Terms of Purchase
These
two new Bregon Projects – Casuarinas and L’Ambiance offer a unique
Purchase Plan that protects you and makes it easier to obtain
financing. In this plan, the price of a unit is divided into a
Land Price and a Construction Price.
This is very advantageous because:-
(a) Legal fees are based on the
Land Price only and there is no stamp duty;
(b) The villa site is conveyed
before construction so that you can use it as collateral to secure
bridging finance and make stage payments during construction;
(c) In the unlikely event the
Developer runs into trouble and is unable to complete construction,
you will own the property and could take other steps to complete it
on your own.
The Land Price varies depending on
the unit. The Construction price remains fixed for all units in each
project.
The Price List shows the breakdown
between the Land Price and Construction Price.
The Purchase Price is subject to
increases in the cost of materials and labour of more than 7˝%
during the construction period. This means that only if the
increases exceed 7˝% would the purchaser pay any excess. The excess,
if any, is calculated by a firm of qualified Quantity Surveyors.
The Purchase Price does not include
floor finishes and wall tiles. It also does not include kitchen and
bedroom cupboards.
The Purchase Price is paid as
follows:-
- $10,000 Reservation
Deposit to reserve a unit for 30 days. The purpose of the
Reservation Deposit is to allow you 30 days in which to arrange
financing;
- Within 30 days a you must,
either pay the balance of a 10% deposit (your $10,000 is applied
as a part payment) and sign the formal Purchase Agreement, or
the $10,000 Reservation Deposit is refunded.
The 10% deposit is applied proportionately towards the Land
Price and the Construction Price.
The balance of the Purchase Price
is paid in 5 installments as follows:-
1. Within 60 days of execution of
the Purchase Agreement the balance of the Land Price plus an additional 10% of
the Construction Price. The site is then conveyed to you so that you can use it
as collateral security to secure financing so as to make the future stage
payments. At this time you will also pay the Legal Fees which will be based on
the Land Price only.
2. 20% of the Construction Price
within 14 days of construction of the ground floor slab of the Unit;
3. 40% of the Construction
Price within 14 days of construction of the roof of the Unit;
4. 15% of the Construction
Price within 14 days of completion of the Unit as evidenced by a
Certificate of Practical Completion issued by the Project architect
or engineer;
5. In respect of L’Ambiance
- 5% of the Construction Price plus any additional amounts that may
be due as a result of increases in excess of 7 ˝% within 14 days of
–- production of the Completion Certificate
issued by the Regional Corporation;
In respect of Casuarinas - 5% of the Construction Price plus
any additional amounts that may be due as a result of increases in
excess of 7 ˝% on expiration of the 30 days ”Defect Liability
Period”.
Note: Casuarinas are delivered
incomplete for completion by the Owner. Thus we cannot be
responsible for obtaining the Completion Certificate from the
Regional Corporation
NB. The Townhouses will be
built by a General Contractor under a contract that provides for
penalties and even more dire consequences in the event of delays in
receiving payments. In order to ensure that there are no delays and
problems in collecting you must provide an undertaking in writing
from a bank or finance company to make the payments in accordance
with the contract.
