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23 September, 2021

12. Buying a mortgaged property on a primary market.

12. Buying a mortgaged property on a primary market.

Home Blog 12. Buying a mortgaged property on a primary market.

Buying an apartment from a developer is a complex topic, as it often concerns real estate that is still under construction. Due to this specificity, the Buyer (natural person) is protected by the so-called The Property Development Act (Act of September 16, 2011 on the protection of the rights of the buyer of a flat or single-family house, Journal of Laws of 2011, No. 232, item 1377), regulating in details the process of purchase/ sale of newly built real estate.

Currently, the vast majority of developers use an investor loan, taken for the implementation of a development project. When buying an apartment from a developer who is using a loan for his development project, it should be remembered that in the context of the loan, the contract signed with the developer should contain:

– information about the crediting bank and the amount of the loan granted to it,

– a declaration of the bank’s consent to the unencumbered separation of the premises being the subject of the contract after payment of the entire price specified in the contract (in the form of e.g. a declaration by the Developer or a general promise of the bank),

– information about the escrow account to which the deposited funds will be deposited.

After paying the full price by the purchasing party, the developer provides the final agreement with a relevant consent for a non-encumbered separation of the premises to be purchased.

The subject of the real estate purchase contract and the issues related to this process are much more complex, and each situation is different. It often consists a threads requiring separate analysis. To get individual analysis and or detailed information on this subject, please arrange a meeting with experts from Leach & Lang.

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