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Good to know

1. The Nanette Real Estate Group
1.1 What is the Nanette Real Estate Group?
Nanette B.V. is an Amsterdam based Multinational Corporation, its share holders include banks, investment funds and private investors. The main profile of the company is real estate development, constructing homes in Eastern-Central Europe. Nanette Real Estate Group is the brand name comprising the different subsidiaries of Nanette B.V.
1.2 Since when has the Nanette Real Estate Group been present in Hungary?
Subsidiaries of the Nanette real estate group have been present in Hungary since 2001, working under the Olimpia Group name and building more than 2000 homes in 8 buildings. Since 2009 the company group has been working under the parent company’s name as the Nanette Real Estate Group.
1.3 Where can I find further information about the Nanette Real Estate Group?
Newly constructed homes and houses differ in numerous aspects from old real estates, about which you are informed in more detail on a separate page of our site.
2. Newly constructed homes
2.1 How do newly constructed houses differ from the homes built 20-50-100 years ago?
In short: in almost every aspect. These houses and homes are designed and built according to the strict technical, safety, energetic and environmental regulations of our day. Only good quality, enduring materials are used during the construction; in the planning and design the foremost aspect is usability, comfort and ergonomics.
2.2 Why is it worthwhile to buy a newly constructed home?
The full answer to this question would fill pages. Therefore we only list some of our arguments:
  • It is not only a home but a long term investment
  • a higher quality of life provided by high standard living environment
  • practical design, no need to pay for, heat and clean useless, superfluous square meters
  • design of the apartment according to personal requirements
  • lower duties
  • easier, simpler bank loan process
  • neighbors with high standards regarding living conditions and the environment
  • lower than average heating costs
  • warrantee for your home and the complete building
  • a building serving the comfort and safety of its residents (fire alarm system, motion sensor light system, security doors etc.)
2.3 How does the use of a new home differ from that of an old one?
There are materials and equipments (radiator valve with thermostat, thermo quantity meter, slit-aerator etc.) which may be unfamiliar to owners of homes constructed earlier; furthermore due to the new construction and the applied technologies (movement of the building, evaporation of the construction water) a new home may have different handling, maintenance and every day use requirements. Therefore everyone receives a care manual for the purchased apartment, which includes a detailed description of the building materials and equipment as well as information about questions of everyday use and maintenance.
3. Protection of the customers
3.1 What is the guarantee that the company will complete the construction and finish the building on time?
All Nanette Real Estate Group houses are built with bank funding; this means that the construction is financially independent from the sales, customer payments and the outside financial environment. Natural events, accidents or technical problems may of course cause temporary delays (just like in any other long term project). Against these however the building-construction insurance is a safe protection, therefore no event can jeopardize the construction. Thus the Nanette Real Estate Group has completed all of its construction projects in order in Hungary.
3.2 What guarantees the security of the customers’ investment?
All customer payments arrive to a blocked bail account at the financing bank (no cash payments are accepted by the company), which only become available for Nanette Real Estate Group once the building is completed and the full project finance loan has been repaid. This only takes place once the customers have taken possession of their unencumbered homes.
3.3 What is the guarantee of the adequate construction quality?
The best guarantee of quality is that the buildings are constructed by Nanette Real Estate Group’s own company: Nanette Construction Hungary Kft. which excludes the possibility that the building contractor - putting its own interests forward – tries to save money thus damaging the contracting party and the customers. Another guarantee of quality is the monitoring of the independent technical bank expert and the constant supervision of the building authorities, which is certified by an occupancy authorization at the end of the project. Safety is also ensured by the 3 year general guarantee.
3.4 What is the guarantee that the deadline for the completion of the construction will be kept?
In case the company fails to comply with the dates for the technical handover deadline set in the contract, the company than has to pay indemnity (damages). In case of delays exceeding 3 months the buyer has the right to desist from the contract and receives in return double the sum of the original down payment.
3.5 What is the guarantee that the sale and purchase contract will serve the interests and rights of the customers as well as those of the vendor?
The sale and purchase contract and the land register process are both prepared and managed by an independent legal office, which according to the legal regulations has to represent both parties to the same extent. A draft version of the contract is sent to the buyer by fax or e-mail in advance. The buyer therefore has a chance to discuss its details with another legal advisor, who also has the right to assist the buyer during the signing of the contract.
