Pursuant to Article 21(1) of the new Development Act (hereinafter: the ‘Act’), the developer, before concluding a reservation agreement, a development agreement or an agreement on establishment of separate ownership of residential premises and transfer of its ownership to the purchaser (similarly, an agreement on transfer of a detached house), shall deliver a prospectus with attachments to the person interested in the purchase.
The developer is obliged to have a ready and complete information prospectus with contents compliant with the requirements of the Act at the time of commencement of the sale. In practice, this means that the mere interest of a potential customer is sufficient for the developer to be obliged to properly deliver the prospectus document.
The developer shall deliver the information prospectus and its attachments to the potential customer free of charge on a durable medium, e.g. in electronic form.
*The obligation to deliver the prospectus does not apply to reservation agreements for residential premises or a detached house, the construction of which has been completed.
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