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Developer Contract
Are you a property developer looking for a reliable and professional contract drafter? Then you have come to the right law firm.
The problem with developer projects is that the buyer is purchasing something that does not yet exist at the time of the purchase decision. The buyer makes a decision based on the plans and signs the purchase agreement, committing to pay the purchase price. The matter becomes risky for the buyer when the money is paid out to the developer. Errors in the calculation can result in subcontractors and suppliers no longer being able to be paid – insolvency proceedings are imminent. If insolvency proceedings are actually opened, the construction project is usually on “hold” – a disaster for the buyer, who has already paid vast sums of money and is now facing the ruins of their existence.
Developer Contract Act
A law for the best possible protection of the buyer?
Escrow
The contract drafter and trustee may only forward funds to the developer if a certain construction progress has been achieved and proven. The mandatory proof must generally be provided by an expert, such as a civil engineer, who is also liable for issuing the confirmation.
The legislator’s idea was, simply put, that the buyer should still have enough money left in the event of the developer’s insolvency to finance the completion themselves.
No inadmissible clauses!
By commissioning our law firm, you can play it safe. We do not pepper your contract with inadmissible clauses that cause you more problems than benefits in practice. On the contrary. We ensure that your developer contract is legally compliant but still legally optimized.
