Retainage – this legal term applies in the off-plan property purchases. In most jurisdictions it details the last part of the purchase price, which is to be paid to the developer once the building is completed (with Permission for usage). There are many examples of developers who try to get the total purchase price as soon as possible. This is why the role of the retainage is to secure the interests of the buyer that they will received a fully completed property. This is very important, because in most cases a property buyer won’t be able to manage completion of the real estate on their own, if left for them to do it.

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