The most important changes under the new Development Act in a nutshell.
1. The new Act’s scope of implementation
Implementation of the new Act also with respect to garages and storage units.
2. Reservation fee
Limitation of the reservation fee to max. 1% of the apartment price. Obligation to return the amount paid to the purchaser upon receiving a negative credit decision.
3. Information Prospectus
Obligatory delivery of the information prospectus to the purchaser prior to signing the reservation agreement. Further obligatory information in the prospectus e.g. much more detailed information on planned developments within a 1 km radius of the development.
4. Accepting the condition of an apartment
New rules of reporting defects in apartments. Possibility to remove them at the developer’s expense. Introduction of the notion of material defect.
5. Developer Guarantee Fund
Making the contribution to the Developer Guarantee Fund conditional on the type of escrow account chosen.
New developers act – important changes from 1 July 2022
Developers Guarantee Fund – new obligations for developers
Watch a recording from our webinar: The new Real Estate Development Act – key changes for investors
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