Developer Agreement

Between

Mafia Island Accommodation and Selling Ltd
[Developer Address]
(hereinafter referred to as the “Developer”)

and

[Name of the Buyer/Contracting Party]
[Buyer Address]
(hereinafter referred to as the “Buyer”)

§1 – Subject of the Agreement

The Developer agrees to construct a building project on the property located at [exact designation and location of the property], which is owned by the Buyer or will be transferred to the Buyer, in accordance with the agreed plans and specifications.

The project includes the construction of a bungalow of approximately 50 square meters.

§2 – Scope of Services

The Developer commits to carrying out the construction works in line with the approved plans, construction descriptions, and technical specifications. The construction will include:

• Earthworks

• Shell construction

• Interior finishing

• Building services (plumbing, electrical, etc.)

• Outdoor facilities

The full scope of services is detailed in Appendix [number] (Construction and Service Description).

§3 – Construction Period and Completion

Construction is scheduled to commence on [Start Date] and to be completed by [Completion Date].

In the event of delays beyond the Developer’s control, the construction timeline will be extended accordingly. The Developer will inform the Buyer promptly of any such delays.

§4 – Purchase Price and Payment Terms

The total purchase price for the project is EUR 45,000. This price includes a 99-year lease for the land, as foreign buyers may own buildings but not land in the region.

Payment Schedule:

• Down payment upon signing the contract: [Amount]

• Installment payments based on construction milestones (see Appendix [number])

• Final payment upon formal acceptance of the completed building

All payments will be made to a notary escrow account, set up by a notary acting on behalf of both parties. Funds will only be released upon verified completion of construction stages and final acceptance.

§5 – Acceptance

The Buyer agrees to formally accept the completed building within [e.g., 14 days] of its completion. Any defects will be recorded in an acceptance report.
The Developer is responsible for rectifying any defects that arise during the warranty period.

§6 – Warranty

The Developer guarantees that all construction work will be performed in accordance with applicable legal standards. The warranty period is [e.g., 5 years] from the date of formal acceptance.

§7 – Ownership

Ownership of the building transfers to the Buyer after full payment and formal acceptance.

The land remains the property of the lessor.
The Buyer receives the right to use the building and the leased land for 99 years under this lease agreement, but does not gain legal ownership of the land