A real estate sale transaction under a development project consists of two stages executed in the form of a notarial deed:
(i) a development agreement within the meaning of the New Development Act (hereinafter: the ‘Development Agreement’),
(ii) an agreement establishing separate ownership of a residential unit and transferring its ownership (hereinafter: the ‘Final Agreement’).
Both legal actions are separated by a time difference, during which elements of the subject specified in the Development Agreement may change, e.g. the usable area, scope of finishing works or the layout of the premises.
In the above-described case of a discrepancy between the content of the Development Agreement and the Final Agreement, it is necessary to conclude an amending annex to the Developer Agreement in the form of a notary deed (hereinafter: ‘Annex’).
Notarial practice indicates that, with the comfort of the potential buyer in mind, the Annex is concluded at the stage of the Final Agreement.
8 August 2023
