Foundation construction financing (CFF) - creation, registration About Construction Financing Fund: Foundation construction financing - funds transferred to the Manager in the management of the FSF, which used or will use the control in the future under these Rules FSF and agreements to participate in the CFF. Manager - Finance Company, which manages the property received in trust for the property management contract (agreement to participate in the CFF). Developer - organizes the construction of facilities construction in accordance with the project documentation in a timely and good quality, in terms of the right to transfer the ownership of the Principal Financial Stability Forum ascribed to them the objects of investment, together with legal documents. Rules of the FSF - the system of norms, approved and promulgated by the Governing FSF, which should be adhered to by all actors in the financial-credit mechanisms for housing construction for achieving the goal of property management, setter definition of management. Property management agreement (the agreement to participate in the FSF) - a contract, after which the installer management reported to the management of trust funds in order to achieve certain goals and he sets the limit on individual actions of the Manager's management of these funds. In the beginning ... Construction Financing Fund (CFF)
Construction Financing Fund - this is a special account, where investors make money on the construction of the house. Money controls the financial structure, mediate between investors and developers. This structure makes the contract with the developer, under which he lists the parts (if necessary) required for construction of the facility means, at the same time, controlling their use and construction progress. If, however, found that the actions of the builder could lead to a breach of contract, the manager of the FSF has the right to pass an object to the construction of another developer. Since the bank is an independent business entity and its income depends on the amount of borrowed funds, he is interested not only in finding investors, but also a successful project. Therefore, the bank's specialists supervise construction at all stages - from checking permits the service of technical supervision, the stage of designing architectural and operational service and to putting the house in operation. The law also requires the FFC to sell the housing only after obtaining a building permit and must ensure that the sale of one apartment only to one person. In addition, by law, for the investor secured concrete apartment, but he can change the course of building an investment object. Another investor may partially return made to the CFF funds or completely withdraw from the fund, while investors are paid money to have invested square meters at a price per square meter, acting on the application date of termination of participation in FFS. In the beginning ... Types of Construction Financing Fund
Law "On financial and credit mechanisms and management of property for housing and real estate transactions," provides for a fund-raising construction of two types: - Construction Financing Fund type A; - Construction Financing Fund type B.
Fund for financing the construction of the form "A" - a fund in which the current price of a measurable unit of the construction, consumer characteristics of the investments, the coefficients of floors and comfort defines the developer, while he assumes the risk of relative deficiency of funds for the construction of the construction. Fund for financing the construction of type "B" - a fund where the manager determines the current price of a measurable unit of the construction, the coefficients of the floor and comfort, and assumes the risk of relative deficiency of funds for the construction of the construction. In the beginning ... Scheme of the Fund's financing of construction
In the general scheme of using the Fund's financing of construction is as follows. 1. Principal (purchaser of real estate), a natural or legal person involved in the fund financing the construction, introduced in the CFF funds for the purpose in the future, get real estate (apartment, parking space, office, etc.).
2. Steward manages funds FSF, which are in a separate account and maintained a separate balance sheet and accounting. Ruler of accumulating funds in the FFC and where necessary direct them to the builder.
3. Developer arranges construction of the construction and directs funds to the General Contractor.
4. General contractor performs construction work on their own or through contractors and subcontractors, which resulted in the construction of the object appears.
5. The builder puts into operation the object of construction, ie, gets its name decision of the relevant executive authority on the approval of the act of the State Commission for issuance of the construction into operation.
6. Developer based on data from the Governor carries out registration of ownership of the property for principals, which she anchored. In fact, the developer distributes the decision of the Principal of the body on the property right to the specific investment targets, this solution is of legal documents for registration of title to a specific apartment, parking, etc. the BTI.
In the beginning ... Opening of the Construction Financing Fund
Opening of the Construction Financing Fund 1. The development and adoption of the rules to raise funds for construction. Rules regulate the procedure for interaction builder, FU and principals. Establish rules, conditions, features, and limit controls the FSF and other terms and conditions govern the functioning of the FSF. The rules are public offer (offer) for entry into FFS and participation in the principals on the basis of recognition of these rights. The rules are binding for all entities of the financial and credit facilities for housing and other real estate, construction of which is due to the FSF. 2. Adoption of a typical contract for participation in Construction Financing Fund. Agreement shall contain the following mandatory information: 1. Subject of the contract; 2. Rights and obligations of the parties; 3. Of the contract. Termination of property management and fulfillment of the conditions contract; 4. Other conditions.
