The developer is responsible for the repair of defects, shrinkages or other defects of the property due to a lack of transformation or material, within 24 months of the buyer taking empty possession of the property. In order to ensure that funds are available to remedy defaults during the default period, the remaining 2.5% of the purchase price is held by lawyers as stakeholders. If you are buying land ownership (for example. B bungalow or terraced house) under construction by a developer, the developer must take over the default agreement in accordance with Annex G of the Control & Licensing Regulations 1989. Purchase price to be paid gradually to the developer on the basis of the state of construction and according to the established payment plan. Among the main conditions of the sales contract are: the sales contract (SPA) is a contract of real estate transactions that means that the seller accepts the sale and the buyer accepts the purchase, based on the conditions contained in the contract. Schedule G and Schedule H are mandatory for the contract for the sale and construction of real estate. The difference lies in the type of accommodation for which it is used. Schedule G is mandatory for the sale and purchase of housing with the lower part of the land, for example, terraced houses, semi-detached houses, bungalows, etc.
The specifications and materials used for the construction of the property are also defined in the sales contract. The developer is not free to remove the protection granted to the buyer in the standard contract. All conditions inserted by the developer to modify the contract are void The forms of contract of sale are prescribed in accordance with the schedules of the 1989 Regulations on the Development of Housing Development (Control and Licensing). All developers must obtain their developer licence and promotion and sale permit before they can offer and sell real estate. In addition, all advertisements published in publications are required to indicate the essential elements of the housing project as follows: While for the sale and purchase of housing in a subdivided building in the form of a plot of a building or land intended to be divided into plots, for example.B. condominium, apartment, townhouses and/or land. The forms of the sales contract for the second model built and subsequently sold above are mandatory in Annex I and Annex J of the Housing Development Regulations 1989 (Control and Licensing). With the exception of the method of payment, all the conditions laid down in Annex I, Annex G, and Annex J shall be similar to schedule H. Otherwise, the developer will be required to pay the buyer default interest of 10% per annum.
Approved property plans, for example. B plan, plan, site plan, etc., must be attached to the contract of sale The sale and purchase of real estate under construction is governed by the Housing Development Act 1966 (“HDA”) in the case of housing or residential use. In addition to real estate intended exclusively for residential units, HDA also includes real estate with partial commercial characteristics, for example. .