Hi All,

I am getting a great deal on a flat with the price being quoted at more than 40% off the asking price. I wanted to make sure that the great deal i am getting does not get short changed by the builder when i take delivery, hence wanted to have a bullet proof purchase contract. If anybody can help me with the following it will be very helpful

1. Any sample flat purchase contract. Its a 3 bedroom flat

2. What are the milestones for payment. The builder wants an initial payment of 25% and after than he wants payment in equal time based installments. I would rather prefer a flat progress milestone (such as finish foundation pay 10%, finish wall construction 10% etc) with time based payment schedule. Any inputs on proper milestones to put in the contract for payment of the remaining 75%

3. There is a car park which he will be providing me. What should be the language in the contract so that i have ownership of the land on which the car park is built. I do not want him to double dip and sell me the common area as parking spot.

4. What should be the valid penalty clauses if he does not provide the flat to me in the suggested 10 month time frame. I did not want to get too greedy and put too onerous a clause. Anything which is reasonably accepted do share.

5. Any other points which i should put in the contract that i might have missed.

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