This is the standard checklist, which we apply to any development, before we agree to make it available to our investors. It aﬀords investors the comfort of having all their questions answered at the outset.
- Name of company who hold the title deeds of the land to be built on? Global Property SRL
- Name of the company who has obtained planning permission and when was this obtained? Euro Foundry SRL Nov 2006
- Are the properties sold freehold or leasehold? Freehold
- How long will it take to transfer title deeds to the new owner on completion? Two weeks
- Do you have a management programme in place for rentals? If so what are the charges? No. Normal charge is 10%
- Is there a homeowner’s fee payable monthly for the upkeep of the lawn area’s and pool? Who is this done by and what are the costs? Service charge is €20 per sq m annually. This is paid by TENANT not LANDLORD
- What is the cost of building insurance? This is covered in service charge
- Mortgages – who do you use for this? Can they lend to UK nationals / Limited Companies and what is the maximum LTV? Banc post. Cannot lend to non
nationals. Yes to Romanian Limited companies. Agreed at 80% LTV at completion.
- What is the average rental income per week that can be obtained and is this currently being achieved or is this an estimate? €8 per internal usable sq m as including balcony. So 61 sq m +3m balcony is 64sq m x €8= €512
- What is the deposit structure, how do our clients pay for the property and to whom? Clients will pay 20% deposit to developer. A bond will put in place to secure deposits
- Are the developers government backed eg in the event of a developer going bankrupt, do the clients have an insurance to protect there deposits? The developer will have a bond to protect deposits in case they went bankrupt. The bond is supplied by RED , a part of the First American group. This is one of the largest insurance companies in the world. The developer has development funding in place from Banc Post
- What is the construction of the buildings ? See spec sheet
- Furniture – is there a furniture package included in the price, If so please provide a list of inclusions, if not can this be arranged? Furniture can be provided
- Does the property come with a car parking facility? 1300 underground car parking spaces.
- What are the closing costs?
- stamp duty – 0.5% plus VAT
- local taxes (on value of apartment)- 0.25% individuals/1.5% company
- national taxes – No
- lawyers fee’s – €1800 total fee
- Do you have a lawyer who you use to handle the purchase on behalf of our client? LIVE group. Part of First American group
- What is the normal time frame from reservation to completion of the property? June 2007 -18 months later
- Are there any fees’ charged by you for arranging the clients mortgage, if so how much? Not available now
- Do you provide good faith estimates for the clients on all the mortgage costs? Not available now
- Are the mortgage ﬁxed or ﬂoating, if ﬁxed what is the terms? Not available now. Mortgage market will change dramatically within next 18 months
- What is the currency structure for buying the property’s? The property will be paid for in RON. £1 = 5 Ron.
€1 = 3.3 Ron (January 2007)
- What is the rate to which property is currently growing in your country? 30% last year
- Will the client be able to re-sell the property through you in the future? Yes
- What is the cost of the re-sale of property in your country? 1.5%-3%
12. Are there builders warranties on new build, if so how long? 10 year structural. Two years electrical and mechanical. One year internal