LEGAL OBLIGATIONS

The Sale and purchase of properties is formalized using notorized public documents. These documents and their validity being conditioned by other relevent legal requirements which are as follows:

Contract of reservation: Furnished by REAL ESTATE CUBA during closing and upon receipt of initial deposits. This serves as a guarantee conferred to the buyer specifically for the property (unit number and subdivision) described in the contract of sale. The contract of reservation is personal and nominative and may not be transferred to a third party without prior consent from the promoter and/or REAL ESTATE CUBA. The contract of sale ensures both the agreed price of the property and location for a limited period (generally 30 days) consequently allowing for the preparation of closing documents and notary time constraints.

Contract of Sale: Formalized before a local notary or abroad. This document concludes the sale and includes the purchase price, description of the property, conditions of the purchase and all legal consequences for non-fulfillment by either the promoter or buyer. REAL ESTATE CUBA operates using escrow accounts, these totally guarantee the retention of any and all funds paid under the said agreement until both parties are in agreement and the sale agreement is formally notarized.

Registration of Property to the buyer: All sales are subject to proper registration of title in both the land registry and catastral offices. This registration ensures the proper distribution of subdivisions and unique registration of each buyer whether physical individual or corporate. All successive sales are registered in the same manner.

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