(a).To reserve the property, the buyer shall pay to the Developer/Seller a non-refundable deposit of GHC6,000.00 which shall be deducted from the total cost of the property at the time of paying for the property.
(b).If the buyer intends to pay for the property through a mortgage financing, then the buyer shall be solely responsible for securing the mortgage deed from a reputable financial institution. The Seller/Developer shal lrequire a facility letter from your mortgage provider stating their preparedness to pay the purchase sum. Where the mortgage provider is unable or refuses to pay the remaining amount, the buyer may be allowed to find alternative means to pay within one (1) month or terminate this agreement subject to the termination conditions.
(c).Where upon payment of the non-refundable deposit and upon the reservation of a space, the buyer fails or refuses to go by the agreed payment plan, the Seller/Developer reserves the right to reallocate the space to a third party unless agreed otherwise by both parties in writing.
(d).The purchase price of the property may change, and the buyer may be affected by any price increment that may be effected if the buyer fails and/or refuses to comply with the payment schedule.
(e).The buyer acknowledges that title to the property vests in the Seller/Developer until all obligations under the agreement have been met by the buyer where upon the Seller shall transfer title/interest in the property to the buyer.
(f).The title in the property vests in the Seller/Developer and risk passes to the buyer where upon completion of the property the buyer fails or refuses to comply with his/her obligations under the agreement.
(g).Title to the property passes to the buyer where the Seller/Developer delivers or hands over keys of the property to the buyer upon completion of full payment unless the parties agree otherwise which agreement shall be evidenced in writing.
(a).The Seller agrees that in consideration of the buyer’s acceptance of the Seller’s offer of the property and the buyer’s agreement to effect the payment(s) and obligations under anagreement, the Seller/Developer shall deliver to the Buyer the property as detailed and at the time agreed upon.
(b).For the purpose of handing over and/or transfer of interest/title, practical completion shall be deemed to mean habitable state where 90% or more of the property has been provided and any outstanding elements or defects and their future provision or repair do not interfere with the buyer’s right to enjoy the use of the property.
(c).Where the Seller/Developer is unable to deliver the property to the buyer by the agreed date, the buyer shall be informed of such inability giving the buyer a minimum of a-two-week notice and provide the buyer with a revised delivery date within a reasonable time depending on the circumstance in which case the buyer shall be given a compensation of 5% discount on the balance to be paid by the buyer.
(d).The compensation stated above is however not applicable where such inability to deliver the property is caused by the occurrence of an act of force majeure. The Seller/Developer shall inform the buyer of the occurrence of such an event, explaining the circumstances and effects on the Seller’s delivery capabilities and provide the buyer with a firm revised delivery date.