4. Selection and signing of the contract
4. Selection and signing of the contract
Every one of our projects and houses has a separate homepage, which can be reached through this website. All relevant data is present on the websites (location, visual layout of the building, basic layout of the apartments, prices and technical details), however if you have any further questions don’t hesitate to contact our sales colleagues on the phone or in person.
4.2 Regarding what questions can the sales staff assist me?
Any questions regarding the buildings, apartments, loans or contracts. You will be able to receive from your sales contact a draft of the contract and a layout of the apartment. Further more, depending on the current status of the building, you will be able to discuss a viewing of the apartment and arrange dates for the signing and terms of the contract.
4.3 How can I reserve the apartment that interests me?
After the final date is set for the signing of the contract the chosen home will be reserved. Our company does not require a down payment, registration fee or other form of payment before signing the contract (bond for deed). The first part of the price has to be paid at the signing of the contract. In case the contract is not signed on the set date the reservation expires automatically.
4.4 What are the costs related to the signing of the contract?
The legal costs of contracting and of the land register process are covered by Nanette Real Estate Group, the buyer only has to pay his own private costs (cost of a private legal advisor if needed, possible translation expenses, subsequent modification of the contract, etc.).
4.5 Are there any further payments to Nanette Real Estate Group besides the purchase price of the real estate?
The buyer only has to pay to Nanette Real Estate Group or the collaborating legal office above the purchase price in the following cases:
  • Subsequent modification of the contract required by the buyer – HUF 30.000,
  • Modification of the contract to a different apartment – HUF 30.000,-
  • English language contract and legal process – HUF 50.000,-
  • alteration of the technical contents of the apartment. (link: 5.6 ) (reconstruction, air conditioning, etc.) – according to arrangements
  • construction of public utilities and of water/electricity meters – HUF 170.000,- (according to the contract)
4.6 Where will the sales and purchase contract be signed?
The only place for the signing of the contract is the central office of the Nanette Real Estate Group (1066 Budapest, Teréz avenue. 46. V. Floor) where the representatives of the company and the colleagues of the assisting legal bureau are at your service in person.
4.7 Can the contract be written in anther language than Hungarian?
Yes, if required the contract can be written in both Hungarian and English with an extra charge of (translation and the assistance of an English speaking lawyer) HUF 50.000.
4.8 What is necessary at the signing of the contract?
Personal presence of the buyers (beneficiary), legal representative in case of partial or complete incapacitation (i.e. buyers under the age of 18). The following documents are also required:
  • identification card
  • home address card (lakcímkártya)
  • tax card
  • passport in case of a foreign citizen
  • authorization in case of an authorized representative
  • in case of a legal entity (company) 3-3 original issues (or copies authenticated by a notary) of the extract from trade register /certificate of incorporation (cégkivonat) and copy of specimen signature (aláírási címpéldány) are required.
4.9 Can an authorized person sign instead of the buyer?
Yes, but the authorization has to be prepared and signed by a lawyer or notary, and 3 original issues are required.
4.10 What further data needs to be submitted before signing the contract?
The buyer needs to specify what source(s) will be used in paying for the purchase price (private funds, bank loan, etc.), and has to submit a postal address. It is important that the buyer be able to receive the letters arriving to the specified address as all relevant mail: invoices, delivery deadline notifications, payment notifications will be delivered to this address. In case the previously stated letters can not be delivered, all damages due to lateness etc. will have to be covered by the buyer. In case the postal address changes you can inform us by mail or e-mail. We also ask you to submit your e-mail address and phone number for faster communication but this of course is not compulsory.
4.11 What can be done if the buyer is abroad and the above do not have the adequate authorization?
In this case a relative of the buyer (or another person) may sign a pre-contract (bond for deed), which gives the buyer the right to sign the final contract and specify the final buyer. The most important aspects of the final contract are set out in the pre-contract (price, payment deadlines, delivery deadlines, etc.) and the first part of the purchase price also has to be paid at the signing of the pre-contract, etc.
