How to choose the best offer and what to look out for?
Looking for an apartment means long hours spent browsing through websites, tedious viewing of individual offers and the locations of the investments you are interested in. However, this whole process does not have to be complicated – just plan it appropriately and remember not to miss out the most important things.
Marta Jankowska, an expert from the Legal Department at Ronson Development
At the beginning of the road to owning your own apartment you should try to answer the following questions: What sort of apartment am I looking for? Do I need a multi-room family apartment or a small place with a kitchenette? Is location a priority for me? Answers to these questions will often guide you to choosing a particular offer. However, you should not forget about the less obvious things to which you should pay special attention to when making a purchasing decision.
- Be sure to read the prospectus and its annex.
The prospectus is a new instrument the purpose of which is to protect consumer rights. It was introduced with the entry into force of the Real Property Development Act. The document mainly presents information about the developer and its existing investments, information about the real estate on which the construction is or will be carried out, and most importantly information about the project itself. The prospectus serves as the basis for drawing up a development contract.
- Enquire about the legal status of land.
The legal status of land or real estate can be determined by obtaining a copy of the land and mortgage register kept by the district court. Importantly, land and mortgage registers are public and available to everyone interested. In case of doubt or ambiguity, you can always use the assistance of experts from the developer’s Legal Department or professionals from the sales offices who should be willing to help you throughout the process.
- Building conditions.
If the plot, on which a specific investment is to be built, is not covered by the local land development plan, you should look at the building conditions specified in the building permit. This is where you can find information about the parameters of the building and the plot use classification which will give you a more detailed understanding of the entire estate.
- The Real Property Development Act – what protects me?
Finally, you should also look at the provisions of the updated Real Property Development Act, which has been applicable since the beginning of 2016. It was prepared in such a way as to effectively protect funds invested by developers’ clients and their interests. It also introduced an obligation to conclude a preliminary contract in the form of a notarial deed, which significantly increases the safety of buyers. The Act also introduced a mechanism of safeguarding the clients in the form of an escrow account. The purpose of this account is to protect the buyers’ funds. The banks exercise control over escrow accounts and, thanks to this, buyers can be sure that the developer will use the funds deposited on the account solely to complete the investment.