Payment Terms & Project Duration
Project duration:
It takes about 130 working days after payment of the 1st phase and start of construction, to deliver the keys to your home. In calendar days, this translates in about 10 months.
Terms of Payment
The following are the installments of the contract price to be paid to the contractor upon the following manner:
Land Purchase phase:
A deposit of Awg. 1,500.00 is required, pending financing, for a duration of 3 months. If financing is approved, full payment of the balance is required, payable at the notary, upon transfer of the property. If financing is denied, the deposit is returned minus Awg. 200.00 in administrative costs.
Construction phase:
- Phase 1: upon initiation of the construction, 20%;
- Phase 2: before walls are put up, 20%;
- Phase 3: before the roof is constructed, 20%;
- Phase 4: before the house is plastered, before the walls are finished,floor and wall tiles are placed, before installing aluminum windows and wooden doors, and before electrical installation and plumbing work are done, 20%;
- Phase 5: before the start of the paint work, installation of the kitchen cabinets, the installation of one wardrobe in the bedroom of choice, 15%;
- Phase 6: upon completion, 5%.
