A Reservation Contract is a contract on the basis of which the seller reserves the relevant property including its accessories for the buyer. On its basis the buyer pays the reservation fee, which is subsequently included as the advance payment of the purchase price. In the contract, the subject of the future transfer (flat unit/chamber/cellar/parking or garage places/pieces of land in mutual ownership and especially preliminary areas) are specified exactly, furthermore here are plot numbers of pieces of land on which the house is to be built. The contract determines business terms.
A Future Purchase Contract describes rights and duties of both the contractual parties in more detail. On the side of the future seller here is above all the obligation to make the Declaration of the Owner and to finish the building within the stipulated period so that the Final Inspection Approval can be issued by this deadline. The future buyer is especially liable to settle the purchase price according to the determined payment calendar.
The Purchase Contract (The Unit Ownership Transfer Agreement) is a contract by which the ownership is transferred from the buyer to the seller and which is – as the only of the contracts mentioned above – registered at the relevant Land Registry. It contains not only the specification of the unit according to the Declaration of the Owner, but also the amount of ownership shares. Furthermore all the rights, duties and obligations being transferred to the buyer, such as Easement Agreements or Facility Management Contracts, are stated here. The Purchase Contract is submitted to the Land Registry in the appropriate number of copies, depending on the number of participants, together with the proposal of entry. If the buyer funds the property via a mortgage or another type of credit, the Security Agreement is also registered at the Land Registry.