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1 The PDS Company shall carry out due diligence exercise through a reputable bank for all applications received prior to submission of same to the Economic Development Board. The PDS Company’s bank shall carry a Property Development Scheme Guidelines Know Your Client (KYC) exercise and open a bank account for the client called the “Escrow Account”.
2 The PDS company may sign the “Contrat de réservation préliminaire a une vente en état future d’achèvement” for the plot. The contract should be prepared by a Notary public. The potential buyer shall deposit at most 25% of the amount of investment in the acquisition of the property in the bank.
3 The PDS Company shall submit the application to EDB for an authorisation through the online Property Acquisition and Management System, where the required application form must be filled, and the required documents must be uploaded.
4 The documents submitted in the application should include the signed “Contrat de réservation préliminaire a une vente en etat future d’achevement” (pre-sale agreement) between the PDS company and the potential buyer (applicant) and the corresponding documents for each type.
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