Abstract

The Act of 20 May 2021 on protection of the rights of a buyer of a residential unit or single-family home and the Developers Guarantee Fund (Journal of Laws 2021, item 1177), commonly known as the New Developers Act, introduces a number of significant changes that will affect the functioning of the real property market. Most provisions will come into force as of 1 July 2022. One of the most important regulations concerns conclusion of reservation agreements between the offering party (the developer) and the potential buyer of a property (reserving party). The new act introduces the statutory elements of a reservation agreement and specifies the maximum percentage of the reservation fee which shall be precisely set in each contract.