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Post by jimbob on Aug 25, 2005 13:36:29 GMT 1
hi
I am looking to buy a small apartment in Croatia and I will probably settle on something off plan. However, I noticed that for some at least the payment schedule seems pretty heavy up front (40 40 20). Is this normal? What about guarantees if the developer legs it?
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Post by irac on Aug 25, 2005 14:16:43 GMT 1
jimbob, a lot of agencies, closely linked with the developer, do the triple or quadruple hit deal, with a final 10% due on handover of keys. It's not the standard, but usual. I know my colleagues do a proper 10% upfront and rest on completion.
If a developer legs it your contract should/would cover that, but getting paid out money back is a problem. (I'll be shot for this) but go for resale, at least it's bricks and mortar already.
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Post by mambo on Sept 4, 2005 2:54:06 GMT 1
Deals where I have to cough up 40 40 20 is something I will never do. It means the developer has ZERO money and wants to finance 100 % of the deal. That means that I will carry all the risk of the development..........no thank you. For that I can buy me some land and build my own place. Why stick the money in the pockets of somebody else I always say ?
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