20 questions to ask a developer before you pay

Twenty questions

1. Can I see the land certificate number and the name on it before paying a deposit?
2. Which company sells to me, and is it the same one that holds the land rights?
3. Do you have the building approval for this project? Can I see the permit number?
4. If I want to rent the home, which licence do I need and who gets it?
5. Which of your past projects can I visit, and when were they handed over?
6. Can you put me in touch with three past buyers I find myself?
7. Are my payments tied to construction milestones? Which ones?
8. Which account do I pay into, and in whose name is it?
9. Is there an escrow or notary account option?
10. What is the delivery date in the contract, and what happens if you're late?
11. What happens to my money if the project stops?
12. Can the design, materials or price change after I sign?
13. Which law and courts apply to the contract?
14. How long is the lease, and what are the extension terms in writing?
15. Where do the advertised rental figures come from? Can I see real booking data?
16. Who manages the property after handover, and at what cost?
17. What are the yearly costs: service charges, taxes, maintenance?
18. Can my own lawyer and an independent inspector review everything before I pay?
19. Can I resell before completion, and are there fees?
20. Will you answer these questions in writing?

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Send it before any deposit. A good developer answers in writing; a hesitant one tells you something too.

Subject: Questions before I reserve [project name]

Hello [name],

Thank you for the information about [project name]. Before I reserve, I'd like to check a few things in writing:

1. The land certificate number and the name of the title holder.
2. The building approval (permit) number for the project.
3. The company I would sign with and pay, and its registration number.
4. How payments are tied to construction milestones, and the account they go to.
5. The delivery date in the contract and what happens if it's late.

I'd also like my own lawyer and an independent inspector to review the documents before I pay any deposit.

Thank you,
[your name]

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