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Buying Pre-Construction
All developments are quite different in regards to their deposit policies; it would depend on the development as to what payments could be expected. Generally there are a couple of different scenarios you can expect with a pre construction development, one is a deposit down at the time of the contract which is usually 10% of the purchase price, the remaining 90% would be due at closing. The other option that you may see is what is called a staged payment plan. The staged payment plan means you would put a certain percentage down at the different stages of construction. The stages would be outlined in the contract in advance so you will know what percentage of the purchase price is required and when. The staged payment plan can tend to be harder to finance through conventional means as there can be more of an element of risk from the banks point of view.
Your best bet is to ask your Real Estate Associate to clarify up front with each developer what the payment terms are at each development you are interested in, from there you can discuss options with your financial institution if necessary.
To contact on of our agents please call +001 345 943 1234 or email.
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