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Payment Scheme
NORMAL PAYMENT SCHEDULE (HDA)
Below is a sample of a Schedule of Payment which lists out each stage and the relevant percentage, which we'll also discuss in greater detail.
You can also refer to the table at the end of this article for a summary of each stage!
Purchase Price
1. Immediately upon the signing of this Agreement.
10%
2. Within twenty one (21) working days after receipt by the Purchaser of the Vendor’s written notice of the completion of:
(a) the work below ground level, including piling and foundation of the said Building comprising the said Parcel.
(b) the reinforced concrete framework and floor slab of the said Parcel.
(c) the walls of the said Parcel with door and window frames placed in position.
(e) the internal and external plastering of the said Parcel.
(f) the sewerage works serving the said Building.
(g) the drains serving the said Building.
(h) the roads serving the said Building.
3. On the date the Purchaser takes possession of the said Parcel with water and electricity supply ready for connection to the said Parcel.
4. Within twenty-one (21) working days after receipt by the Purchaser of the written confirmation of the Vendor's submission to and acceptance by the Appropriate Authority of the application for subdivision of the said Building.
5. On the date the Purchaser takes vacant possession of the said Parcel as in item 3 and to be held by the Vendor's solicitor as stakeholder for payment to the Vendor as follows:
(a) two point five percent (2.5%) at the expiry of six (6) months after the date the Purchaser takes vacant possession of the said Parcel.
2.5
5%
5%
5%
(b) two point five percent (2.5%) at the expiry of eighteen (18) months after the date the Purchaser takes vacant possession of the said Parcel.
TOTAL
10%
15%
10%
10%
10%
5%
5%
5%
12.5
2.5
5%
(d) the roofing/ceiling, electrical wiring, plumbing (without fittings), gas piping (if any) and internal telephone trunking and cabling to the said Parcel.
100%
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