Required building documents and permits.
First of all, you should know,that if a builder demands you to pay the full amount of the purchasing property ,before the rough construction has been started –the best advise we can give you – is to refuse!!!
The practiced standards are as follows:
-Building of rough construction has just started – 10 % of the purchasing price is to be paid
- First installment of 30 % of the purchasing price, when Act 14 is received. (This is the document that is given when the rough construction of the building has completed. Act 14 is a very important document, as its receiving approves and confirms the right of building and the ownership of the properties in the building can be transferred to the different owners with a Title Deed . Together with Act 14, a a certificate is issued by the municipal administration in accordance to Art. 181 par. 2 of the ZYT.)
-The next 30 % are to be paid when Act 15 is issued to the builder .This act proves that the building is fully finished. In completing this act ,actually all the building and construction documentation are transferred from the developer to the investor. It contains a number of documents for the construction works)
- The last 30 % are paid when Act 16 is received. This is the permission to use the properties in the building.
This is an example payment plan. The different installments may vary in their amounts, according to how the Buyer and the Seller has agreed. Very often individual payment plans are agreed and this is by all means written on the preliminary contract for sale.
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