When buying in a new development project, generally..... you will be required to put a certain percentage down to secure your interest in the property. Usually 10% or more, that money is put in an escrow account and the developer will be released those funds upon closing of the property. I have sold many new development properties and ocassionally a few do fail to be completed. sometimes due to lack of funding or due to lack of interest by the buying public. I have never once had a client lose their deposit . The only thing that the client lost was time and the cost of the lawyer for the prep of the contract. keep in mind the offering plan is closely watched by the Attourny General. If a development does not reach 15% presale... the development does not go into effect. If it reaches over 15%.. the developmet is a go. Now there are still many factors that can stop a development in it's tracks from that point.
Many developers are being pretty aggressive in their pricing. Some are including closing costs, and some are giving away storage units. Let me know what property you are looking at and I could let you know what that building is doing in reference to incentives.
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