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Developer Act - New Obligations

The act introducing special protection for buyers of flats offered by commercial real-estate developers is entering into force on 29 April 2012. One of its key elements is developer's commitment to draw up an information prospect relating to a given undertaking before starting the sale. Why is this prospect so important?

Together with its attachments, the prospect will constitute an integral part of the developer contract and the basic source of information about the subject investment under realisation. A client interested in buying a flat or a single-family house will have to familiarize himself with the prospect and sign a statement ensuring that he knows the contents of the prospect before signing the preliminary contract. If the document is not drawn up in accordance with the provisions of the act, such a situation can become the basis to withdraw from the developer contract. A failure to draw up such a prospect will be treated as an offence and will be subject to a fine.

The redNet Consulting team makes an effort to meet the new requirements and wants to help you prepare the prospect which will not only meet the requirements of the act, but also client's aesthetic expectations.

The thematic scope is divided into two parts:

The general part which comprises precise information regarding:

  • Identification and contact data of real-estate developer,

  • Developer's experience,

  • Land, including its purpose presented in the local land development plan and investments expected within one kilometre of the planned investment,

  • Real-estate development undertaking, including phases and the manner of finance,

  • Conditions of withdrawing from the contract,

  • Financial situation of the developer,

and the individual part which comprises information, among others, about:

  • Price per square metre,

  • Location and features of single-family house or building where residential premises are located,

  • Situation of the residential unit in the building,

  • Floorage and layout of rooms,

  • Standard of finishing works.

Attachments constitute an integral part of the information prospect and comprise:

  • Plan of floor with the residential unit marked, and

  • Specimen of the developer contract.

Contact:
Tomasz Kołodziejczyk - Board of Management representative
phone: +48 22 318 72 66
e-mail: tomasz.kolodziejczyk@rednetproperty.com

redNet Property Group Sp. z o.o.
redNet Consulting Department
ul.Dywizjonu 303 129B
01-470 Warszawa


phone.: (+48 22) 318 72 00
fax: (+48 22) 318 72 53
e-mail: consulting@rednetproperty.com

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