If your selected apartment is in the construction state, a Reservation Agreementwill first be signed with you.
If your selected apartment is located in the building which has already been put into operation, the Reservation Agreement is not necessary and you may go to the next paragraph.
Before signing the Reservation Agreement, you will be familiarized with the technical description of the project and the apartment, will be able to choose the most appropriate design finishes, will be informed about planned construction deadline, purchase payment conditions, as well as any subsequent steps leading you toward the new life in “IRIS”.
The first instalment must be paid within 5 business days after signing of the Reservation Agreement, which constitutes 10% of the purchase amount.
Rest of the payment should be paid after buillding is put into operation and thePurchase Agreement is signed.
If you require bank funding for the purchase of the apartment, we recommend visiting your bank loan specialist to find out about possibility to receive a mortgage loan. We cooperate with all largest banks of Latvia; you may find the contact information of the loan specialists here
If the bank confirms that an application for the apartment loan has been submitted, we will make a temporary reservation of the apartment (based on an oral agreement), which is valid until the moment when the bank confirms issuing of loan – up to 2 weeks. Afterwards, the Reservation Agreement of the apartment will be signed and an instalment of 10% of the purchase price will be paid.
When the building where your selected apartment is located is put into operation (First stage of "IRIS" is planned to be put into operation in the 1st quarter of 2019), the Purchase Agreement and the Escrow Account Agreement will be concluded and documents for the registration of the proprietary rights of the new owner in the Land Register will be prepared. If bank funding is used, buyer signs the Purchase Agreement, the Escrow Account and Credit Agreement with the Bank at the same time, on the bases of which Bank transfers the money to the Escrowaccount.
If bank funding is not required for the purchase of the apartment, the buyer shall transfer the entire purchase amount immediately after signing the Purchase Agreement or in accordance with the Escrow Account Agreement.
The remaining amount in accordance with the Escrow Account Agreement shall be transferred by the bank to "'IRIS" after the registration of the proprietary rights of the owner in the Land Register.
You do not need to worry about things, as we will do everything for you – we will prepare the agreements, schedule a meeting with a notary and submit all documents to the Land Register. You just need to wait for an e-mail from the Land Register or our sales managers regarding confirmation of the proprietary rights to the real estate and you will be able to receive the Land Register Certificate at the "IRIS" office at the time keys of your apartment are given to you.
All costs related to registration of proprietary rights – the state fee and stamping fee, notary fee, etc. shall be paid by the buyer. We will inform you regarding their amount and payment procedure prior to going to the notary.
When the apartment is registered in the Land Register in your name and “IRIS” has received all the payments, we will meet in your new residence to sign the Delivery and Acceptance Act and deliver the keys to apartment. During the meeting, you will once again have an opportunity to carefully inspect the apartment to make sure that it does not have any imperfections, in turn, if any are established, we will agree upon the time most convenient for you to eliminate them. Along with the Delivery and Acceptance Act, we will provide you with a Handbook containing all information regarding the apartment warranty (please refer to the paragraph hereafter), finishing materials, apartment inspections, safety instructions and other information that you need to know about your new apartment. We will also sign the Household Management Agreement during the meeting. The building manager will be carefully selected, taking into account both service price and previous experience and any references, thus ensuring most cost-effective offer.
All "IRIS" apartments have a two-year warranty coming into effect on the day of signing of the Delivery and Acceptance Act. If any imperfections occur to the apartment during the warranty period, they will be eliminated during the time most convenient for you free of charge.