Beginning on March 1, 2019, people who want to buy an apartment in block under construction will be more protected by law.
The new version of the Civil Code of the Republic of Moldova comes with essential changes that will protect buyers of real estate under construction from possible scams from the construction companies with bad reputation.
What is the guarantee for the buyer of an apartment in flat under construction:
- construction investment contracts will be considered as sale-purchase contracts
- the buyer registers the ownership right from the start to the Cadastre
- the buyer is allowed to sell / donate / pledge the future real estate without the consent of the construction company
- the buyer pays the installments only after certain conditions have been met by the construction company
- the buyer has the right to request the justification of his property right over the building and the share of the common parts of the building in the condition in which the construction company is insolvent
- the buyer has the right to request the cancellation of the sale-purchase contract due to the failure of the constructor to perform the contractual obligations (in case of insolvency or failure of the commissions) and to demand the return of the paid money
- the buyer may request to be compensated for moral or material damages
- if the real area of the apartment proves to be higher than the one stipulated in the contract and the surplus exceeds 5% of the agreed area, the buyer has to pay the price for the additional 5% or cancel the sale-purchase contract.
- if the real area of the apartment does not exceed 5% of the agreed area, the buyer is not obliged to pay an additional price.
The buyer pays the rates for the apartment under construction according to the following conditions:
- 5% of the total price of the apartment will be paid after the registration of the temporary property right
- 35% of the price will have to be paid after completion of the construction
- 70% of the total price will have to be paid after installing the roof and the exterior walls of the building.
- 95% after commissioning of the construction
- 100% on justification of ownership or removal of defects, if the buyer submits claims regarding the quality of the work done to the developer (the construction company)
What must include a contract for sale-purchase of an apartment under construction:
- the cadastral number of the real estate
- the number and date of issuance / expiry of the building permit
- identification of the construction project
- the owner's ownership of the land on which it is built
- share of the right over the land, construction and other common parts to be communicated to the buyer
- a description of the exclusive use rights granted to the buyer over certain common parts of the condominium in accordance with the condominium
- assumed commissioning date determined by reference to a specific calendar dates
- total price and payment schedule of rates
- reservation of ownership if it is agreed that the buyer acquires ownership only after payment of 95% of the price
An informed client is a protected client!
Do you want to buy a new apartment in a building under construction? We have partners the best construction companies in Chisinau who know how to build quality in time.
Come to Acces Imobil: 12/1, Grigore Vieru av., Chisinau. We can help you buy an apartment for you and your family. Call now: 078 888 900.
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