Under the standard Sale & Purchase Agreement, purchasers are required to make instalment payments of the purchase price, typically referred to as progress payments, as and when the developer completes the different stages of construction of the housing project. All instalment payments up to the issue of Temporary Occupation Permit are to be paid into the Project Account which the developer is required to maintain with a bank or financial institution.
Standard Payment Scheme refers to the payment schedule set out in the standard Sale & Purchase Agreement.
Deferred Payment Scheme is a payment scheme whereby developers allow purchasers to defer the due date for the progress payments under the standard payment scheme to a later date.
Besides the progress payments, other payments which a purchaser is required to make under the Sale & Purchase Agreement include property tax and maintenance charges.
|Besides the purchase price, there are other payments which a purchaser is required to make under the Sale & Purchase Agreement, such as the following: |
|•||all property tax levied in respect of the unit after the purchaser receives from the developer the Notice of Vacant Possession. |