4.12 What happens if final contract is not signed by the deadline defined by the pre-contract?
In case the vendor is unable to sign the contract the buyer has the right to receive double the sum of the down payment, on the other hand if the buyer is unable to sign the contract the down payment is lost.
4.13 Is there a possibility to subsequently modify the contract?
Yes, but if this is required by the buyer, the costs of modification will have to be covered by him. Almost every aspect of the contract can be modified, depending upon the agreements between the involved parties. According to the legal regulations of real estate registration and the process of the land register only the persons involved (including the beneficiary) in the contract and the object of the contract (the real estate) can not be changed. In case you wish to modify your contract for any reason please contact our client helpdesk, who will be able to supply you with the necessary informatio.
4.14 When and how is the down payment made?
The down payment has to be made on the same day that the contract is signed, and is 10% of the final purchase price. Nanette Real Estate Group does not handle cash for the protection of its clients. Therefore the down payment and any later payments have to be made directly to the bank account in cash or money transfer.
5. From signing the contract to moving in
5.1 Will I have to stay in touch with my sales contact after signing the contract?
After signing the contract you can contact the colleagues of Nanette Construction Hungary in case you have technical questions. If you have any other questions please contact our colleagues at the client helpdesk.
5.2 What are my duties between signing the contract and moving in?
These are described in detail in the contract. In short they are as follows:
  • n case you are applying for a bank loan, you will have to submit a loan request and you will have to sign the loan contract
  • If the construction is underway you will have to attend technical meetings (choosing floor/wall coverings, doors, etc.)
  • You will have to attend the technical delivery and the final delivery (handing over of keys) meetings
  • You will have to complete your current payments.
5.3 What should I do, in case of an event, which changes my needs regarding the real estate, or if I don’t want to buy the apartment anymore?
Contact our colleagues at the client helpdesk as soon as possible, with whom you will be able to discuss your possibilities in detail. Please don’t wait until the breach of contract with any of your commitments under any circumstances.
5.4 Who do I have to contact in case my employee, the bank or the tax authorities require a certificate or a document regarding the purchased real estate?
In the above cases please contact our client helpdesk, but the best solution is to submit our colleagues’ availabilities to the given administrator thus we are able to directly discuss the details of the document and will send it directly to the addressee saving you time.
5.5 How can I enter the apartment before the keys are handed over?
The construction company organizes numerous visits during the construction phase. You will be informed of these by Nanette Construction Hungary. Due to the current strict safety regulations until the full completion of the building other visits are not available.
5.6 How and until when can I make alterations in the layout of the apartment, the fittings and floor/wall coverings etc.?
It depends on the current state of the construction, which areas may still be altered. For example, the walls and door openings have to be set before the building reaches its shell and core state. However floor coverings or door colors can be altered 3-4 months prior to the complete finish of the building. You can get in touch with your sales contact for information about specific alteration possibilities before signing the contract. After the contract is signed details can be discussed with the colleagues of Nanette Construction Hungary.
5.7 Is there a possibility to have certain jobs, like painting and tiling done by my own building contractors?
Due to labor safety and labor regulations, damage risk liability, this can only be done after the final delivery of the real estate strictly abiding by the legal regulations.
5.8 Will the final delivery take place on the exact date set in the contract?
The contract includes a delivery deadline, which is the final day for delivering the real estate. The real date of the delivery is usually a few weeks in advance of the deadline.
5.9 How will I find out about the exact date of the delivery?
We will send you a preliminary information letter 6-8 weeks in advance of the delivery; two weeks prior to the delivery you will receive a letter informing you of the final date, place and person responsible for the delivery as well as any other relevant information. (In case the buyer purchases a fully finished apartment the date of the delivery will be defined at the signing of the contract.).
5.10 What should I do if the set date is inconvenient for me?
You will be able to make another appointment with the help of our colleagues who can be contacted via the phone number in the letter. If required you can also send an authorized person who needs to present an authorization given by you and signed buy two witnesses.
5.11 Do all of the buyers have to be present at the delivery?
No, it is adequate if only one of the buyers (not a beneficiary!) is present.
5.12 What is the process of the delivery like?
The delivery has two parts: the technical delivery, where you can check the completion of the apartment, and the final delivery where you receive the keys of the apartment.
