Today, shared construction is a fairly popular way of acquiring housing. An equity agreement is concluded between the construction organization, which will be directly involved in the construction of the building, and investors, that is, equity holders. Both legal entities and individuals can act as a construction customer.
Duties of the parties
The contractor - a construction organization undertakes to build a house and pass it in favor of interest holders.
Interest holders under an agreement undertake to pay for the services of a contractor and to accept finished housing.
Essentially, a shared construction contract is an investment transaction, but it is not regulated by the Civil Code, but by special legislative acts.
Problems of shared construction
Shared construction began to develop in our country back in 2005. The legislation has undergone many changes regarding such construction, but investors have not diminished the problems with finding a bona fide contractor. To this day, shared construction is a huge risk, an investor can simply be left without housing and without cash. Either he will have to commission the building on his own, or there will be problems with the registration of property rights.
The Ministry of Construction for a long time did not abandon attempts to create a compensation fund for shared construction. And, finally, since July of this year, a new tool has been formed at the government level to protect the interests of home buyers in newly constructed buildings and change the rules of the game for developers. Although the compensation fund formally began to exist since January 1, 2017, the procedures by which the formation should act have not been thoroughly developed.
Fund essence
Compensation fund is an organization that is called upon to protect citizens from possible losses if construction is not completed or the developer does not fulfill other obligations.
The fund is not obligated to solve the problems of equity holders that already exist. Simply put, already deceived investors have nothing to rely on. This is due to the fact that if we begin to solve current issues, the organization will simply go bankrupt.
Contributions
The amount of contributions for developers will be calculated on the basis of the price of each transaction with the interest holder. The developer will have to make a contribution at the time of state registration of a single share agreement. However, the tariff for the developer should not exceed the marginal interest rate of the price of the contract for participation in shared development. In general, at the time of signing the changes to the legislation, developers must pay 1.2% of the value of each contract. In the future, the rate may be changed on the basis of federal law, but not more often than once every 12 months.
Each developer must make contributions 3 days before the date of registration of the shared construction agreement.
Now canceled such methods of securing transactions as liability insurance or bank guarantee. Now the contracting organization-developer is obliged to make mandatory contributions to the compensation fund, the founder of which is the Russian Federation.
Fund's main functions
The compensation fund was created in the form of a public law company and is designed to address several issues:
- receive contributions from developers;
- control the timely receipt of contributions;
- act as an arbitration manager in bankruptcy cases of real estate developers, but only if these companies made contributions to the fund for at least one building being erected;
- carry out compensation for damage to equity holders;
- provide loans (even on an interest-free basis);
- providing, if necessary, financial assistance to developers, which will undertake the completion of an unfinished object.
Available funds of the compensation fund can be invested in other assets that are defined in the legislation.
Participation in a self-regulatory organization
Against the background of recent changes in the legislation, the circle of persons who are required to be members of a self-regulatory organization has changed. The obligation remained with the following persons:
- who have signed contracts for the preparation of project documentation with a technical customer, developer or organization responsible for the operation of a building;
- independently carrying out the production of design documentation and the construction of structures and buildings.
Organizations with an authorized capital that is half or more owned by the state or municipalities do not have such an obligation. It is also not required to enter into SROs by enterprises that are state-owned, unitary or state-owned.
SRO Compensation Fund “Securing Contractual Obligations” is formed to compensate for the subsidiary liability of all members. But in order to form such a fund, applications must be submitted by at least 15 members of the SRO. If there are fewer applicants, then it will not be possible to form a fund for securing contractual obligations, but all collected funds will be transferred to a compensation fund.
Now developers and other persons who are members of SROs will not receive certificates, but will only be registered in the electronic registry, from which you can get an extract to confirm your membership when participating in the tender.
Concerns of construction market participants
Most construction companies are confident that double contributions to compensation funds will lead to an inevitable increase in housing prices. Now the developer will have to pay to the fund for shared construction and to the SRO fund.
Co-investors also express a certain concern, that is, those subcontractors who build engineering networks and communications at their own expense, because if a developer goes bankrupt, then reimbursement is primarily provided for individuals. Co-investors have little chance of getting a refund.
Naturally, such a legislative framework is important for an unstable construction market and is part of the investor protection system. The main thing is that such a fund does not become another burden for construction organizations and the construction market as a whole, and housing prices do not begin to rise again.