The investment is carried out in accordance with the applicable real estate development laws. The buyers of flats have guaranteed one of the protection measures envisaged by the legal Act – a closed escrow account. This is a special type of invoice banking system, on which customers make deposits in the system 20/80. Payment in this system is based on a 20% deposit of the value of the flat when signing the Development Agreement. The remaining 80% of the value is payable only after the developer obtains the occupancy permit.
A closed escrow account gives the highest-level security for the buyer of the flat. Paying for your flat, you do not give funds to the developer to realize the investment. Your money is accumulated on a special account and stays there until you become the owner of the flat.
The bank transfers the funds deposited by you to the developer only after you sign a notarial deed and become the owner of the flat. In accordance with the requirements of the Act on protection of the purchaser’s rights to a flat or a detached house, in the case of purchases of an apartment at the First District estate the security deposit paid by You is guaranteed by the bank.
Considering taking a loan and you want to learn about the loan agreement conditions? We encourage you to contact the financial expert credit house NOTUS Finanse S.A., with whom we cooperate. They will answer all questions and explain any issues that raise doubts. A conversation with an expert will help you make a good decision.