Legal Documents You Need to Know Before Buying Homes in Borey
Borey refers to a gated community comprising various housing types including Villas, Shophouses, Link houses and flat houses, all of which are most popular for Cambodian people. Most of them prefer to live in Borey thanks to its bigger space and lower price compared to Condo even if most Boreys are currently being developed a bit far from the city center (10-15Km).
But as a buyer, what are the most important things you need to know before deciding to buy properties in Borey? When it comes to buying properties in Borey, most people care much about location, price and home design but sometimes they miss to know more details about some essential, legal documents from developers.
Apart from location, price and home design, you need to also ask your Borey developers about the five types of legal documents to make sure the project is trustworthy, not fake and you can feel 100% safe after you invest your money in those properties. Below are the five types of legal documents you need to ask your developer to show you before buying properties in Borey project, especially off-plan one.
Company Registration: Before the start of Borey development, it is compulsory that development companies already register themselves and get approval from relevant ministries for the launch of their projects. Asking for legal company registration from the developer is to ensure that the project can proceed legally and you will not waste your time and money with it.
Construction License: The Ministry of Land Management, Urban Planning and Construction will do a thorough background check and then give construction license to construction company only if the Borey project has proper design and good quality with other basic infrastructures such as water, electricity and sewage system to support the development.
Borey License: After Borey developers have met with all requirements regarding building quality, design, sales plans and other necessary documents, the ministry of economy and finance will give Borey license to them. A credible developer generally has a proper Borey license to show the prospective buyers.
Master Plan: Master plan is pivotal to each Borey project and therefore you need to ask your developer to show you the project’s master plan which was approved by the Ministry of Land Management, Urban Planning and Construction. It was not until the project’s master plan was formally approved by the ministry that Borey construction can begin.
Hard Title: Before buying properties in any Borey project, you need to ask your developer about the master and individual hard title. Master title covers all pieces of land for the whole Borey development while individual title is subdivided for each residential unit. Make sure that your developer has legal documents to confirm both of these hard titles.
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Source : Harbor Property
