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Buying a property at zero cycle construction
Buying a home at an early stage of construction or even at zero cycle is very attractive in terms of price and payment terms. Not able to pay the entire amount at once, and beat estimates by several months or even years, can purchase a house, even if at this time on his hands there is no required amount. However, the question arises as to the maximum to protect themselves from possible risks. Even in Russia, buying a home in the initial stage of a risky event is already talking about Thailand. Another country, other laws and other rules of the game. Most of the documents, which can show potential buyers the developer, rather reminiscent of an exotic ornament, and even the figures in them are written in Thai, which makes it impossible to understand a document, equal to nothing. For assistance in checking the documents and drawing up a treaty that will protect your rights, should see a lawyer. Especially that the theory and practice in assessing the reliability of the developer are slightly different.
But first let's talk about what to provide to potential customers of the developer of the theory.
First, and perhaps this is the basic documents on the ground. The developer must be the owner of the land on which the condominium will be built. Land should not be in the mortgage or rent.
The license for construction. This license authorizes the company to carry out construction work on the selected plot.
The license for the condominium. It is very important for further processing have purchased apartments in the property. It is only in the house, which has a condominium status, a foreigner can buy a home in the direct ownership. In principle, the Law "On the condominiums," clearly state what is considered condominiums, so surprises in this matter does not arise.
Also, the developer must submit an architectural plan of the building project in general and in particular of your apartment.
So, the developer documents checked, and now turn our attention to the conditions of the contract.
First, the contract should be clearly spelled out terms of completion and delivery of the project, as well as penalties for violation of these terms builder. Necessary to provide the client's right to terminate the contract and get back money paid, if completion is delayed indefinitely. If you do not, the work is completed you can wait for years.
An important condition is the schedule of payments. To cooperate with the company, which requires one hundred percent payment, it is better to refuse. The standard version is an initial payment of up to 30% of the value of the object, then subsequent payments, which may be linked to the abstract as dates and specific events at the site, for example, foundation, erection of a certain number of floors. However, the schedule of payments shall be made so that you remain a financial leverage to the developer, that is, at the time of the project you must be a final payment that you make in the event that the developer will correct the identified deficiencies. As a rule, recent estimates place the time of transfer of ownership of the apartment.
As mentioned, the condominium plan and your apartment is contained in the architectural design, which may vary during construction. A detailed description is what you should get a result, it is the area of flat finish, the presence of furniture, should be spelled out in the contract. We recommend that you keep all the brochures, advertisements, correspondence with the developer, as these materials can be a strong argument in your favor if the finished project does not meet the promises.
So it all should happen in theory. In practice, everything is more complicated. Or easier.Looking at which way you look. If the builder on the market are not known, in this case, of course absence of certain documents would be a significant risk. In the case if the developer is known, the absence of a complete set of documents, rather, would indicate that you have the chance to buy property at a good price. After receipt of all necessary documents on building a solid developer will mean the immediate commencement of construction and, accordingly, the increase in prices.
In any case, it is necessary to think through all the steps prior to signing the contract, so no unpleasant nuances surfaced, it's too late to give reverse. It is therefore desirable to seek the assistance of independent experts, with which no doubt are legal company.After all, they have no interest in selling you the projects and their views will be as impartial.
Information provided by ABC Asian Legal Service
See also
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