HOW TO BUY AN APARTMENT BUSINESS AND PAYMENT TERMS*

Dear clients,

Below, we describe the details of dealing with each of the individual phases of buying an apartment located in the Primátorská Apartment House, including the payment terms.

The developers of the Primátorská Apartment House appreciate their clients and therefore have prepared the following extremely safe and clear guide to buying your new real estate. We are not developing our project using our clients’ money. Our clients’ money is deposited in a custodial account throughout the construction process, and it remains there until the final purchase agreements have been concluded and the ownership rights for the apartment have been entered into the land registry. This approach differentiates us from many other developer projects and our clients can rest assured knowing their money is safe. We try our best to meet our clients’ needs and therefore we offer them the opportunity to consult the whole process of buying an apartment, including the option to make client-side changes, with our team of experts who are ready to answer all your questions.

 

Contracts and financing

Right at the very beginning of the whole process, our client has the opportunity to review all of the standard contract documentation and familiarize himself/herself with all of the contract/payment terms.

 

Reservation agreement

The first phase consists of signing the reservation agreement, on the basis of which our client reserves the option to conclude a future purchase contract for the subject of the reservation (apartment or parking space). The subject of the reservation will be reserved for the client upon signing the reservation agreement for the duration of the reservation, during which the developer is not allowed to make another reservation agreement for the subject of the reservation with a third party. Within five days of signing the reservation agreement, the client transfers a reservation fee of CZK 150,000 to the custodial account. The reservation fee is considered as part of the first instalment of the deposit for the purchase price of the apartment.

The reservation agreement includes a specified time period within which the client will be asked to sign the future purchase agreement. This period may vary, depending on the development status of the entire Primátorská project.

Even in this first phase of signing the reservation agreement, the client will have opportunity to become acquainted with the text of the future purchase contract, as well as the final purchase agreement created according to the developer’s standards, and familiarize himself/herself with their terms. Following the signing of the reservation agreement, the client will be given enough time to choose the appropriate standards for their apartment or discuss the options of above-standard apartment furnishing options with us. The client will be prompted by the developer to confirm his/her choice before signing the future purchase agreement and the custodial account agreement, which represent the second phase of the process.

 

Future purchase agreement

As already mentioned above, the second phase consists of signing the future purchase agreement and a security account agreement, on the basis of which said security account will be established. By signing the future purchase agreement, the client enters an obligation to sign an apartment purchase agreement with the developer. The security account is used to deposit and pay the purchase price from the security account to the developer’s account. The client will be invited to sign the future purchase agreement and the security account agreement after the building permit for the Primátorská project comes into effect. Issuing of the building permit and its coming into effect are expected to happen during the first quarter of 2017. After signing the future purchase agreement and the security account agreement, the client deposits the second part of the purchase price into the account, consisting of 10% of the purchase price of the apartment, which will be lowered by the amount already paid in the form of the reservation payment. The remaining part of the purchase price may be deposited into the security account by the client during the process of the construction of the Apartment House, but it is required for the whole purchase price to be deposited into the security account at the time of submitting the final inspection request of the Apartment House at the latest. The client will be prompted by the developer to make this payment.

 

Purchase agreement

The third and final phase consists of signing the purchase agreement, the registration of the client as the apartment owner (or also as the co-owner of the parking space) in the land registry and handing over the apartment to the client. This phase will occur at the same time as the payment of the remaining instalment of the purchase price is made, i.e. after the final inspection of the apartment and after the building in which the apartment is located has been issued its number. The developer shall deliver the purchase agreement to the client in good time, along with the proposal for the registration of the client’s ownership of the property in the land registry, and shall invite him/her to sign the agreement within the time period specified in the notice. By following this procedure, the developer offers the client a convenient opportunity to familiarize himself/herself with the purchase agreement within the comfort of his/her own home, as well as to have enough time to arrange the signing of the purchase agreement and the proposal for the registration of the ownership of the property in the land registry. If necessary, the developer offers its clients the option to have their purchase agreement signature verified at the developer’s headquarters or through its legal representatives. The developer will sign the agreement on their behalf within the time period announced to the client in the notice mentioned above. Fees related to a deposit proposal of CZK 1,000 will be paid by the developer. Once the full purchase price of the apartment has been released from the security account to the developer, the apartment will be handed over to the client.

