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Screening the developer

Checking out the developer is one essential thing to do before buying a property. The basic issues to be checked include:

  1. Does the developer file financial statements regularly?
  2. Does the developer file regular activity reports?
  3. Is the developer not listed in the register of debtors?
  4. Are there any bankruptcy or reorganization proceedings against the developer?

An experienced real estate lawyer can help you review the developer.

Review of the developer's contract

If the contract is constructed properly, it should take into account the interests of both parties - the client and the developer. Meanwhile, drafting the agreement is a only one-sided process and usually belongs to the developer. The developer is not obliged, in any way, to draw up the agreement in an impartial way and is guided mainly by own best interests. An experienced real estate lawyer has the expertise to fairly and quickly spot provisions that may harm the client.