Nov 9 2024, 04:05 PM
QUOTE(KitZhai @ Nov 8 2024, 10:16 PM)
Yes buyer always at the loss side.
Back long ago, there was so many cases where developer run away after receiving money from bank and all the owner needs to pay for it.
Nowadays, payment from bank to developer is according to the completion of the construction.
Done with landscaping, bank will pay ,10%
Done with the building (according to the floor level) pay #%,
Done with whole building, pay #%,
Finally done with everything with the sinking, road everything, bank only give the final %.
By that time owner only can start to pay for installment
after completed if developer filed for bankruptcy, owners also still headache, still cannot collect key but must pay instalment some more.Back long ago, there was so many cases where developer run away after receiving money from bank and all the owner needs to pay for it.
Nowadays, payment from bank to developer is according to the completion of the construction.
Done with landscaping, bank will pay ,10%
Done with the building (according to the floor level) pay #%,
Done with whole building, pay #%,
Finally done with everything with the sinking, road everything, bank only give the final %.
By that time owner only can start to pay for installment
need for another developer to take over to apply for CCC, , handle key handover, handle SPA agreement, maintenance, etc
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