The aim of this master’s thesis is to sum up all the necessary information regarding real estate and the legal transaction they take part in. Firstly, the paper will provide an insight into the definitions of real estate and its characteristics. That is a very important fundamental for understanding all further procedures and legal relations. Before focusing the topic of the paper on special legal procedures, the term of real estate will be explained in the context of the right of ownership and its properties. After that, the emphasis is on a pre-bankruptcy procedure and the legal transfer of real estate in the bankruptcy procedure. The reason for focusing on both pre-bankruptcy and bankruptcy procedures is simply insufficient awareness of potential advantages and disadvantages. The importance of informing about real estate in the bankruptcy process lies in the constant increase of ownership rights. Since there are many cases in which people suffered various negative consequences in real estate transactions, just because they were not adequately informed about the procedures, the aim of the paper is to analyse and prevent similar situations as much as possible. All the knowledge regarding real estate in bankruptcy procedure should not only be used as a tool for protection against potential frauds, but also as a great advantage, especially while buying real estate in bankruptcy, i.e. while making a purchase contract. The following content will thoroughly explain the procedure of buying real estate in bankruptcy at public auctions, but the procedure of using publicly available services of the Financial Agency as well.