Detailed information about the apartment buying process to make it as clear and transparent as possible for you:
1. Reserving an apartment.
● After you have chosen one of the apartments, a Reservation Agreement is concluded for the purpose of reserving the apartment;
● Under the Reservation Agreement payment of the security deposit of EUR 20,000 shall be made within 1 working day from the date of signing the agreement;
● Reservation period - 1 month (during this month MANDARIN PARK MEDITERRANEAN LTD undertakes not to offer or sell this apartment to other buyers);
● A security deposit of 20,000 EUR is included in the price of the apartment.
2. Payment schedule under the sale and purchase agreement.
Since the building where the apartment is located is under construction, the payment schedule is broken down according to the stages of construction:
● 30% payable upon signing the apartment purchase and sale agreement;
● 10% payable after pouring the reinforced concrete foundation slab, which constitutes the floor of the apartment;
● 15% payable after erection of the reinforced concrete frame;
● 10% payable after erection of brick walls (excluding plastering) or interior plasterboard walls on one side (excluding plastering);
● 15% payable after leveling the floor of the apartment, including installation of piping for utility equipment and conduits (without mechanization, termination devices and electrical wiring);
● 10% payable after marble and/or ceramic flooring and walls in the bathrooms of the apartment (not including parquet) are done;
● 10% payable after installation of kitchen, cabinets apartment.
3. Transaction and Execution of documents
The following are the main stages of the transaction:
● Conclusion of the Reservation Agreement + payment by the Client of the security deposit of EUR 20,000;
● Conclusion of the Agreement on sale and purchase of the apartment + payment by the Client of 30% of the apartment price;
● Registration of the Agreement of Purchase and Sale of an apartment at the Land District Office:
● the process of registration of the Apartment Purchase and Sale Agreement with the Land Committee is accompanied by qualified lawyers;
● The Customer shall pay Stamp Duty (Stump Duty) in the amount of 1500 - 2000 EUR directly upon submission of documents for registration;
● registration period - about 7 calendar days;
● after the Contract of Sale of the apartment is registered with the Land Committee the Client becomes the owner of the apartment.
● After completion of the building construction, payment of 100% of the apartment price by the Client and receipt of the Final Approval Certificate, the apartment is handed over to the Client under the Acceptance Certificate;
● MANDARIN PARK MEDITERRANEAN LTD issues Title Deed for all apartments in the built building. This process is quite labor - intensive and time - consuming (usually takes 1 - 3 years) due to numerous inspections and expertise. Competent and responsible work of our lawyers with state authorities in this matter is of great importance and reduces this period to a minimum;
● Immediately after MANDARIN PARK MEDITERRANEAN LTD has issued the Certificates of Ownership, the Certificates of Ownership for the apartments are issued to the Clients. Now each Client becomes a full - fledged registered owner of his/her apartment.