Assignment of a real estate contract as a step forward
Hello Everyone, Welcome to MarMar Investment. Today we will talk about an assignment of a real estate contract | Cheap Houses in Ukraine | MarMar Investment.
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Assignment of a real estate contract is when one party that has the right to take ownership of the property relinquishes those rights in favor of another person, the developer who builds this property simply helps with this.
In general, it's all simple - an honest, transparent, legal scheme. Occurs when construction is not yet completed and the owner has an investment agreement with a construction company.
In more simple words - I invested in real estate just at the beginning of the construction. I went to the construction company, gave them money, received an agreement that I invested in the construction so basically i'm not an owner yet because on this stage i'm only investor. And i dont have rights for the real flat because there is no flat yet, they are just going to build it.
So at one point of time when the construction is still going or already finished but they didnt put the house into operation - it like there is no number of this building like at all and utility authorities did not approve this building as a ready one to live in. Or for example its already in operation but you still didnt sign property ownership documents. (I guess i need to make a video about this too, just write in comments that you like this idea)
so at one point of mentioned situations i realised that i would like to sell these right for this future flat - i dont need it any more will use this money for something else =)
So go to the market and make a post/ advertisement that i put it on sale.
On the other hand there is you - a potential buyer - you, who came to the construction company to buy a flat. You see that the building is 70% finished, you like the neighborhood, found your dream view from some side of this building. But what a surprise - construction company tell you that all flats are sold out. In this case you have two options - keep looking for flats in another buildings and other construction companies or to check offers at the market with assignment of rights.
What happens next - you agreed to buy this flat . So in the process there are 3 parties - you, seller and a construction company. 3 of you sign a contract - that I take off my rights for the flat and I give it to you aaand construction company agree with it. After this you receive all package of documents for this flat.
what have to be mentioned this is not a taxed deel, our government is working on how to put taxes on it coz right now it has an uncertainty about the value of it as its not a finished flat. And there are no documents that go to a tax office so they basically cant know about it.
So what you have - you dont have a flat but you have a package of documents that give you a right to change it to a flat, when the building will be done. Its a risk that a building might not be finished. But still you can buy it when its super close to the finish, like 6 months or 3 or even 1. Ofcorse you can wait when the building will be finished and buy a real flat but in this case it will be taxed sale and a sellel will have to pay 7,5% taxes - which anyway will be in price of a flat that will be 10-20% higher.
What is 7.5% = in Ukraine if you sell a flat that you own for less than 3 years you pay 5% income tax ( if you are a foreigner its 18% income taxe), also 1% goes to a State duty and 1,5% to a military fee. so fo residents its 7,5% and for non-residents - 20,5%
So you can see that a flat that had been selling for 67k no will cost a minimum 5k more. Its super minimum just to pay off taxes but in practise it will be 10-20% more - 80 thousand. Difference is 13 thousand. Quite a lot, right. And remember - its also a business in Ukraine.
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