With the credit crunch biting throughout Europe it is more important than ever to check on the build progress of your property before authorizing a Builders Draw down. The percentage of Draw Downs should correspond to the building schedule contained in your contract but quite often banks and developers will attempt to draw down monies based upon the progress of an entire development. Therefore if you have purchased in Phase Two the developer may be building Phase One with your money. Most builder contracts in Cyprus state that the purchaser pays interest on monies drawn until completion, therefore some purchasers may end up paying much more than their correct share of interest.
If you want to know how progress is going on your property check our Photo Album or email us directly for a FREE update.
Be sure your developer is a member of the Association of International Property Professionals AIPP.
