It seems that apartments and flats are one and the same. But really, this real property has different legal status, and accordingly series of restrictions of your ownership.
As contrasted with flats, on buying apartments (they are often called “Hotel type rooms” in Georgian) you must conclude lease agreement (or trust agreement) with the developer in which may be unexpected paragraphs:
- You can live in the apartment restricted number of days per year (for example, 60).
- You do not have the right to rent out an apartment without the consent of the developer. Or it is possible only through him.
- The land belongs to the developer, and it is not the common property of the residents
- And much more.
What should we do in order to find out under what conditions the real property is for sale?
- Find out from the developer does he has the status of a tourism company;
- Find out what exactly is meant by apartments – flats or hotel rooms;
- Request a boilerplate of lease agreement (or trust agreement) and carefully become familiar with all paragraphs.
Only flats are sold in our “SeaSide” house, and the property management service for obtaining passive income is an additional service, that you can use at your request. Agreement of sale and purchase is publicly available on our website ibgroup.ge. In case of any questions do not hesitate to contact us!