On the last day of June, the Act on Protecting Rights of Buyers of Residential Units or Single-Family Houses and on Developer Guarantee Fund was published in the Journal of Laws.
This means SOME CHANGES FOR THE WHOLE REAL ESTATE MARKET.
As a result, as of 31 July it will be possible to establish Developer Guarantee Funds, whose main – but not only – task will be to pay out cash to the BUYERS of apartments and houses in case of bankruptcy of a developer or a bank.
Under the new regulations, the maximum contribution to the fund will be 1% for open trust accounts and 0.1% for closed accounts. THE PRECISE RATES WILL BE DETERMINED IN A REGULATION OF THE MINISTER RESPONSIBLE FOR RESIDENTIAL AND CONSTRUCTION.
In any case, the question of HOW MUCH THE NEW LAW WILL IMPACT THE PRICES OF HOUSING remains open – after all, the payments will be borne mainly by consumers. In this context, it is worth noting that the original wording of the draft provided for their setting at the level of 5% of the purchase value.