You’ve chosen your partner for the journey—what happens now?

After the apartment owners select a developer—a process that takes considerable time, usually spanning several months—intensive work begins on what is known as the "Golden Triangle": the legal agreement, the technical specifications, and the architectural design.

These three functions are advanced in parallel at this stage: the legal agreement is handled by the attorneys for both parties, the technical specifications by the supervisor representing the apartment owners, and the architectural design by the planning firm selected for the project.

The legal agreement contains numerous clauses addressing every stage and potential scenario of such a project. For example, it includes provisions regarding the benefits agreed upon during the tender, binding timelines, conditions precedent for the project's execution, permitted deviations in planning and construction, and more. Drafting the legal agreement and reaching a consensus involves many hours of negotiation between the parties' attorneys, as well as between representatives of the development company and the residents' committee.

As mentioned above, the technical specifications are managed by the supervisor representing the apartment owners and include details regarding the construction and design standards of the building itself. For instance, the specifications will list the various products the developer is committed to providing to the apartment owners, such as flooring types, faucets, kitchens, air conditioning systems, sanitary fixtures, and more. Additionally, the technical specifications cover the materials and products the developer must provide for the building's common areas, such as the main entrance door, lobby flooring, lighting fixtures, the underground parking garage, and more.

The third side of the Golden Triangle is the architectural design, managed by the planning firm selected for the project. At this stage, it is likely that a preliminary design for the building was already presented by the company during the tender process; however, adjustments are sometimes required based on feedback from the apartment owners, and the design set must be expanded to include the remaining residential floors that have not yet been planned. Once a conceptual design is agreed upon by the apartment owners and the company, it will be attached to the agreement and signed by the apartment owners as part of the agreement's appendices.