Preliminary Contract for Phase 1

The Preliminary contract is entered into by the vendor and purchaser and in doing so the requisite unit or apartment will be reserved. A reservation fee of 2.5% will be paid at the point of reservation, and once the Preliminary contract has been signed which should take place within 28 days of the reservation fee being paid, an additional 27.5% is payable to the vendor from the purchaser. 28 days after the preliminary contracts have been signed the remaining 70% will be due to the vendor from the purchaser. Once this has been paid an appointment will be made at the notary for the notary deed and management contract to be signed by both parties.
 

Preliminary Contract for Phase 2

The Preliminary Contract is entered into by the vendor and the purchaser and in doing so the requisite unit or apartment shall be reserved. On the signing of the Preliminary Contract 27.5% of the purchase price is payable to the vendor. Once the Act 14 Certificate has been issued a further payment of 30% will be made by the purchaser to the vendor. The remaining 40% will be paid, 20% on the issuing of the Act 15 Certificate and the final 20% once the development has been granted the Act 16 Certificate.
 

Phase 2 Payment Plan:

Now available for clients looking to purchase an apartment in Phase 2 is an opportunity to spread the purchase cost over a 5 year period. The payment plan will operate as follows:
• a 30% deposit is payable upon signature of the preliminary contract
• the balance of 70% will be spread over 60 equal monthly payments, at an annual interest rate of 9% with the notary deed being signed once the final instalment has been made.

Once the development has been granted an Occupation Certificate, which is expected in quarter 3 2012, and for the period of the payment plan clients will be able to use their apartment.**