental income of €12,000 and above . Should a property be owned by a company, then the rental income is dealt with in the same way as business income. Tax must be paid on any profit made from renting out a property after the deductions of allowable expenses. For more information, view "OUR INTERNATIONAL REAL ESTATE MARKET" or speak to an accountant or tax adviser.
Can I engage MDAICRreal to let my property?

Yes. You can engage MDAICReal to let your property under a "Property Management Agreement". Although, there are many advantages in engaging MDAICReal that should:

    • keep you informed and updated with the latest legislation;
    • ensure your property receives maximum exposure to attract the right calibre tenant;
    • negotiate the best rental price on your behalf;
    • manage all repairs and maintenance; and
    • collect rent.
How often do I need to have safety checks on the property carried out?
A gas safety check must be carried out every 12 months. There is no legal requirement to have electrical safety tests carried out annually but landlords are obliged to ensure that electrical equipment is safe. This is best accomplished by an independent electrical test. If MDAICReal manages your property, then we will arrange all the safety checks on your behalf, giving you some peace of mind. Landlords who don’t comply with the relevant safety regulations can face hefty fines and in some cases prison sentences.
Do I need to provide an Energy Performance Certificate (EPC)?
Yes. This is a legal obligation that has been in place since January 2013. It must be made available to tenants when they move in and is valid for 10 years, unless the property is subject to building / development works.
Does the property have to be furnished to be let out?
No, a property can be furnished or unfurnished, depending on the wishes and tastes of the tenants. Most tenants like furnished properties, but there are also many who are exclusively interested in non-furnished properties, especially families and married couples.
What is an Assured Shorthold Tenancy (AST)?

The majority of tenancy agreements are ASTs. A tenancy is considered to be an AST when:

    • The landlord is not resident, i.e he/she/it (a corporate business) does not reside in any part of the building e.g an annex, which is connected to the property;
    • The property is the tenant’s main residence;
    • The tenant is an individual as oppose to a company;
    • The tenancy started for example after 1st January 2018; and
    • The rental is for instance less than €100,000 per annum.
Do I hold the deposit during the tenancy?
If the tenancy is on an Assured Shorthold Tenancy (AST), then the deposit will need to be held within a government authorised deposit scheme. This is to protect both landlord and tenant and is required by law. For more information, click here. MDAICR are members of The Dispute Service (TDS).
How do I carry out reference checks on potential tenants?
We highly recommend that all prospective tenants shall be referenced. This is part of our process. So, you should not be worried. MDAICR is always here to organise this task on your behalf. All reference reports are then sent to you for your approval prior to the start of the tenancy.

MDAICR GUIDE TO AVOIDING CYBERCRIME DURING A PROPERTY DEAL OR TRANSACTION

What is Cybercrime?

Cybercrime or computer-oriented crime, is a crime in which a computer is the object of the crime (hacking, phishing, spamming). Cybercriminals may use computer technology to access personal information, business trade secrets or use the internet for exploitative or malicious purposes. Criminals can also use computers for communication and document or data storage. Criminals who perform these illegal activities are often referred to as hackers.

Todays, Cybercrime is considered as a major international threat to global market, commerce and a real headache for banks, utilities firms, online retailers, etc., including their customers. Considering the large amounts of money involved, cybercriminals are very keen to target property transactions.

Is there a point during the buying, selling or letting process where I am particularly vulnerable to cybercrime?
It is generally the later stages of a transaction that involve the exchange of sensitive details and, as a rule of thumb, the later the stage, the more sensitive the information you will need to share, generally culminating with an electronic transfer of funds. Cybercriminals are aware of the timelines involved in buying and selling property or completing on a lease agreement and will ultimately be looking to intercept at the point that money is being transferred between parties. However, they could gain access to your email at any point during a transaction and then wait until funds are due to be transferred before trying to intercede, so it's best to remain alert throughout the entire process.
Should I be worried about cybercrime when just searching for properties online?
When simply searching on property sites, the opportunities for hackers are very limited, however, as soon as you start registering to receive details from websites and estate agents, you should be careful about how much information you share, especially if there is no pre-existing relationship with the firm that you're contacting. Remember to give just enough details for agents, surveyors or lenders to get in touch with you as required and understand your basic requirements. Do not give any bank details at this point.
When should I take conversations "off-line"?
Treat all communications via email, online forms or social media as potentially visible to hackers and fraudsters. If you want to talk about sensitive details including names, addresses, bank details etc, then it's probably best to pick up the phone or better still go into a branch where you can talk confidentially and there will be no electronic trail for criminals to expose or exploit.

What does a fraudulent email look like?

