This is also covered in the SPA. If there is a variance in excess of the permissible variance then the purchase price has to be adjusted accordingly. If there is a downward adjustment only it will need to be refunded by the Developer to compensate for the discrepancy and can be deducted from the final instalment payable by the Purchaser (if any) or refunded prior to executing the Deed of Transfer. 

In most cases this is covered in the Sales and Purchase Agreement signed. Most agreements stipulate the floor area and how the price can be adjusted depending on the permitted variation value (which is between 1 – 2%) in most developments. If there is an increase in sq. ft area then the Purchaser will need to pay for the upward variation while if there is a downward variation then this will be deducted from any final instalment payments due to the Developer (if any) or refunded by the Developer prior to executing the Deed of Transfer. No price adjustments will be made if the variance is below the permitted value depicted on the agreement. 

No, funds need to be brought into the country through an Inward Investment Account to enable you to repatriate your funds back to your home country

There is a one year defects liability period on the structure and individual warranties on the fittings.

Sinking fund is a pool of money which is collected for future major repairs required for the common areas.

A disposal company is selected by the Management committee elected by the residents

It is managed by the management committee elected by the residents

It is a monthly fee charged to maintain the upkeep of the development. Maintenance of the pool, gym, common facilities, lifts, garbage handling, car park and security is covered. This will vary between apartments based on the common facilities that are provided.

Utilities such as electricity, gas and water will be billed on a monthly cycle. Each apartment will have separate meters and will be charged based on usage. 

Minor changes could be made however this depends on the developer (developers will not agree to any structural change), however this needs to be communicated at a very early stage

Refer the relevant SPA for the Development. Most Developers will be able to advise you on this before you get to the SPA stage. 

• ID copy 
• Passport copy 
•  Bank draft 

The final payment is payable and the Deed of Transfer is executed. 

VAT – N/A 

NBT – 2% (New development) 

Stamp Duty – 4% 

Capital Gains Tax – 10%  (seller pays 10% on the gain)

Yes, a deed of transfer can be assigned.

Ownership and title is transferred via a DOT.  

The DOT is often a standardized template document prepared by the buyers lawyer.  

The change of ownership is notarized by a public notary and registered at the land registry. Often, the buyer’s lawyer may also be a public notary and perform this service. DOT’s are required to be executed upon the completion of construction of the residences by the developer. By execution of the DOT, the title/ownership of the relevant land parcel and residence standing along with the right to use the common amenities will be transferred to the individual investor(s). To be executed only by freehold buyers.

Yes however this would depend on the availability of other units and developer approval will be necessary 

It is usually a non-refundable deposit, however depending on the situation the Developer would refund.

Usually within the first two months.

Yes, with prior approval of the Developer, you can request for your apartment to be inspected.

Most new developments offer a dedicated parking slot for each apartment. This is mentioned on the deed. 1-3 bedroom units usually get 1 parking slot and a 4 bedroom will usually get 2 slots. Some developers also give clients the ability purchase an extra slot based of availability.  However, this will depend from development to development. 

All new developments offer 24hr security and CCTV systems. Most new developments will also be equipped with finger print/ access card entry systems and most units will have a video intercom system installed which would be connected to the lobby/security desk to provide added security.  

There is no “correct” answer to this question.  There are pro’s and con’s to buying a home before selling your current home and the same can be said about selling your current home before buying another. 

Buying a home before selling your current home 

The biggest benefit to buying a home before selling your current home is the fact that you have a suitable property lined up.  This can reduce the stress and pressure of having to find a home once your current home is sold.  This however also can create disappointment and heartbreak.  If you are unable to purchase a new home without having to sell your current home, you’re purchase offer is going to be contingent upon sale and transfer of title of your current home.  If your current home does not sell in a timely manner, this can lead to you getting “bumped” by a non-contingent buyer and you losing out on the home you’re looking to purchase, which can be devastating. 

Selling your current home before buying a new home 

The time it takes to sell your current home is unpredictable. Selling your current home before buying a new home will put you in an ideal position to negotiate on the new home you’re purchasing due to the fact you are purchasing without the sale contingency of your current home.

The benefits of buying a house rather than renting a house or apartment include:

• Tax breaks 
• Financial gains 
• Appreciation in value 
• Equity 
• Capital gains
• Freedom 
• Security
• A sense of pride 

Most Developers take between 10 – 20% as the initial down payment to sign the SPA. If you are considering a loan facility, lenders expect between 10% to 30% for a down payment. It varies according to the lender’s requirements, and the type and length of the loan.

Speak to the developer. Many developers are tied up with many banks and you should be able to get a better facility that the standard facilities offered by banks. 

When buying a home, it’s strongly recommended you have a Realtor.  There are many reasons why you should have a Realtor represent your best interests when buying a home.  Keep in mind, all Realtors are not the same!  When choosing a buyers agent, make sure you know how to properly interview prospective Realtors when buying a home. 

Attempting to buy a home without a Realtor can really make the home buying process more difficult.  Having a Realtor is always recommended when buying a home.  One thing not to do when buying a home is calling the listing agent because you don’t want to “bother” your Realtor.  This is one thing that real estate agents hate. 

1. The Developer – Do a thorough background check on the developer and other similar projects completed by the developer. Ensure you are working with a credible developer with a proven track record. 
2. Always ensure that the contractor is a reputed contracted and enquire about other developments completed by the contractor. Visit other projects completed by the contractor if you want to get a better idea. 
3. If the Developer is a first time Developer, ensure the Developer has obtained all the necessary approvals and clearances to proceed with the Development, and is not dependent on client funding. 

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