26 Oct What Is Construction Servitude? Why Is It Important?
If you intend to buy a house, even if you want to use a certain amount of housing loans while buying a house, you need to pay attention to the construction servitude, occupancy permit and condominium obligations.
Construction Servitude is an individual’s title right on a land where a property will be constructed or already been constructed but not completed yet. So let’s say you bought 1 apartment on a site with 100 equal flats on an area of 5.000 m2. So 1/100 of the site is 50 m2 land is yours and the land belongs to your apartment that is specifying on title deed. Although there is no apartment yet the address and door numbers of all apartments will be determined by the municipality and written on the title deed you receive from the land office.
In short, Construction Servitude Deed is a reciprocal agreement between the contractor and the house buyer for the construction of which has not started yet or for the house under construction and taken from the land office. With this document the parties have obligations to each other and also while the contractor promises about the properties of the building, the square meter, the model etc. the buyer also pledges about payments.
If you are going to use housing loans for the real estate you will get, you must have the construction servitude because when you want to use the housing loan, banks do not give credit for the house without the construction servitude.