Stage Payments
Buying off-plan
When buying an uncompleted property ‘off-plan’, that is, property still to be built or which is partly built, payment is made in the following stages:
* 30 per cent on signing (minus the reservation fee)
* 20 per cent when concrete skeleton and roof is finished
* 15 per cent when bricks and plastering is completed
* 15 per cent when tiling and carpentry is completed
* 10 per cent carpentry, sanitary ware etc
* 10 per cent on completion with CY£500 held back until title deeds are ready
If a property is already partially built, the builder may ask for a higher initial payment, depending on the stage of completion. The contract contains: The timetable for the property’s completion; Stage payment dates; The completion date and penalties for non-completion; Guarantees for building work; Details of the builder’s insurance policy; A copy of the plans and drawings; Technical specifications; and Most important of all a copy of ‘The Title Deed’.
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