|
Developer
Any person or body of persons (by whatever name described), who develops
any land for the purpose of accommodation including accommodation for
commercial and industrial use and includes the executors, administrators
and successors in title or permitted assigns of such person or body of
persons.
Default
In finance, default is failure to meet the legal obligations (or
conditions) of a loan, for example when a home buyer fails to make a
housing loan installment.
DIBS
The Developer Interest-Bearing
Scheme (DIBS) is marketed in such a way whereby the house buyers pay a small
down payment during the signing of the sale and purchase agreement (SPA).
The developer will bear the interest due during the project construction
period until the handing over of vacant possession where the house buyer
will have to come up with the remaining payment.
Draft Contract
The wording suggested for the contract. It can be amended several times
before the final wording is agreed and accepted.
|
