What is the payment schedule for this type of property which is usually purchased off-plan?
When purchasing a leaseback property off-plan the schedule is typically the following: • 5% on reservation • 25% on signature of title deed and commencement of building work • 5% on completion of foundations • 15% on completion of ground floor • 15% on completion of ground floor ceiling • 5% when building is made water-tight • 15% when building is made air-tight • 10% on completion of partition walls • 5% on delivery Most properties will be purchased using a mortgage, of course, so once you have paid the reservation deposit out of your own funds, how much more you will pay from your own funds will depend on what your personal contribution is towards the purchase. Your personal contribution will always come first and once you have paid this, any additional sums required (“calls for funds”), will be drawn down from your mortgage.
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