HOW DOES THE PAYMENT SCHEDULE WORK?
- Initial acceptance of offer part payment on the building contract
At this point you put down a $3,000 non-refundable part payment on the building contract. We then finalise the floor plan, building contract etc. The building contract and land contract will be sent out to your solicitor they are to be treated as separate contracts and are to be signed simultaneously.
- Signing of building contract (14 – 21 days from step 1 above)
This is the point where we concrete the transactions and generally 10% of the land contract and the balance to deposit on the building contract are put down.
- Settlement of the land contract
The land is now paid out in full and you become the owner of the land.
Once the land is owned by you, the builder will begin construction. The contract will have around 8 milestone/progress payments in place. Once the construction is complete and the final payment made, we can then settle the contract. The transaction is complete.