Rightmark Group was approached by a customer interested in purchase of investment-attractive land for the subsequent integrated housing development thereof. The necessary area planning documentation for these land plots was not, however, approved at that moment, thus considerably raising the buyer’s risks.
Rightmark Group lawyers developed and proposed to the parties an agreement of purchase and sale of future land plots according to which the seller undertook to re-form the existing land plots after approval of the development and boundary-setting plans. The parties agreed on the minimum acceptable construction parameters for the formed parcels (total useful floor area and non-residential gross floor area in apartment buildings) as essential conditions. The parties also entered into an agreement of mortgage of existing land plots in order to ensure repayment of money to the buyer, if the agreement of purchase and sale is terminated.
Further assistance will be provided to the customer in performance of agreements and registration of title to the newly-formed land plots after full payment thereof.