"Nordis" law debated in the Senate: measures include limiting down payments and compulsory registration of promises to purchase in the land register

<p>The bill, which is on the Senate's agenda, aims to protect the customers of real estate developers by opening the land books for future units. Developers will be able to promise to dispose of units only after noting the building permit. It is proposed to limit the down payment to 15% and stipulate progressive payments according to the stage of works. In addition, developers who use customers' money for other purposes risk penalties. This comes in the wake of the Nordis scandal, in which hundreds of customers who paid down payments of up to 95% of the total amount found themselves with apartments sold to several people.