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 Paying cash for an undercon property, What should the buyer do?

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lifebalance
post Mar 26 2016, 02:18 PM

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QUOTE(nookie188 @ Mar 26 2016, 10:24 AM)
If a buyer decides to pay cash for an undercon property what should the buyer do
to ensure that the property will not face disclosure in the event the developer did not service
their bridging loan eventually?
*
There is no guarantee a developer will fulfill their promise to complete the project, thus a undercon project is always a risk where the developer can bankrupt or close down.

If want no risk = buy a completed one
lifebalance
post Mar 26 2016, 03:08 PM

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QUOTE(nookie188 @ Mar 26 2016, 03:04 PM)
I wanted a discussion on the issue I raised actually - not whether to buy a property undercon or completed - that is not the point
actually.
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You can arrange with the lawyer that you're paying the whole loan as cash, when the lawyer receive the instruction that the developer has completed a certain %, they will ask you to pay up the amount, any late payment of the demanded balance, the purchaser will be penalised based on certain %

This post has been edited by lifebalance: Mar 26 2016, 03:09 PM
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