Can I pay the purchase price in instalments rather than all at once?
• Yes, LPMA will allow for payment by way of 3 equal annual instalments with the first instalment payable on settlement. • If the property is sold before the debt is fully paid, the remaining balance will become payable upon transfer of the land. • If payment is to be made by instalments, the title to the land will be encumbered by a registered memorandum to protect the Crown interest in the land until such time as the purchase money is paid in full. • A Land Account Notice will be issued each year before the due date for the instalment. • If payment of the annual amount due is made before the due date shown on the Land Account notice, no interest will be charged. • Payment of the balance of the account can be made at any time prior to the due date and the balance of the debt can be paid at any time within the 3 year period.
Related Questions
- I have USD 100 in my Maintenance Wallet. Can I purchase a product with a price higher than that and just pay the difference?
- What will I have to pay in advance of legally owning the property (in addition to the actual final purchase price)?
- Why can’t Family Plans and Flex Pay customers purchase at a discounted price?
