DWELLING ACQUISITION PROCEDURE

No.

Action

Term

Explanation

Price

1.

Deciding on a dwelling price

A client is recommended to apply with the seller only when he is sure about the price (in case of a housing loan - when he obtains a preliminary response regarding the amount of a bank loan).

2.

Selecting a dwelling

Information about dwellings sold by UAB Eika is provided at the head office of UAB Eika: A.Goštauto 40A, Vilnius, tel.: 8 616 20540 or www.eika.lt

3.

Reservation of a dwelling verbally

Valid for 5 (five) business days

Reservation is accepted verbally or by e-mail: rita@eika.lt. A client is not separately informed about cancelled reservation when the established time limit expires.

4.

Preliminary contract on purchase-sale of a dwelling

Coordinated with Rita Skrupskelienė, the Sales Manager. The contract is signed at the head office of UAB Eika, A.Goštauto 40A, Vilnius.

5.

Advance

Within 10 calendar days of concluding a Preliminary contract

A deposit of agreed amount must be paid to AB SEB Vilniaus bankas S/A LT627044060001640222. If the payment is not transferred by the established deadline, the apartment will be considered as not sold to the buyer and will remain in possession of the seller.

10% (of total dwelling value)

6.

Notification No.1: on handover of completed works

2 (two) weeks before the end of construction at the latest

Invitation to arrive and accept completed works on the specified date. A client will also be notified about the date of signing a notarised Contract on Purchase-sale of a Dwelling.

7.

Handover of completed works to a buyer:

On the date specified in Notification No.1

The following documents are signed at the time of handover of completed works:

a.

Report on completed construction works

From this day a purchaser can start the final finishing works of a dwelling.

b.

Contract on payment of building maintenance expenses and housing services

A buyer signs a contract with an enterprise administering the building. A buyer also begins paying for public utilities according to the readings of meters.

8a

A client pays for a dwelling according to the agreed schedule

According to the schedule established in a Preliminary Contract

A client makes payments when dwelling purchase is financed with his own funds.

8b

A client signs a housing loan agreement with a bank

A client signs the agreement when dwelling purchase is financed with a housing loan taken from the bank.

9.

Notarised Contract on Purchase-sale of a Dwelling

No later than one month of the Dwelling Handover date

A contract is signed at the designated Notary's Office. Calculation of a notary's fee depends upon whether the value of a purchased dwelling is lower than or exceeds LTL 100,000.

0.45 % of the property value for natural persons

10.

Housing loan agreement

A buyer furnishes the bank with a notarised Contract on Purchase-sale of a Dwelling and signs a housing loan agreement. Loan funds are disbursed when the following requirements are carried out by a buyer:

11.

Property registration

Property is registered with a state enterprise the Centre of Registers.

LTL 80-300

12.

Property appraisal

Detailed appraisal of the property is carried out by property appraisers acceptable to the bank.

LTL 200-300

13.

Property insurance

Property must be insured for the benefit of the bank with an insurance undertaking acceptable to it.

~200 LTL/year

14.

Housing loan insurance

Insurance of a housing loan with UAB Būsto paskolų draudimas

1.71% (when 100% loan is taken) and 1.47% (when 95 % loan is taken) of loan amount

15.

Mortgage certificate registration

Certificate of mortgage is registered in the mortgage by a selected notary.

LTL 50-300 for natural persons

16.

Full settlement of a client with UAB Eika

Within 30 days of the Notarised Contract date

A client must within 30 days of signing the Contract on Purchase-sale of a Dwelling fulfil the requirements 11 through 14 so that the bank can transfer the funds for purchased property.

17.

Notification No. 2: on full settlement

Within 30 days of the transfer of money to the account of UAB Eika

A buyer is issued a certificate on full settlement at the head office of UAB Eika.