If you purchase land (i.e. bungalows or semi-detached houses) under construction by a developer, the developer must adopt the model agreement in accordance with Schedule G of the Control -Licensing Regulations 1989. The purchase and sale contract (SPA) is an agreement for real estate transactions, which means that the seller accepts the sale and the buyer purchases on the basis of the terms set out in the agreement. Otherwise, the promoter is required to pay the buyer a daily delivery interest premium that is delayed by 10% per year of the purchase price. To ensure that the terms of the sale and sale agreement do not unduly favour the promoter, all proponents must adopt the form of purchase and sale contract prescribed by the HDA. While Calendar H is mandatory for the sale and purchase of a dwelling in a building subdivided in the form of land or land intended to be divided into parcels, such as condominiums, dwellings, townhouses and/or layered land. Calendar G and Calendar H are mandatory for the sale and sale contract of Sell-then-build real estate. The difference lies in the type of accommodation for which it is used. Calendar G is mandatory for the sale and purchase of an apartment with the subdivision of the land, for example terraced houses, semi-detached houses, bungalow, etc.
Forms of sale and purchase are prescribed in the schedules of the 1989 Control and Licensing Regulations. The corresponding approved plans for the property, such as the plan. B, the floor plan, the town planning plan, etc., must be attached to the sales contract The sale and purchase of land under construction is governed by the Housing Development Act 1966 (“HDA”) when it comes to housing or dwellings. In addition to real estate reserved for residential units, HDA also covers real estate with partial commercial characteristics, such as. B as store apartments and service apartments that are built on agricultural land required for commercial use. Essential conditions of the sale and sale contract include: In principle, no promoter may change the terms in the prescribed sales and sale contract, unless such a derogation is previously authorized by the housing controller. On the other hand, the sale and purchase of commercial real estate under construction is not regulated by the HDA and is subject to contractual documents seized between the buyer and the developer. Otherwise, the organizer is required to pay the buyer a daily delivery interest premium which is delayed by 10% per year of the purchase price.