That's the rules of fundraising and a typical contract define the basis for interaction between all participants. Therefore, the final stage of registration of this aspect should be given special attention. After all, after recognition of trustees of the rules and signing financial institution does not have the right to make changes and additions to the rules without the consent of all clients.
In the beginning ... Contract of participation in the Financing Fund Stoitelstva
For investors is significant agreement on participation in the FFS. It defines the relationship between the investor and the manager of CFF during the entire period of their collaboration: from the introduction of investor funds to fund up to receive an investor in the property investment object. Under the Act, an agreement to participate in the FFC must contain: 1. Subject of the contract; 2. Name of trustee; 3. Type FSF; 4. The procedure for transferring funds to the trustee managing the ruler of the FSF; 5. Restrictions on certain actions the manager of property management; 6. Rights and responsibilities of the manager of the FSF and principal; 7. Data on assigned to the principal object of investment; 8. The timing and mechanism of the return to the principal means at its request; 9. The term of the contract; 10. Responsibility of the parties for non-contract terms; 11. Procedure for providing information to the principal about the performance of the contract; 12. The size and form of remuneration steward FSF.
In the beginning ... Modalities for participation in Construction Financing Fund
1. To participate in the CFF natural or legal person who wishes to become a Trustee, the Manager concludes with an agreement to participate in the FSF, which is a contract for property management. 2. Contract for Participation in the FFS is subject to completion by the Principal questionnaires, the required form and provide the Principal of documents, namely:
2.1. Individuals who provide:
2.1.1. Citizens of Ukraine: a) Original and photocopy of the passport of citizenship of Ukraine (pages 1,2,3 and 11); b) The original certificate (for information) and a copy of the certificate of identification numbers in the state register of natural persons - taxpayers; a) Statements about the addresses and registration of permanent residence, contact telephone number;
2.1.2. Foreigners a) A passport or document, assure them of a person and a photocopy; b) Statements about the address of permanent residence outside of Ukraine or the address of residence in Ukraine and phone number.
2.2. Legal entities provide: 2.2.1. Residents: a) A copy of the Charter of the enterprise; b) Copy of certificate of registration; a) Copy of inclusion in the Unified State Register of Enterprises and Organizations of Ukraine; d) A copy of the Certificate of assignment of IDUs; d) A certificate from the bank to open a current account; i) On the Confirmation of authority of the person who signs a contract (an extract from the order of appointment to the post (a letter from the employer), protocol duties founders of the appointment (election) of the head, etc.; d) Copy of passport of the head; a) A copy of the certificate of IIT director.
3. A necessary condition for a contract to participate in the CFF is to provide a physical person who is in marital relations, written consent of the husband (wife) to conclude an agreement on participation in the FFS. Such consent is given personally husband (wife) in the presence of the responsible officer of the Manager. 4. All documents filed in the Ukrainian language. 5. A person may be the Principal in several different FSF. 6. The Principal has the right to refuse to participate in the CFF.
In the beginning ... Rules of Construction Financing Fund
Rules of the FSF a public offer for entry into the fund individuals wishing to become trustees, subject to acceptance of these Rules. The Fund is established after the approval of the manager of the Rules of the FSF, the agreement with the developer, design ensure that the developer's obligations under the agreement, as well as opening of current accounts of FSF in the bank. In the beginning ... Benefits of working through the Construction Financing Fund (CFF)
1) The main advantage is the legislative framework Zkon "About financial and credit facilities and property management in housing construction and real estate transactions." 2) One of the most simple and clear mechanism for the principal - the small investor. Taking the agreement to participate in the CFF and CFF rules, consult a lawyer, an investor will understand where he is investing money, and when he gets in return, what are its risks. 3) The builder is the easiest of the tools for quick startup funding process. Enough to apply to a bank or finance company specializing in such services, to submit documents confirming the right to perform the functions of the customer building, to convince a financial institution in its capacity to initiate and successfully complete the building, negotiate the price of services to fulfill the contractual procedures between the manager and developer, which required by law and the mechanism is running. 4) Special status is not a legal entity status of the FSF and others' trust funds to balance the Governor will not give you easy access to them from a third party.
In the beginning ... Disadvantages of a Construction Financing Fund (CFF)
1) The mechanism of the FSF is not completely relieves the developer of the tax issues when you receive funds from the FSF on the builder, on issues arising during commissioning, when you make the right property. 2) The mechanism of the FSF law provides for a method to combat the financial institution in the interests of the principal with the developer had not fulfilled their obligations, but in practice, very few people is the reality of this method. 3) The mechanism of the FSF is not suitable for optimization of taxation, the creation of additional add-ins, solving this problem is leading to more adverse risk.
In the beginning ...
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