 

Financing

Following the signing of the reservation agreement, our client is offered enough time to decide on the means of financing the purchase of the apartment. Should you decide to finance the purchase using a mortgage, we will arrange an apartment price valuation and secure the mortgage loan for you, free of charge. The management of the custodial account is provided free of charge.

All your financial payments are credited to the custodial account. In this way, the developer protects the client’s funds in the event of the project not being fully completed for any reason.

A project card for the Primátorská Apartment House has been issued at several banking institutions, with preferential conditions arranged for you. We will be happy to help you make the specific choice and choose the appropriate options.

 

Apartment handover

On a predetermined date, the client will be invited to attend the pre-handover of the apartment unit. The purpose of this pre-handover is to offer the client the opportunity to familiarize himself/herself with the quality of the work carried out within the apartment unit and to eliminate any possible defects and faults before the actual handover of the apartment to the client to use. Once the full purchase price of the apartment has been released from the custodial account to the developer, the apartment will be handed over. During this handover, the client is offered the choice to inspect the entire apartment properly, as well as the standard/above-standard modifications made, and evaluate the quality of the work done. The handover will be documented by the developer and the client in the handover protocol, indicating any minor faults to be remedied by the developer within an agreed time period.

 

The Primátorská project offers you the guarantee of the purchase price

The purchase price, as stated in the reservation agreement, includes the standard furnishings of the apartment corresponding to the apartment’s general standards. From the beginning, the client will be familiar with the purchase price of the apartment. The purchase price may be increased upon the client’s request for client changes to be made, always in writing and signed by both parties. The final purchase price is therefore decided by the client.

 

Client changes

Client changes allow the client to choose the desired standards for the apartment or to choose above-standard furnishings for the apartment. Following the signing of the reservation agreement, the client will be given enough time to choose the appropriate apartment standards or discuss the options of above-standard furnishings for the apartment. Both standard and above-standard options for the furnishings of the apartment will be detailed in an annex to the reservation agreement. As part of client changes, our clients are offered the option to choose from a wide variety of standard and above-standard materials and building options, including a selection [of tiles, floor tiling, doors, floors, sanitary ceramics and many more]. In this way, our client has the option to influence the final appearance of his/her future apartment and customize it to his/her wishes and dreams. When deciding on client changes, our team of experts will be available to you and will be more than happy to explain everything to you and help you make your decisions.

Dear clients, we wish to create values of a more permanent nature for you and therefore we carefully select and set the standards, materials and technologies which will subsequently be implemented as part of the Primátorská Apartment House project. For this reason, a detailed list of standard furnishings will be presented to you individually upon request. The choice of materials and building modifications is only available up to a certain stage of the construction of the building, so please do not hesitate in selecting the apartment and signing the reservation agreement.

When you are deciding on and setting the standards of your new apartment, our team of experts will be available to you to guide you and advise you on what options are the best for you. Our design consultants are happy to design and implement the most suitable solution for your new home. In particular, that means assisting you with choosing the appropriate materials and colour combinations and, of course, providing you with practical solutions based on their long-term experience. The first client change consultation is offered to you free of charge as part of the price of your new home.

 

In the course of our business relationship, we will inform you about all the important milestones of the Primátorská project. Most of the important terms and information are included in our contractual documents, which are available for you to go through in your own time and/or consult us on personally. 

 

* None of the business or advertising documents, data, information, visualizations and other imagery or materials presented by Prime Company s.r.o., including those available as part of the Prime Company s.r.o. website, constitutes a tender or a proposal to conclude a contract in accordance with the relevant provisions of Act No. 89/2012 Coll., Civil Code, and they are only illustrative, with Prime Company s.r.o. reserving the right to change them.

 

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