5.13 What happens at the technical delivery?
This is where the buyer can make sure that the apartment has been fully completed, is adequate for general use and all of the specified changes have been made. After the viewing of the apartment a record is made of the possible smaller problems in which the contractor also specifies the deadline buy which the corrections will be completed.
5.14 I am not an engineer, how do I know that everything is in order?
You simply need to look for possible damages, painting mistakes, cracked tiles etc. Open and close all of the doors and windows, faucets, flush the toilet as if you were using your own home. If you don’t trust yourself feel free to bring along one of your more technical friends or relatives.
5.15 When can I refuse to accept the technical delivery of the apartment?
If you find a major problem, which would prohibit general use of the apartment (i.e. if a toilet is missing or can not be used). These cases are incredibly rare in our practice therefore we always recommend a telephone consultation with our colleagues at the client helpdesk prior to refusal, because an undue refusal of delivery has serious contractual sanctions. If you are justly refusing to accept delivery a new delivery date will be set.
5.16 What should I do if we only find a problem later?
Problems that are hidden or unnoticeable at the technical delivery (e.g. there is no electricity in a socket) can be reported after moving in as these are guaranteed. Physical damages have to be reported at the final delivery at the latest.
5.17 When can I refuse technical delivery of the apartment?
If you find a problem which prohibits general use of the apartment. We hereby note that this happens very rarely, in less than 1% of the deliveries..
5.18 Is the technical delivery necessary even if I am buying a fully finished apartment?
Yes, but in these cases the buyer is in the lucky situation, that he has a chance to view the finished, fully completed apartment. Because in these cases no alterations, unique solutions can be made as Nanette Real Estate Group has already accepted the apartment from the contractor, the technical delivery is simpler and faster.
5.19 My problems are not with the apartment but the communal areas (stairways, corridors, elevators, etc), what should I do?
It is the task of the condominium board president to accept delivery and operate the communal areas. In case you have problems with the communal areas after moving in please inform your condominium board president as he will have to arrange for these to be solved.
5.20 How can I make sure that the reported problems are solved in order and on time?
We directly make sure that the problems reported in the technical record are in order for the buyer to be able to receive a faultless home at the final delivery. In case the buyer wants to check the finished work before the final delivery, a prearranged appointment will be made for a viewing.
5.21 I have not found any problems with the apartment; can I get the keys immediately as well?
If the terms of the final delivery are otherwise in order (the house has an occupancy authorization, the apartment is fully paid for) and you have notified us in advance that you would like to receive the keys as well, than there are theoretically no barriers. It is very important to notify the client helpdesk if you require the handover of the keys, because this means that further forms, documents and time are necessary to complete the process which our colleague in charge of the delivery has to be informed of.
5.22 When does final delivery take place?
Final delivery has two major conditions besides the correction of the reported problems: complete payment of the purchase price, and possession of the temporary or final occupancy authorization. Therefore final delivery may take place a few days later, but you might also have to wait months.
5.23 Is there a possibility to enter the apartment after the technical delivery but before the final delivery, to put in furniture or to build in a kitchen?
If there is an expected longer wait before the final delivery, we try and provide the chance for the above requests. This means that you can have a fully completed home at the handover of the keys..
5.24 How will I be notified about the date for the handover of the keys?
We generally let all of our clients know in a letter, just like we do with the date of the technical delivery. In case a completed apartment is purchased however, our colleague will get in touch with you right after the alterations in the apartment have been finished and the final payment has been made.
5.25 What happens at the final delivery?
This is when we hand over the keys to your apartment (including the keys to the main entrance and the post box). Any further remarks about the apartment will be recorded, meter standings will be registered, we will complete the forms necessary for the handover of the water and electricity meters, the warranty papers of the apartment will be delivered, the manual for the apartment, the quality certificate for the built in materials, availabilities of the condominium board president and the papers necessary for the payment of the collective maintenance fee will be presented.
5.26 Is the house already functioning at the final delivery, including public utilities?
Of course it is, after the handover of the keys a fully functioning house will await you, with a condominium board president, genitor, cleaning and garbage disposal. Fully functional heating, hot water supply, cable TV, internet, elevators and other equipment.
