Thursday, October 13, 2011

Equity Building: What You Should Know

Anna Moiseeva One possibility is the acquisition of real estate equity Construction. And although the practice of the last few years has shown that shared construction rather dangerous activity in the sector of home purchase to help her come new laws that allow secure themselves with such investments. And to date, share building is one of the most inexpensive ways to build apartments. One of the main documents for the shared construction contract is the equity in the construction and investment property. It is in writing and shall be subject to state registration in the Federal Registration Service of the location of the property, while a contract is concluded only from the date of such registration. The law clearly defines the essential terms (mandatory provisions) of the treaty. These include: 1. Clear definition of the construction Fully prescribed building address as recorded in the investment contract specifies a section housing, apartment number on the site, order reference number and other necessary data. The more precisely you define your apartment, then the easier it is to win it - this is the case of double sale. It should be remembered that the building address does not match the email address which is assigned to the house only after passing the State Acceptance Commission. The most appropriate option for determining the object is a schematic symbol for his plan, which advocates of the agreement. On the floor plan all apartments are denoted by lines, the two planar coordinates. The vertical line indicates the number of floors in the facility. Since the same axis can enter different configurations, the best option is to annex to the contract plan apartments, which would be marked apartment. It is recommended to use the most detailed plan: Specifies the location of houses on the street, place flat on the floor and room layout. If the object is dealt with finishing, the contract and / or its application to list all types of work commitments assumed by the developer, even better, indicating the materials to be used in otdelochnyyh works. Specifying the size of the apartment - it is also important, because it costs 99% of the calculated from the area. Also do not forget about the floor, number of rooms, kitchen area, the presence of loggias and balconies, etc. 1. The term handover investor apartment must be passed within the period stipulated by the contract. Period should be the same for all participants shared construction of one of the investment. Transmission and reception of the construction is carried out under the act or other document signed by the parties, execution of which may not previously received the developer permission to commissioning of the object. Renting house in operation is made an act of the State Commission, which essentially confirms the compliance of the property parameters of the existing building codes. Willingness to sign the house to the universe is notified, upon which you must begin to take an object within the period specified in the contract, and in the absence of such a term - within 7 working days of receipt. Investor shall be entitled to examine the object passed for its quality and compliance with the treaty. In the case of identifying deficiencies can refuse to sign the act of passing an object by issuing such a waiver by the relevant act, indicating the violations. Please note: the contract specifies exactly the term transfer Apartments investors, not home in time for delivery service. Exception: The developer may not be less than two months before the deadline to send you a proposal to amend the treaty in terms of transmission, if the building (creating) a block of flats and (or) other property can not be completed at contract time. You must accept or reject such a proposal. In the case of "go through" signed an additional agreement to the terms of the change, as in the case of "divorce" the developer threatened financial sanctions in the form of penalty (fine) in 1 / 75 CBR refinancing rate, acting on the day of performance, from contract price for each day of delay "(Article 6 of the Act). Rule Builder, the opposite side of you: the period of payment under the agreement Apartment fleshed out until the day, date object set as a year or quarter. For example, 2 quarter of 2008. " Act to include in the contract period at the same time executed. Typically, this period is not respected, but for your own freedom of action he should attend. Should be the same with something begins 3. Price, order and terms of payment Price (specified fully in the agreement) shall be final and not subject to revision. No insurance contracts, warranties, service contracts, etc. That is the full price of the contract and shall be true to the amount you pay for an apartment. Order and payment terms is desirable, too, reflect and observe, because it is one of the conditions under which non-performance you can unilaterally terminate the contract. Encouraged to include in the contract as the total cost of the property and the cost per square meter. This will further implement the recalculation of the value of the property increases or decreases its size after construction. Payment can be implemented in whole or in installments. Keep in mind that the interest on the amount of "debt" or "balance" is entitled to count only the credit institution has the license for this kind of activity. That is why our media are full of ads such as: interest-free loan, the installments without interest, etc. In fact, the developers (sellers) can easily get out of this situation by simply increasing the cost per square meter monthly or quarterly, and displaying it in the annex to the treaty or the treaty itself. For example: buy today for $ 1000 / sq.m., in the next month for $ 1100 / sq.m. for the next month for another one hundred square meters higher and you have to strain and time to pay as much as possible the number of meters at cost. Here it is - an interest-free installments! Should take into account the possibility of mismatch footage of the object, which in practice happens quite often. Therefore, the contract usually stipulates the procedure for determining the cost of surcharges for excessive space or refund overpaid based on measurement of TIB (the second point is usually overlooked until you remind them). If the treaty does not provide a mechanism that revises the prices, then the requirement of the builder of the surcharge for extra meters would be unlawful. For example, the contract provides 52 sq. m., and built a 53.7 sq.m. Consequently, the developer has not fulfilled its obligations and demand a price increase may not. Change is the price set by the Treaty can only be by mutual agreement of the parties, if possible under the contract. Do not forget about utilities that are paid to the actual occupation of the apartment. Usually they are asked in advance for 3-4 months. 4. The warranty period for the object required by law to provide the builder warranty period for newly built property. This period can not be less than 5 years and shall be calculated from the date of transfer you to the apartment, unless otherwise stipulated in the contract. The apartment must comply with building and other rules and regulations, as well as architectural design. Imagine that 3 years after putting the house you have a crack in the wall, you go to the developer and "In the case of identifying deficiencies in the transferred a property developer during the warranty period, the investor may choose to require the developer a free repair or a proportionate reduction of the contribution construction and the return of part of funds paid or recover their cost of repairs. " The shortcomings in identifying the investor is entitled to submit the above requirements, is deviation from the terms of the agreement that led to the deterioration of the object, or identify other deficiencies that make the facility unfit for use, unless otherwise agreed. In the case of "significant" violations of requirements for the quality of the construction investor has the right to refuse the object and demand the return of all sums paid and the payment of penalties (Part 3. 7 of the Act). In Section 2, Art. 475 Civil Code defined signs referring deficiencies identified in the product, substantial, which are similar to the established in the Law "On Protection of Consumer Rights. Spread on the relations between the joint construction of the Law of the Russian Federation № 2300-1 from 02.07.1992 (as amended. 12/21/2004) "Consumer Protection" is one of the significant achievements of the Act. A significant drawback is understood ineradicable flaw or defect that can not be removed without disproportionate cost or time-consuming, or detected more than once, or seen again after its removal. By "significant" can be attributed the lack of which makes "it impossible or inappropriate use of the product in accordance with its designated purpose." One option for the "impossibility and the inadmissibility" is a flaw that makes it a proper use of life-threatening, health or property of citizens. Terms of the agreement to release the developer from responsibility for the shortcomings of the object of shared construction are negligible. Even if the contract stated that the developer is not responsible for the transfer of low-quality facility, it does not free him from responsibility. Note that claims to the quality of the transferred object may be brought against the developer for the entire warranty period. 5. Additional provisions recommended for inclusion in the contract is recommended to additionally include in a contract clause stating that the developer ensures that no third party rights to the apartment, and responsibility as the obligation to provide a similar apartment or refund its cost if to detect the presence of third parties. Also try to include a norm obliging the builder to give a definite time on your hands the documents necessary for registration of property rights, and the mechanism of money back (terms, procedures, compensation) in the event of delay in the transfer of your apartment or nonperformance of the contract builder for other reasons. Keep in mind, the lack of agreement of the above conditions may result in loss of time and money, and without the essential terms of the contract it may simply recognize concluded. Then about any compensation and will not have to say.

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