1) Sign a ” Reservation Agreement “
The “Reservation Agreement ” is a deed drafted before a notary in Cameroon. This agreement guarantees the reservation of your chosen unit for a determined period and precedes the signing of the “Purchase Agreement”.
This agreement includes :
- The plan of the apartment
- The technical specifications of the unit
- The co-ownership regulations
The reservation agreement stipulates :
- The price and terms and conditions of payments
- The projected delivery date
Upon the signing of a “Reservation Agreement”, a payment must be deposited to a ” sequestered” account, a blocked account managed by the notary on behalf of the development program. The deposit amount will equal 5% of sale price ATI.
2) Sign a “Purchase and Sale Agreement”
The “Purchase and Sale agreement” is a deed drafted before a notary in Cameroon, a maximum of 4 months after the signing of a “Reservation Agreement”.
The contract must include :
- References of the apartment in the condominium
- Proof of the financing (bank loan or bank guarantee)
- Proof of the “Proprety Title” delivered by offices of States property, surveys and Land tenure of Republic of Cameroon.
Upon the signing of the “Purchase Agreement”, a second payment of 5% of the sale price ATI must be provided. The “sequestered” account will be liberated and MG Constructions, the promoter-developer, will collect the full 10% amount.
3) Terms and Conditions of Payment
During each step of the process, MG Constructions, the promoter-developer, will provide a proof of purchase to the buyer, along with an attestation from the architect and the control bureau.
The buyer must provide an “autorisation of payment”, ensuring that the bank (lender or guarantor) will process the payment within 8 days.
Sale of Property for future completion VEFA ( Vente en État Future d’Achèvement)
Under law n°2009/09, in effect as of July 10th 2009 in relation to the sale property to built
PAYMENT IN % OF SALE PRICE ATI
SUM IN % OF SALE PRICE ATI
|Signing of the Reservation Agreement :
Deposit payed to the notary; refundable (1)
(in case of financing refusal)
|Signing of the Purchase Agreement
|Completion of the foundation (2)
|Completion of the ground floor ceiling
|Completion of the top floor ceiling
|Completion of the wall partitioning, Air-Tight
|Completion of installation, plumbing, carpentry and air conditioning
|Completion of the building (2)
|Delivery of the unit
(1) article 4 law n° 2009/1726/PM in effet on September 4th 2009, defining implementation procedures of law n° 2009/009 in effect as of july 10th 2009 in relation to the sale of proprety to be built.
(2) article 27 of law n° 2009/009 in effect as of July 10th 2009 in relation to the sale of property to be built.
For any information regarding the Cité des Cinquantenaires and its new apartments for sale, you can reach us at :
+237 698 438 506
+237 694 330 821 (WhatsApp)
+ 33 6 72 40 72 17
+ 33 6 09 83 97 78
+ 44 75 22 30 31 88