6. After moving in
6.1 Who will be operating the completed and delivered house?
Nanette Real Estate Group will assign an independent and professional company with the representation of the condominium board. The living community has the right to decide about the person for the condominium board president after formally founding the condominium.
6.2 Who will decide about the sum of the collective maintenance fee and about the affairs of the house?
Until the formal founding of the house (registration) – which can only take place after the full completion of the building - Nanette Real Estate Group has the right to make decisions. In practice however these right are handed over to the habitants of the building, who in consequence have the right to decide about the maintenance fee, house rules, employees of the house, subcontractors and budget. The condominium board president and the finances of the house can be monitored by the elected auditing committee.
6.3 How does Nanette pay the collective maintenance fee after its own apartments?
The Nanette Real Estate Group (unlike numerous Hungarian real estate development companies) pays the same way and the same amount as maintenance fee and public utilities after the real estates in its property as well as the unsold apartments as any other resident. In other words it does not devolve the cost of maintenance to the other residents in any way.
6.4 How much is the collective maintenance fee in Nanette Real Estate Group’s condominiums?
Depending on the number of apartments and the services required by the residents it is generally between HUF 210-250 a month/sqm. the later includes security guards. Your sales contact will be able to inform you about the exact sums.
6.5 How much will my heating costs amount to?
This of course strongly depends on the size of the apartment, the weather and the use of the heating system, but in an average situation the heating bill for an apartment with two rooms, should not exceed 10-12 thousand Forints even in the coldest winter months..
6.6 Who do I pay the heating to?
All of our houses are equipped with a central furnace which supplies heating and hot water. Therefore the consumption defined by the meters and read by the condominium representative will have to be paid to the account of the house..
6.7 How can I register myself at my new address?
Following the final delivery you may register your new address at any of the Offices for Government Issued Documents. Generally it is sufficient to present the sale and purchase contract, however sometimes the administrator my also require the final delivery document.
6.8 Who do I need to contact to report the apartment’s guarantial problems?
You need to contact Nanette Construction Hungary Kft. responsible for the construction of the building using the form given to you at the final delivery or directly through the internet.
7. Financial questions
7.1 In what phases do I have to pay the purchase price of the apartment?
If you are buying an apartment you will have to pay 20% at the signing of the contract. In the case of parking slots and storage rooms you will have to pay 10% of the price (this is the price of land-proportion for the real estate). The remaining amount becomes due at the completion of the apartment (following the technical delivery). In the case of bank loans or other sources of funding the payment phases may be different. The contract contains the full details of conditions-, sums- and deadlines of payment as well as the bank account numbers.
7.2 How do I know that the transferred money has arrived in order?
The client helpdesk will be able to give you information regarding your transfer by phone, however we will also send you an invoice within 15 days of the arrival of your transfer.
7.3 In what ways do the buyer’s commitments differ in case of a self funded purchase from that of a loan funded purchase?
The buyer declares at the signing of the contract what funds he wants to utilize in the purchase of the apartment (self-funding, bank loan, employee loan, etc.). This is primarily important in case of a loan, at the request of the bank. The sources are entirely the decision of the buyer but if he wishes to cover the purchase price from outside funds than he will also have certain commitments: he will have to submit the loan request in time (request for funding support); in case he has not submitted it or it has been partly or completely refused he will have to inform the vendor in writing. The buyer has to take full responsibility for the outside funds as well as for the self-funding. In case of delays he cannot pass on the responsibility saying „it’s not his fault”.
7.4 Why is it practical to apply for a loan at the bank financing the project?
The financing bank knows the project already, is in possession of the necessary documents, knows the solid financial background, does not require an appraisal or a title deed and because its money is already ensured it grants loans more easily and at a bigger rate than foreign banks. This makes the complete process simpler and faster.
7.5 Can I apply for a loan at a different bank?
Of course you can, the buyer may contact any financial institution. However we have to inform you that many institutions have requirements for loan contracts (unencumbered title deed, registered sub-deposit etc.) which due to the nature of building constructions can not be fulfilled. Certain other banks have requirements for the granting of the loan (liability declarations, final occupancy authorization, registered ownership etc.) which are hindered by the contract between the constructor and the project financing bank, or hit other legal barriers in a multi-phase construction. Therefore it is very important for the buyer to clear the details of the above questions prior to signing the contract. Unfortunately in the event that the bank signs a loan contract with the buyer which contradicts the points of the sale and purchase contract and therefore causes late or incomplete payments the consequences will have to be born by the buyer.
