Get familiar With Terms Used in Purchase or Sale of Under Construction Condos/apartment Agreement

Homeownership rates are highest in Singapore. Majority of Singaporeans are involved in minimum one property deal in their lifetime. Purchase of property can be hard for first time buyers but they can check on NumberOneProperty to understand the legal document involved. Actually, it is normal for first time sellers or buyers to be concerned about the legalities involved.

It is crucial to get familiar with terms and conditions involved in sale and purchase as well as get an idea on downpayment for condo Singapore.

Terms used in the agreement of Condos/apartments under construction

A standard Sale and Purchase Agreement format is compulsory on each agreement relevant to condos or apartment still under construction during the transaction with the developers. List of condominiums in Singapore can be availed from online real estate website portals.

Clause 2 – Sale and purchase agreement

In this clause, the property tenure is specified. The buyer must check the commencement of lease days to determine the remaining lease years.

Clause 5 – Payment schedule

In this clause the buyer gets to know when to make payments to the builder. Payments are made in installment as per the completion phase of construction. Pay it within 14 days after receiving the notice from your builder. Late payment will be eligible for fines or termed as late payment interest.

Clause 7 – Repudiation by purchaser

If any installment as well as late payment interest remains unpaid for over 14 days then the developer gets the right to treat agreement as repudiated by buyer and reclaim condo possession, resell condo, forfeit 20% purchase price and recuperate the amount due under agreement with the buyer.

Picture speaks a lot and it is worthy to have one in video or 3D format. Use professionals with high-tech cameras because products reveals a lot regarding your professionalism. For aerial photography, drones are awesome addition to consider for marketing. Customers get a chance to appreciate the building as well as the surrounding region.

Clause 11 – Title surveys

Fees of title surveys and plan preparation will be shared equally between buyer and developer.

Fortunately, computer-supported modeling includes a small marketing budget but can get a big paycheck having virtual tour organized. Talented producer walks potential customers from front to back and surroundings.

Clause 12 – Delivery of possession

The latest date developer delivers property possession to buyer is specified. Late delivery can have seller pay liquidated damages to buyer at 10% pa on total installment sum paid by buyer.

Clause 18 – Errors, Omissions & Misdescription

On completion of title survey, if property area is less [more than 3%] than stated in agreement buyer is entitled for adjustment in their purchase price.

Clause 19 – Taxes

From the date buyer received take possession notice from builder he/she is responsible for paying property tax and property relevant outgoings.

Telemarketing, email campaign, social media integration are other marketing tools that can help homebuilders.

Visit NumberOneProperty website to get the best condos or apartments in Singapore!

With extensive research and study, Simon passionately creates blogs on divergent topics. His writings are unique and utterly grasping owing to his dedication in researching for distinctive topics.