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 reservation agreement stipulates :
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.
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 :
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.
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.