Instalment payment

Land and house adverts often say "instalment payment available". You pay an initial sum, sign a contract of sale or subscription form, and pay the balance in scheduled amounts. For off-plan homes the payments are often tied to construction stages.

Who holds the title. Until the last payment, the seller usually keeps legal title as security. The deed of assignment or sublease that gives you a registrable interest is normally issued on completion or full payment. Some contracts let you take possession early; others keep you off the land until you have paid in full.

Price. Developers commonly offer a discount for paying the whole price at once, so a payment plan usually costs more in total. Some offer a smaller discount for short plans.

If you miss a payment. The contract decides. Some contracts add a penalty for every late instalment, and termination clauses can let the developer keep much of what you have paid, or refund it less an administrative charge, often slowly. For off-plan homes, delivery dates can usually be pushed back by the developer under broad delay clauses, while the buyer's own deadlines stay strict.

Deposit or part payment. Lawyers advise recording your first payment as part payment of the price, not as a "deposit", because a deposit can be forfeited if you default.

Extra charges. Some estates ask for development or infrastructure levies when allocation or building starts, on top of the plot price. Disputes over these levies have reached the courts, so ask for every charge in writing before you start paying.