When it comes to paying the full amount of your off-plan property, it's crucial to choose a secure payment method. Here are a few recommended payment methods:
Bank Transfer: Payments made via bank transfer ensure that funds are safe and traceable. When transferring money, please be sure to check the receiving account information to avoid mistransfer or fraud.
Third-party payment platforms: Use third-party payment platforms such as Alipay and WeChat Pay for payments, which often have strict capital supervision and security measures.
Lawyer-supervised account: A special account is set up under the supervision of lawyers of both parties to deposit the money for the purchase of the house. This way you can ensure the safety of your funds, but you may need to pay additional attorney fees.
With the development of the real estate market, buying off-plan properties has become an option for more and more people. However, when it comes to paying the full amount of off-plan property, how to ensure the security of the transaction is crucial.
Choose a reputable developer
When buying off-plan properties, choosing a reputable developer is the first step in securing the transaction. Here's how you can investigate:
Check the developer's history and project records to learn about its past performance and reputation.
Consult a professional or real estate agent to find out what they have to say and recommend to the developer.
Search the internet for information about the developer to see if there are any negative reports or complaints.
Sign a formal contract for the purchase of a house
Before paying the full amount of the off-plan property, it is important to sign a formal purchase contract with the developer. The contract should clearly stipulate important terms such as the delivery time of the house, the payment method, and the liability for breach of contract. At the same time, the contract should also contain measures to protect the rights and interests of both parties, such as the housing quality deposit, check-out clauses, etc.
For example, the purchase contract stipulates that the buyer pays a deposit at the time of signing the contract and the balance is paid in a lump sum when the house is delivered. If the developer fails to deliver the property on time, a penalty will be charged.
Be aware of regulations and policies
When buying off-plan property, it is important to understand and comply with the relevant regulations and policies to protect your rights. Here are some things to look out for:
Pre-sale licenses: Make sure that the developer has obtained a pre-sale permit, which is a prerequisite for the legal sale of off-plan properties.
Funds Regulatory Policy: Different regions may have different financial regulatory policies, and understanding and complying with the relevant regulations can help ensure the safety of home purchase funds.
Tax policy: Understand the tax policies involved in buying a house, such as deed tax, personal income tax, etc., so as to reasonably plan the cost and budget of buying a house.
For example, in one region, buyers who purchase off-plan properties are required to deposit the purchase money into a designated fund escrow account to ensure the safety of funds. Buyers should comply with this provision to avoid losses.