1. Distance Agreement

The Buyer agrees that the transaction involves the purchase of an apartment in the building at Hospitāļu Street 49, Riga, cadastral number 01000250030, with a planned construction period of 24 months.

If the apartment purchase is made remotely via the website or other means of remote communication, a distance agreement is concluded between the Buyer and the Seller in accordance with the regulatory acts of the Republic of Latvia, including the Consumer Rights Protection Law. The distance agreement is considered concluded at the moment when the Buyer has transferred the pre-reservation payment of EUR 2,500 to the Seller.

2. Reservation Agreement

The Reservation Agreement (preliminary purchase agreement) between the Buyer and the Seller is signed by May 5, 2025.

Essential Terms of the Reservation Agreement:

• Payment Schedule:
  1. Pre-reservation payment: EUR 2,500.
  2. Payment: 30% of the purchase price by May 31, 2025.
  3. Payment: 30% of the purchase price by September 15, 2025.
  4. Payment: 20% of the purchase price by January 15, 2026.
  5. Payment: 10% of the purchase price by July 15, 2026.
  6. Payment: 10% of the purchase price before the Buyer’s property rights are registered in the Land Register of the Republic of Latvia.
• All funds are held in a designated transaction account, from which the Seller:
• Acquires the land plot and constructs the building according to the project.
• Pays for construction work.

3. Construction Process

• Decision on Construction Commencement:
  • A positive decision to commence construction is made if all Buyers have made the reservation payment of 30% of the purchase price by May 31, 2025.
  • The Seller shall decide by June 1, 2025, whether to commence building construction or cancel the transaction, informing the Buyer in writing.
• Non-commencement of Construction: If the decision is made not to commence construction, the Seller shall refund all payments received from the Buyer in full.
• Transparency: The Buyer is ensured the principle of transparency in building construction supervision and implementation. A monthly report on the progress of construction works will be sent to the Buyer.
• Construction Term: 24 months from the date of the decision to commence construction.

4. Property Transfer

• After the building is commissioned, the final purchase agreement is concluded.
• The Buyer makes the final payment of 10% of the purchase price.
• Ownership rights are registered in the name of the Buyer in the Land Register of the Republic of Latvia.

5. Right of Withdrawal

• The Buyer has the right to withdraw from the distance agreement within 14 (in words: fourteen) days by notifying the Seller in writing via email or by sending a notice to the Seller’s legal address.
• If the right of withdrawal is exercised, the Seller shall refund all payments made by the Buyer no later than 14 days from the date of receipt of the withdrawal.
• The refund will be made using the same payment method that the Buyer used for the original transaction unless otherwise agreed.

The text is drafted in accordance with legal requirements, ensuring clear formulation of the rights and obligations of both the Buyer and the Seller.