People who bought in Katowice Oak teraces phase I and phase II

1. Im not Polish
2. How about a please

Please. Thanks in advanced for the translation.

Fitoutować, ;)

Please comes at a cost here :(

wyposażyć

haha you almost got me there.


I also get Wykończenie Domu for finishing the home up. Is this correct also?

Yeah, the ć made it quite convincing. PGTX is right, as ever.

that's what i got:
wyposażyć, umeblować, wyekwipować


;)

Thanks, Ms. Resident Translator. From the way it's written 'wyposażyć' I'm gonna guess it's a verb. What's the noun for this term? Correct me if I'm wrong.

you're welcome... i'm learning that way too...


yes, it's a verb...

noun - wyposażenie (outfit)

So home furnishing would be

Wyposażenie Domu?

yes :)

Great, thanks again. ;)

nie ma za co :)

Nie ma za co, I can imagine an Asian dude saying this ;)

with a karate chop on the co!

Hi everybody.

I've also invested in Oak Terraces II, a 2 bed in phase two. I haven't payed the 10% for the full-fit yet. I've kind of put everything on hold since I haven't yet decided what do do, keep it and rent it out, or just drop it and try to get the 20% down-payment back?

Matt

Hi Matt,
Good someone has come back to the thread topic.....Anyway welcome.
We are currently in discussion also through email with a few others so maybe you can send an email to king.jeffrey@gmail .... we have a few that are planning a conference call about the issues you have brought up and have been able to share some important information so far.....with people that are in the same position.

We are also discussing the legal issues associated with this for contract extensions and other issues.

Also Hi all,
Does anyone know anything about the polish law in relation to civil code Article 394 for earnest money. Any translation or something. (for those that managed to translate "fit-out" it may be interesting). This is a clause in a lot of contracts for property purchase and in this case also with oak teraces.

Thanks,
Mark

The text of article 394 below together with my go at a translation. It could do with being looked over by the native speakers out there as I'm not a lawyer.

From my own experience I do know that there are 2 forms of deposit that can be paid in Poland; one is a 'zadatek' which is covered by this clause, the other is a 'zaliczka'. Your notary act will say which it is. The difference is that if the deposit is named as a 'zadatek' and one party to the agreement pulls out (e.g. the developer), then they have to pay twice the zadatek back to the buyer. If the buyer pulls out, the developer keeps the zadatek. If it's a 'zaliczka', then the developer would only have to pay the original deposit back.

art. 394
§ 1. W braku odmiennego zastrzeżenia umownego albo zwyczaju zadatek dany przy zawarciu umowy ma to znaczenie, że w razie niewykonania umowy przez jedną ze stron druga strona może bez wyznaczenia terminu dodatkowego od umowy odstąpić i otrzymany zadatek zachować, a jeżeli sama go dała, może żądać sumy dwukrotnie wyższej.

Unless otherwise noted in the agreement or in custom, the deposit (zadatek) paid on signing of the agreement has the meaning that, in the event of the agreement not being carried out by one of the parties (to the agreement) the other party can, without further notice, walk away from the agreement and keep the paid deposit (zadatek), and if it paid it, it can demand a sum twice of that that was paid.

§ 2. W razie wykonania umowy zadatek ulega zaliczeniu na poczet świadczenia strony, która go dała; jeżeli zaliczenie nie jest możliwe, zadatek ulega zwrotowi.

If the agreement is carried out the deposit (zadatek) should be held on account for the party that paid it; if holding it on account is not possible, the deposit should be returned.

§ 3. W razie rozwiązania umowy zadatek powinien być zwrócony, a obowiązek zapłaty sumy dwukrotnie wyższej odpada. To samo dotyczy wypadku, gdy niewykonanie umowy nastąpiło wskutek okoliczności, za które żadna ze stron nie ponosi odpowiedzialności albo za które ponoszą odpowiedzialność obie strony.

