I want to buy a property off plan in a new development. There is a huge demand and my broker/agents tells me if I pay the deposit now I can secure a unit. What should I do?
This is an important decision and you should take your time. Note a broker/agent can no longer accept payments directly unless you have agreed this in writing. If this is not agreed, any monies paid should be to the developer’s escrow account that is managed securely by an escrow agent approved by RERA.
Note that the developer should have provided to you the Disclosure Statement information at least 7 days before you sign the sales contract. This information should tell you about the property you are buying, the obligations for payments towards the maintenance of the common parts, when the property will be completed and what rights you have to terminate the contract.
You can secure the unit by signing a Reservation Agreement and paying a small deposit to the developer. This deposit (reservation fee) will be partially refundable if you decide not to proceed with the purchase. The disclosure statement should be provided at the time of Reservation Agreement, after which you will have 7 days to decide to proceed or withdraw.