Due dilligence - genesisdotre/IslandDAO.github.io GitHub Wiki

Land registry data

Protected area

Kinnistu on koormatud looduskaitseseaduse § 16 lõikes 5 sätestatud ostueesõigusega Eesti Vabariik kasuks. 7.11.2007 kinnistamisavalduse alusel sisse kantud 1.11.2007.Kohtunikuabi Küllike Lunev

The registered immovable is encumbered with the pre-emption right provided for in subsection 16 (5) of the Nature Conservation Act in favor of the Republic of Estonia. 7.11.2007 entered on the basis of the registration application 1.11.2007.Assistant Judge Küllike Lunev

https://www.riigiteataja.ee/akt/13352519

Kaitseala, püsielupaiga, hoiuala või kaitstava looduse üksikobjekti valitseja avalduse alusel kantakse kinnistusraamatusse märkus, et kinnistu on koormatud riigi ostueesõigusega. Ostueesõiguse kehtivus ei sõltu kinnistusraamatusse vastava märkuse kandmisest.

On the basis of an application of the manager of a protected area, permanent habitat, conservation area or individual protected nature object, a note shall be entered in the land register that the registered immovable is encumbered with the right of pre-emption of the state. The validity of the right of pre-emption does not depend on the entry of a corresponding note in the land register.

Bailiffs

Keelumärge kinnisasja käsutamise keelamiseks UF OÜ (registrikood 12509677), kohtutäitur Tarvi Söömer (isikukood 37203034722) kasuks. 27.02.2019 kohtutäituri avalduse alusel sisse kantud 5.03.2019. Kohtunikuabi Tiina Adoberg

Prohibition sign to prohibit the disposal of the immovable in favor of UF OÜ (registry code 12509677), bailiff Tarvi Söömer (personal identification code 37203034722). Entered on February 27, 2019 on the basis of a bailiff's application. Assistant Judge Tiina Adoberg

I see this is an opportunity. Debt means someone might be willing to sell the property for less :)

Key points, email from a lawyer

  • We will go to the land register to obtain the most recent land register information on the property and also apply for information on any liens on the property for tax debts or court filings against the owner if they are registred.

  • Check the owners and their tax status at the tax office; look at any legal or court claims against the owners; on-going litigation, etc. If the seller is married, then we may need permission from the wife or husband.

  • We must meet the Hiiumaa Environmental Department about your plan to develop the island.

  • We must visit the Estonian Environmental Department to seek their guidance on your plans to develop the island.

  • We should engage a construction specialist to review the soil and ground water and any possibility there is unexploded bombs and ordinance from the Second World War on the island as there is a huge amount of ordinance on all of the Estronian islands from the First and Second World Wars.

Email from a lawyer was complicated

I cannot reasonably agree to that:

You then should send us the power of attorney with the apostille to Tallinn for translation by a licensed translation office. We will deliver the power to the translators and after a few days go back and pick it up.

Tried pushing back and negotiating a little bit:

Please don't get me wrong, I don't want to appear "cheap bastard", as much as possible I'd like to pay you top dollar for top services and do a "paralegal rate" for all that admin, requesting documents, checking some info in some registry :) Also, a lot of due diligence can be done without the power of attorney.

I think it's fair, reasonable, acceptable. Top dollar for top services, admin rate for "save as .PDF" from some public facing website.

Extra due diligence required

https://arileht.delfi.ee/news/uudised/kaart-ja-fotod-rikastele-saari-muuv-lehekulg-pakub-ka-kaht-eesti-saart?id=71921415

According to the business newspaper, Hõralaid belongs to the scandalous businessman, former Werol owner Erki Aavik. This island was written in 2006 in the name of Mariette Aavik. This was the time when Erki Aavik was being investigated. During that period, he gave up a large amount of real estate. In 2013, however, Hõralaid has returned to the man. Now it's on sale.

I see this as an opportunity.

The distressed property, debt, investigation. Just ensure everything is legal and get insurance: https://www.investopedia.com/terms/t/title_insurance.asp

I think with solid due-diligence and insurance it will be legit.

Much lower price on Russian website

https://prian.ru/price/estonia-3421-2758293.html

See also what is the fair price for the island? and personal compensation - my intention is to find a sweet spot and do the business in a way that everyone wins - see also financial magic.