If the client pays 50% of the asking price, the bank can use this property as collateral and lend the other 50% to the client as long as the client fulfills the bank’s requirement.
Copy of this agreement will be given to the bank for their record, if requested.
All late payments will incur 5% penalty each month from the due date. If the client does not pay his/her due continuously for six months, the developer has full right to sell the house to another person.
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Registration fee is 2000 birr which is not refundable except up on signing the agreement which will be considered as part of the payment.
Payment Terms
Payment terms are as follows:
- 20% on the signing of agreement and commencement of clearing work.
- 20% on completion of foundation.
- 20% on completion of first slab.
- 30 % on completion of roofing and electrical works.
- 10 % on completion and handover.
- All payments should be paid to the developer within 15 days of a written request to the client’s given address. The developer will only send the written request to the client’s address on the contract.
