The initial down payment as stated in our letter has to be paid to us on execution of the Sale & Purchase Agreement.
As stipulated in the Sale & Purchase Agreement and Housing Developer’s (control and licensing) Act, a late payment charge at 10% p.a. calculated daily will be levied on any overdue payment.
You can avoid the imposition of LPC by adhering to the following:-
Progress Billing is the periodical invoicing by us as and when the relevant construction stage in the third schedule of the Sale & Purchase Agreement or the Government Schedule is completed as certified by the architect.
A period of 21 working days from date of receipt of the invoice.
Invoices are forwarded directly to the bank/finance company/the treasury with a copy to you to enable you to liaise with them for the prompt release of payment.
We advise that payment be made by crossed cheque, bank draft or money order. If possible, avoid payment by cash (except for the settlement of miscellaneous charges during the handing over of vacant possession).
Refund of Over-payment is subject to the following conditions: