How to conclude an equity agreement
You will need
- information about the company developer, legal advice
The contract should begin with the presentation of full information about the developer or representative of the developer. This is such data as name, legal address, bank details, phone. If the sale is carried out through the firm-seller, thencontractA power of attorney should be attached to these actions.
Enclosecontracton a specific object with a description of all the characteristics of the house, including a draft design. Ask to be shown the documents that confirm the rights of development of this land plot.
The document must contain the exact postal address. If the address has not yet been assigned, it is necessary to reflect the temporary construction address, which will later be clarified by an additional annex tocontracty Since this application is also an official paper, it will be necessary to stamp and sign it.
In drawing upcontractand describe in detail the acquired property.It is also necessary to prescribe all the rights, obligations of the parties and the timing of the conditionscontracta, responsibility for not fulfilling or untimely fulfillment of obligations.
Write down the conditions and procedure for early termination of the agreement. In this case, the reasons for termination shall be reflected. List the types of force majeure circumstances for which neither you nor the developer can be held responsible.
Pay special attention to the size of the contribution. A big plus is if this amount is fixed. Also specify the timing of payments and the size of fines in case of non-compliance with these deadlines. Also needed incontractDo not reflect a possible increase in the cost of construction, which may affect the increase in the amount of payment by co-investors.
Describe the principle of state acceptance of the constructed housing and its registration in the property. This is necessary because, quite often, it is not possible to commission the house in time for a number of objective reasons. It is better not to indicate the date of delivery of the house, and the date of its adoption.
Specify incontracte terms for the elimination of construction deficiencies that may be identified as a result of the inspection of the object by the real estate investors.
also incontractIt is not necessary to reflect the information on what the balance will be built house. Determine the form of home management: HOA, the management company.
Write down the information about who and under what conditions will make the design of the apartment in the property. Quite often this is done directly by the developer or his representative.
Before signingcontractcheck with a qualified lawyer.
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