Crucial points upon purchasing the apartment in the process of construction

First of all, get the updated information in the public registry. Make sure that the building is in the process of construction and indeed owned by the seller. If the seller is a legal entity, for example, LLC, then check the company registration details. Also, check shareholders and their status through the public registry website. The information relating to real estate property can be excerpted from the property registry. The details relating to the legal entity can be excerpted from the business registry. 

Pay your attention to the date of the last update. If these details are outdated, you can request the most actual ones, having paid just GEL 10. The excerpt demonstrates the ownership of the object, availability of the right to convey the property, and related limitations and obligations.

In the process of designing a building, the distribution will be fulfilled according to the apartment layout. The application should be defined based on the cadastral code of an apartment.  

Check out the source of financing the construction and insurance status. Thoroughly study construction and design documentation, and make whether the construction permit was issued in proper time. 

This factor certifies that the construction is absolutely legal, and construction suspension due to infringements is excluded. 

You can use and its interactive map. Enter a cadastral code, and get all required information about the construction object.

Once you are confident that construction is on track, move further to the signing of a contract. This document is a principal protection mechanism and should comply with your interests.

Check details with due diligence – any nuance can become winning in court.

All payments should correspond with the construction schedule. For example, if the commission fee is to be paid within 2 years, make sure that payment is fulfilled as per the construction process.

If 2 floors are constructed within 3 months – you pay the part of the amount, according to the schedule. If not, then you pay nothing until the specified phase is fulfilled. 

In cases of violation of the construction schedule or non-fulfillment of the obligations, the penalty fee is to be defined.r

Upon registration of the contract in the public registry, make the initial payment. If you are sure that it won’t break the conditions of a contract, mention that decision of a court of the first instance will have legal force. It can save time and money.