Bank
Bank requirements:
Most banks, credit unions & building society require:
Land: 25%, Building 10%
NHT:
Requires a minmum of 10% deposit.
Total cash required may be more, depending on the buyers credit standing.
Closing costs include:
. Stamp Duty
. Registration
. Appraisal & Quantity Surveyor
. Survey
. Contract Preparation & Other
Costs
Several banking institutions and credit unions participate in a joint financing program with NHT
Self Financing:
Prospective purchasers are required to make schedule payments:
Two contracts are prepared for the the prospective buyer:
1) Land
2) Building
Required Payment are as follows:
A. 10% deposit on contract
B. Balance is paid as fallows:
1, Land: 30 days after initial
deposit
2. Building:
a. 40% 30 days after initial
deposit
b. 35% 90 days after initial
contract
c. 15% upon completion
Closing costs are as above, with the exclusion of Appraisal & Quantity Surveyor
:.
Meadows @ Swansea: 