If the agreement is dissolved the deposit (zadatek) should be returned, and there is no obligation to pay twice the sum. The same applies in the gase where the agreement could not be carried out as a result of circumstances for which none of the parties carries responsibility or for which both parties carry resonsibility.

I have to admit I've been lurking on the PS forum for a while and have been a little concerned by their responses to some pretty serious questions. I'm glad to see the conversation has moved out into the open air. Good luck everyone!

Hi, just dropping in to sit on the side for a while. I've bought in Lumiere and have been getting a little nervous about the seemingly endless additional costs I keep seeing. Hopefully I will be able to learn a little from the folks here to help me keep these costs down.

I still believe that the investments will work in the long term if I can fund it long enough. :(

Garfield

Thanks inkrakow,
We are dealing then with the zalicza as you have quoted....its great help

Hi all....Has anyone experience working with TGC lawyers. in Warsaw....Have they a good record. Currently they seem a little slow to respond to all our questions.

Maybe they are getting busy with all this at this moment. Maybe we should send just one correspondence so we can get group answers.

Thanks
Macky

Hello All,

Sorry but back to Oak Terrace Phase II !!

Some more news regard Oak Terraces Phase II, the conference call is going ahead...

Hi Matt, your not the only one in limbo at the moment, please feel free to email me king.jeffrey@gmail and ill fill you in.

Thanks,
jeff

Hi
Lawyers are now requesting builders for extension on multiple apartments as we have requested.

There is also now the question of morgages for those that still need them. Who recommends the best place for morgages (related to this topic)......Lots of companies say they can but to spend three months giving paperwork and then get refusals. Suggestions welcome.

Thanks again for all your help
Macky

Matt,
you will only probably be able to get 10% back if you default. This is what the contract and lawyers have confirmed for others.

I am also curious however about the 7% VAT which is included in the 20% deposit (ie paid down on preliminary contract 20% plus 7% VAT) . Since VAT should only be paid if the contract goes ahead then this VAT should be returned. Maybe there is someone that can advise better on that.

If you can good luck and let us know.
Macky

Hi All,

I'm also a PS Katowice investor but in Piastow. Unfortunately the mortgage is already running.

Macky kindly guided me here and I'm listening in with interest. My post on the PS forum was to do with attempting to gauge the interest level in regard to a builder I've worked with before in the UK with Polish family connections to bring a group of Piastow apartments to white finish level.

Anyway, I'll watch this thread with interest...

Neil

hi matt can you email me. king.jeffrey@gmail

Neill can you pass on your contact details please.

Also Wroclaw boy there may be some interest in your services. Will know after Sunday.

Morgages have been applied for so waiting for response and will let you know of service level.


Matt have you started to find out the legal issues of getting your money back?. You can also contact us if you need to talk more on this as at least one other person in group is looking at the same..

Thanks to all who have contributed to help so far.
Macky.

Marky - you can contact me at: neilrhenderson at yahoo dot co dot uk

Hi,

I bought a unit via PS in Bratislava, III Towers.
Does any one know if there's a forum similar to this one for Slovakia? Cheers.

Here is a link to an interesting read in this week's WBJ about developers renting out unsold apartments: wbj.pl/article-43673-room-to-rent.html?type=lim

I see from the PS forums that there is some sentiment for bailing out on Polish properties and forfeiting deposits. Maybe there is an opportunity to work a deal with the developer on OT II. (i.e. dump the deal, but retain some of your deposit)

Summary: "Banks have tightened their lending policies and the economic slowdown has cut into residential profits, sending Polish developers scrambling for new solutions. One option is built-to-rent apartments. A large number of Polish developers have suspended plans to launch new construction projects. Finding new ways to attract customers for already complete apartments has become an urgent necessity in order for developers to divest themselves of unsold units."

Jeff, I've sent you 2 emails. In the spam box perhaps?

Matt

Hi Matt,

Sorry the emails havent come throught, perhaps you could try once more, king.jeffrey@gmail, if i dont get your email by tmrow ill give you another one....

Thanks,
Jeff