If a project is less than sixty percent complete, and the developer terminates the contract due to purchaser default, they may retain up to twenty-five percent (25%) of the unit price. If construction has not started for reasons beyond the developer…
If a project is less than sixty percent complete, and the developer terminates the contract due to purchaser default, they may retain up to twenty-five percent (25%) of the unit price. If construction has not started for reasons beyond the developer's control, they can retain up to thirty percent (30%) of the amounts already paid. Any excess must be refunded to the purchaser within specific deadlines, ensuring a balance between developer protection and investor equity during different project phases.
This is general information from the website library. Confirm current rules, fees and property details with the relevant authority before acting.
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