One of the most attractive real estate properties you can invest in are homes located within Borey projects. These gated communities provide all the amenities you can want with the added measure of great security. While you have a plethora of real estate properties to choose from in a gated community, you need to make sure that you do your due diligence in regards to the legitimacy of the Borey project.
To make it easier, here’s a list of the legal documents you need to check before buying in a Borey:
- Developer’s Registration → The first thing you need to see is if the Borey project’s developer has a company registration. It’s required for all developers to register prior to pushing through with the project so if they have proof of registration, then you can rest easy that it’s legitimate. If they don’t have one, then find a different Borey project that is registered where you can quickly invest in your dream home.
- License for Construction → The second thing you need to see is the developer’s license for construction. Considering that Borey projects require intensive and detailed planning to ensure its safety and feasibility, you need to make sure that you see this. After all, the Ministry of Land Management, Urban Planning and Construction (MLMUPC) that approves this license will only grant it once they’ve seen quality designs with careful consideration to its surroundings.
If the Borey project has a license for construction approved by MLMUPC, you can proceed with the next step to securing your investment.
- Borey Project’s License → While it’s a project pushed through by the developer, the Borey itself needs to be licensed as well. This is a registration applied for by the developer to the Ministry of Economy and Finance wherein all plans for the project including sales are reviewed. Once everything is good, a Borey license is granted that the developer can present to potential buyers.
- Borey’s Master Plan → One of the essential documents needed by the MLMUPC to grant a construction license is the developer’s Master Plan for the Borey project. Meaning, if the developer has the aforementioned registration and licenses, then they can also present you with an approved master plan. This will grant you a good idea of how the gated community will be constructed and further developed in the coming years.
- Hard Title → To secure your investment, the last thing you need to check is if the Borey project offers a hard title to its properties. It will be difficult for your investment if they only offer soft titles since that’s only recognized by the local government so make sure to choose a project with hard titles.
Not only that but you need to see the Borey project’s master title that includes the whole land that the project sits on. You can easily request to see this from the developer to ensure the legitimacy of the project. If the developer fails to present you with documents supporting the master title or individual hard title, then find a project that has them to make wise financial moves.
Moreover, to make it easier to buy your dream real estate property, contact us so we can help guide you throughout the process!