7.6 Can I contact a loan broker company?
You can, but it’s not worth the trouble. Nanette Real Estate Group keeps direct contact with the banks, in order to supply them with the necessary documents as soon as possible; if required we inform the bank of the modifications in the contract and will give all the necessary assistance to the buyers that a loan broker would. The whole process would only be slowed down considerably by a broker because the documents, questions and requests would have to pass through him as well. Of course the buyer is still free to ask for the assistance of a loan broker, but the responsibility for his activities has to be taken by the buyer.
7.7 What about leasing?
Of course there is an opportunity to conduct a leasing purchase (a long term rent, where a leasing company purchases the apartment and lets it to the „buyer” and at the end of the rent term the apartment becomes the buyer’s), but the terms of the leasing contract are stricter than those of the loan contract: leasing companies generally require the final occupancy authorization which is only issued by the mayor’s office once the full construction is completed. This practically means that only apartments in our fully completed houses can be leased.
7.8 How can I make my payments?
Our company can only receive payments or money transfers made to its bank account. You can not pay by credit card, check or cash in our office. The main reason being the security of our clients.
7.9 Can I only pay in Forints?
No, you may pay in any foreign currency which is automatically converted to Forints by the bank. The costs of the conversion and the exchange rate risk are the responsibilities of the buyer however.
7.10 How do I know that a phase of the payment is due
The phases of payment are described in detail in the sale and purchase contract. If an event should occur where a phase of the payment becomes due (the building reaches a certain stage of completion, delivery is getting closer, the occupancy authorization is issued) we will send you a written notification in advance.
7.11 I have problems making the payment. What should I do?
If you know that you will not be able to make a payment on time please notify our colleagues at the client helpdesk as soon as possible! There is a possibility to ask for a postponement or reorganization of payment phases the terms of which depend on the length of the delay and the amount of the sum to be paid. We will try and give you all the support possible as our interests are the same.
7.12 What happens if I don’t notify the company of the delay in my payment?
In such cases the complete sum of the late interest will be charged as defined by the contract and if the amount does not arrive by the deadline set in the demand note the company will desist from the contract.
7.13 What happens if there is no hope for the remaining amount to be paid in a reasonable time?
Unfortunately we cannot wait without a deadline for an indefinite amount of time for the payment. In these cases we have to terminate the contract. This means that the buyer loses the deposit; any later payments will be transferred back.
7.14 How will I receive the invoice for the payments?
Within 15 days of the receipt of the money transfer to our bank account we will issue and mail you the invoice to the address defined in the contract. You may of course want to receive the invoice in our office personally if this is more convenient but we kindly ask you to let us know of this request in advance.
7.15 I lost my invoice, I would need it however. What should I do?
You may let the client helpdesk know by phone or by e-mail and we will send you an authenticated copy of the original invoice even years after its issue.
7.16 What kind of duty will I have to pay after the purchased real estate?
Newly constructed homes, bought from the original constructor have special rate duties set by legal regulations (even if the apartment has been completed earlier). According to this law no duty has to be paid up to the sum of 15 million Forints; up to 30 million Forints 6% of the purchase price above the 15 million Forints will have to be paid. For homes with a purchase price of above 30 million Forints there is no special rate. The duty is 1.640.000 Forints + 6% of the amount exceeding the 30 million Forints. The duty for the parking slots and storage rooms is 10% of the purchase price.
7.17 When do I have to pay the duty?
The signed contract is submitted to the lend register within a few days of its signing, which in turn informs the tax authorities within a month, who calculate the sum of the duty to be paid and inform the buyer within 2-3 months of the amount. This means that you can be expecting the payment notification from the tax authorities within 2-4 months after signing the contract.
Nanette Construction
Nanette Real Estate Group
H-1066 Budapest Teréz krt. 46.
Phone: 06-1-472-2818 Fax: 06-1-472-2819