When a developer pushes back the completion date for a new project, every house buyer becomes concerned. First and foremost, you must alter your plans, particularly if you live in a leased property. Second, your faith in the developer begins to fade.
Here are some pointers for incoming newbie:
Choose your builder critically
The most challenging challenges come when a house’s building period is hindered owing to issues with the developer. Let’s say a company has difficulties with financing. Or, the land authorities do not give permission to put a new building into operation.
You should inquire about the reputation of the developer, visit Canninghill Piers official website here even before buying a home. On the official websites of most cities and regions, you may find a list of deceived equity investors. Additionally, a list of unethical developers, and property plots where development is taking place without licenses.
These lists are formed by regional authorities. For example, in the metropolitan region, this information is posted on the websites of the complex of urban planning policy and construction of Singapore, as well as the Ministry of the construction complex of the Singapore region.
Please note that it is very common for a large company to register a separate legal entity for a new project. In this case, find out which group of companies the developer belongs to and focus on his previous projects.
When looking for information on the forums about new buildings, be as critical of and contact the official developer for Canninghill Piers.
Read the docs
The developer’s website shows all the permits. If they are not there, contact the company office with a request to send a copy of the land documents, building permits, project declaration and all changes to it. The construction period for each of the project stages is specified in the project declaration.
In addition, photos are published on the sites of new buildings and there are webcams with a view of the construction site. You can try to get a construction schedule from the developer and check it against reality. For any inconsistencies, do not hesitate to ask the developer questions and ask for an explanation. As a participant in shared construction, you have the right to do so.
Use the pact as a shield
The main shield of a home buyer in a house under construction is an equity participation agreement. You have the right to terminate the contract if you believe your rights have been infringed, such as if the new building was not delivered on schedule. Furthermore, if the object’s delivery is delayed for more than nine months, you and your future neighbors may be included to a list of impacted co-investors, and regulatory authorities may be engaged in the developer’s investigation. The authorities will check how he used the funds of equity holders and how the company is currently financially stable.
You will not be included in the lists of impacted equity holders if you have engaged into another form of arrangement with the developer.
Write a claim
The developer is required by law to notify equity investors of any changes in construction time two months prior to the scheduled delivery date. If the parties are satisfied with everything, then an additional agreement is signed. If you are less accommodating, then send a pre-trial claim to the developer. It can be sent or delivered in person to the company’s office. But, the second copy should stamp the arriving document with the dates and allocated number.
The answer from the developer will have to wait from ten days to a month. If the company does not respond, go to court to collect a penalty from the developer.