A fraudulent email will, at first glance, often look exactly the same as an email that you would expect to receive, complete with official-looking headers or footers, long chunks of small-print or compliance statements about FSA regulation etc. However, there are a few things that you should look out for:

    1. The sender's email address: What appears in the "from" line of an email may not be the sender's actual email address. To check the actual address the email is from, hover over the "reply to" address with your mouse and the reply address should be shown. You could also start a reply to see where it will be sent to, but don't send it!
    2. The Urgent language: Fraudulent mail often deploys urgent language, with headings like "Important account update" or "transaction suspended". They may purport to be from a bank or building society warning you that your account has been compromised.
    3. The request: Fraudsters will generally need you to perform an action before they can access your details. Therefore, it is commonplace for fraudulent emails to include a link for you to click to "reset your password"; "update your details" or "check your account". NEVER CLICK a link in an email like this – your bank or solicitor will not send an email like this.
    4. Bad spelling and grammar: Although it happens more often than they'd like, emails from professional companies don't generally contain mistakes. Spelling errors, unusual or incorrect grammar, poor punctuation and missing/incorrect information should ring alarm bells.

If you are worried your email or bank account has been hacked, then log out of the email and open a new browser window to log into your account independently – better still pick up the phone.

What makes a cybercriminal or fraudulent email seem credible?

Some email scams are very sophisticated, and rely on using a few pieces of relevant information such as your name, address or financial details (many of which may be in the public domain) to win your confidence and to prevent your suspicion.

People are often targeted at random with mail claiming to be from a particular bank; don't be caught out if this guesswork just happens to be correct and you do hold an account with that particular bank. Likewise, if your email account has been hacked, a determined fraudster could contact you by email or phone purporting to be any party in the transaction to draw out information from you, trading on one or two bits of relevant information or pretending to be someone who is genuinely involved in the transaction.

How do I know whom to trust?
Take the time to get to know the names of everyone involved in your transaction and, wherever possible, meet them in person and at their place of work. Then, if someone calls or emails pretending to be from or working on behalf of your solicitor, bank, estate agent or surveyor, you can ask for their name and if you've never heard of them then alarm bells should start to ring. Don't inadvertently give away relevant information, for instance by giving away the name of the person/people you have dealt with when querying an email or call. If in doubt don't reply to emails you weren't expecting or don't recognise, but directly contact the relevant person or firm to verify they are trying to get in touch.
Is there any way that I can minimise risk when choosing which professionals to instruct?

Always check professional credentials when selecting who you will instruct to act on your behalf, and ask for personal recommendations or professional referrals if you don't have an agent, conveyancing solicitor or mortgage lender that you've used before.

If you don't recognise the name or acronym of a particular body or scheme, look them up. Many professional membership bodies will have listings or an online checker you can use to verify that your agent, lawyer, lender or surveyor really is accredited and hasn't been disbarred or suspended. Online review sites can offer a guide, but remember these can be open to abuse so don't take such recommendations as gospel.

Any other tips to help me prevent fraud?
Don't be afraid to query every communication you receive. Wherever possible give relevant sensitive information in person or via secure post, not over the phone (should the call be an unverified inbound call) or via email. Ask lots of questions up front – get to know the team you are working with by name, and agree a timeline so if an unsolicited email asking for a large cash transfer comes up out of the blue you'll know it probably isn't genuine. It's not always possible, but more secure to do the main key parts of the transaction in person and in branch.
What IT measures can help keep me safe?
Don't click on links or give information away in an email, particularly about passwords or PINs. It is always advisable to change passwords regularly and to not use the same log-in details across multiple accounts. Where possible, use a strong password using a mixture of letters, cases, numbers and special characters. Never share them or write them down, and be careful who you copy in to your emails as you are potentially widening the exposure in the event that yours or their email account is compromised. Treat a property sale as the confidential business transaction it is, and never, ever share relevant or sensitive data – including addresses and exchange dates etc – via social media. Remember, a reputable business is unlikely to ask you to correspond with them at a webmail address such as @gmail.com or @yahoo.co.uk; they should have their own dedicated and secure mail server, such as firstname.lastname@companyname.com – if not, ask why not!.
What should I do if I suspect fraud?

If you suspect fraud, you should act as follow:

    1. Report it directly to the company using a name or contact that you know to be correct.
    2. If you think your account has been hacked then reset the password and delete non-essential correspondence, particularly from your "sent mail" folder.
    3. Most email providers allow you to report suspect emails as junk or "phishing" scams easily online, while banks and building societies typically have whole teams to defend against fraud and cybercrime and will likely have a dedicated phishing@ or spam@ email address where you can forward suspicious emails to have them checked out – check their website to find the exact address. It's much safer to incorrectly flag a genuine email as spam than trust a scammer and hand over sensitive information without verifying they are who they say they are.
    4. Ask questions about and pay attention to relevant information which you're given along the way about how to prevent fraud or identity theft. Estate agents, lawyers and financial organisations must all conform to stringent compliance legislation to this effect, which is designed to protect all parties involved.

Please note this is just a general guide to staying safe and secure online and in digital or phone communications during your property transaction. It is neither an exhaustive list of the sorts of techniques cyber criminals may use, nor a fail-safe defence against them. Remember, the best approach is always to build a trusted relationship with recognised and certified professionals, exercise caution and common sense throughout the process, and don't be afraid to ask questions and query why you're being asked to share information and with whom. If it doesn't sound quite right, then it probably isn't..

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