Apartments From The Developer

2023 Author: Douglas Hoggarth | [email protected]. Last modified: 2023-11-26 20:16

• Verification of documents
• Conclusion of a sales and purchase agreement or equity participation
• Review of the contract by an independent lawyer
• Acts of project implementation and acceptance and transfer of apartments
• Registration of property rights

New flat! Many have dreamed of this miracle for many years. But, finally, the required amount for the purchase of the apartment was collected, the decision was made, the only thing left to do was not to make a mistake in choosing the seller. There are many pitfalls on the difficult path of home buying, not knowing about which, it is easy to lose your money and be left without a long-awaited apartment.

Today, perhaps the most attractive option for buying a home is the purchase of an apartment from a developer. In this case, for his hard-earned money, the buyer gets a new apartment in a new house, where there is no need to change something or repair emergency communications. What you need to know, what to look for when buying from a developer?

Verification of documents

Firstly, an apartment can be purchased in a building under construction, as well as in an already built one. The cost of housing in a house under construction is lower than in the one that has already been commissioned by the State Commission, but the process of waiting for the readiness of the house can be delayed, and if you want to move faster, then you should think about it. But in the first and second cases, it is necessary to check the documents establishing the right to build and sell apartments.

There should be three such documents: a resolution on a building permit, a lease agreement for a land plot (or ownership of it), a building permit from the State Service for Construction Supervision and Expertise.

In addition, it will not be superfluous to consult with someone who purchased an apartment from the developer of your choice.

Conclusion of a sales and purchase agreement or equity participation

If all the documents are in order, the reviews about the developer are not satisfactory, then you can conclude a purchase and sale agreement, or equity participation, if the house is still under construction. The contract can be concluded with the developer or a "third party" by checking their title documents. For a third party, this is a contract of assignment of rights of claim. You must be provided with notarized copies of these documents. Apartments in the same house can be sold by several organizations at once, the difference in prices can be significant.

The conclusion of the contract must take place in the developer's office, in the office of a "third party", or in a real estate agency.

Before concluding a contract and paying, if an apartment is purchased from a developer, you must carefully read the contract, it must necessarily contain:

1. Completion date for the construction of the house, full address, including apartment number, area of the purchased apartment, its full cost.

2. The cost of an apartment is fixed, or it can be revised in cases of changes in area (confirmed by BTI)

3. The condition in which the seller is obliged to transfer the apartment to the buyer (presence of partitions, doors, etc.)

4. Plan-diagram of the apartment, signed by the manager and certified by the seal

5. Obligations of the developer to provide the shareholder with a package of documents allowing him to independently register the ownership of the apartment

Review of the contract by an independent lawyer

To protect yourself from mistakes and not sign an agreement on enslaving terms, you should contact an independent lawyer. As a rule, buyers trust realtors to check documents, but this is not entirely correct, since they are interested in selling an apartment. In addition, they are not lawyers and may miss important details of the contract. An independent lawyer has a special education, so his consultation will save you from unnecessary worries and annoying mistakes. According to Russian law, an equity participation agreement must be registered with government agencies. This measure helps to prevent duplicate sales of the same apartment. And developers can attract your money only for 2 years, which is also a guarantee of timely commissioning of the house.

You have concluded an agreement, you should have documents confirming your rights in your hands:

1. A copy of the contract of purchase and sale, or share participation, signed by both parties, the sheets of the contract must be bound, numbered and sealed.

2. Notarized power of attorney for the right to sign and act on behalf of the firm of the employee of the firm with which the contract was concluded

3. A document confirming that you have paid the required amount

4. Notarized copies of documents of assignment of rights of claim, if the contract was concluded with a "third party"

From this moment on, you are patiently waiting for the completion of construction, but it will not be superfluous to visit the developer's office to periodically find out the state of the construction site, whether there are any additional problems, and whether the deadlines are met.

Acts of project implementation and acceptance and transfer of apartments

The long-awaited moment of completion of construction will come, after which the developer must provide you with two acts that must be signed as soon as possible so as not to delay the process of entering into ownership. These are the acts of the implementation of the investment project and the acceptance and transfer of the apartment. The act of implementation of the investment project must indicate the complete data of the future owner of the apartment, including full name, passport data, your contract number, your apartment number and its area, etc.

As for the act of acceptance and transfer of the apartment, then before signing it is necessary to carefully examine your apartment, identify all deficiencies and shortcomings, and demand their correction. If everything is done well, or all the imperfections are eliminated, you sign the act. Although, even having signed the acceptance certificate, you can further demand the correction of hidden defects, which the developer will also be obliged to correct.

Registration of property rights

And, finally, there is the last step to get the long-awaited apartment, its registration in the ownership. To do this, the developer submits to the registration service a complete package of the necessary documentation, after the examination of the documents and the elimination of the identified deficiencies, registration of the property rights of the equity holders will begin. To do this, the buyer of the apartment must come to the registration service in person, or the developer can make the paperwork for him.

To register your ownership, you must provide the registration service with an agreement, a BTI certificate confirming that the apartment complies with that specified in the agreement, an act of acceptance and transfer, your passport, a receipt for payment of the state fee and some others (the list will be provided by the service). Your documents will also undergo an examination, upon completion of which, you will receive a certificate of state registration of ownership of the apartment. This procedure is carried out within a month.