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IurisConsulting Property Lawyers House in Construction |
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| If you have decided to buy a property under construction, the developer is legally required to provide you the following information:
Anything the developer publishes must be performed, as the publicity the developer supplies has the power of a legal contract.
Guarantee of advanced payments
Normally, you shall reserve your house while its construction is completed. You shall sign a private contract with the seller and put down a deposit, normaly about 10 or 20 percent of the property total price.
In the meantime, you will be expected to make advanced payments, which should be protected by an insurance policy or a bank guarantee, until the construction is completed, in order to get the return of all money paid in advance plus interest of penalization in the event the developer does not commence the works of the propety on the date scheduled, or in case of non-completion of the construction.
On signing the sales contract, the developer must provide documentation with the type of guarantee for the andvanced payments and indication of the guarantor.
Make sure your private contract contains reference to this guarantee. The private purchase contractBuyer and developer shall sign a private purchase contract, which serves to settle the conditions for the future purchase, once the construction is completed. This contract shall contain the following provisions:
Simultaneously with the private contract, the developer must provide you the following documentation:
Signature of the deed.The certificate of the building completion is issued by the architect once the building is complete. The developer needs it in order to get the certificate of occupancy, which is issued by the Town Hall. This administrative document permits you to inhabit your new house.
As soon as the construction is finished and all the previous administrative documents obtained, you shall sign with the vendor the Purchase Title Deed before a Notary. The Notary certifies that the parties sign the contract properly, and keeps the original document in his protocol.
The purchase deed must be registered in the Land Registry. Once it is done, the registry fully assures your title. Taxes to payThe taxes referred below shall be paid on purchasing a new property:
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