New construction

New construction

New construction not only requires a purchase contract, but also an agreement for services. Therefore it is essential to engage a civil-law notary on time. A civil-law notary has an overview of all the legal consequences in this area. This prevents disputes on compliance with the agreement. The builder usually requests a civil-law notary to handle the legal part of the entire project. That notary takes into account the building plan, the specifications and the terms and conditions of the builder. Someone buying an apartment in the newly constructed complex can request his own civil-law notary for advice.

Buying new construction

As a buyer you first have to be sure that you will be able to get a bank loan. When you cannot pay the purchase price without the availability to funding included as a resolutive clause in the purchase agreement, you will have to pay a hefty fine (usually 10% of the purchase price) to annul the purchase.

The standard formats for the purchase contract and agreement for services contains rules on the following aspects:

  • Time of transfer of title of the land and house
  • Settlement of difference between reported and actual sizes
  • Amount of the security deposit
  • Manner of payment
  • Time of completion

 

General terms and conditions also form part of the purchase contract and agreement for services. These regulate several aspects with regard to the purchase and construction of houses that apply to every new construction project.

Examples are:

  • Consequences of changes in the construction
  • Installation of pipes and mains
  • Checking the execution
  • Maintenance term
  • Liability of the contractor
  • Guarantees and warranties

 

The notary can inform the buyer and the seller about the specifics of the agreement and the (financial) security if the general terms and conditions are applied. He shall also address the less advantageous and complex issues. The notary is legally obliged to do so, due to his position of standing between the parties; he is impartial.

A private buyer has a 3-day cooling-off period for a purchase contract and agreement for services during which time he can dissolve the agreement. The buyer cannot be obliged to pay more than a 10% deposit into the notary’s clients account to guarantee compliance with his obligations. The buyer is also entitled to retain 5% of the contract price from the final instalment and deposit this into the notary’s client account in case of certain defects.

Project developing

As a project developer it is useful to know that you can deal with just one point of contact. Marks Wachters would be able to advise you in all stages of the process. In consultation with you we shall list the required transactions, draw up a timeline, prepare the required documents and supervise both the developer and the buyers in the process. Marks Wachters could provide services to a multitude of parties in professional real estate.

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Please contact us for more information

If you have any question, please do not hesitate to call with one of our specialists during our office hours. You can contact us by calling our office (040) 244 88 55.

Of course you could also reach out to us by filling in our contact form. We would be happy to help you and advise you on the best solution for your personal situation.

mr. Robert Mirck

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Anoniem
Posted on 31 maart 2020
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Posted on 14 januari 2020
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RE-Source Duurzame
Posted on 28 november 2019
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prettige en deskundige behandeling.

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Would you recommend Marks Wachters notarissen?

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