Imagine securing a property at an agreed price today, paying your deposit, and continuing with your instalments—only to discover that the property is now being advertised at a higher price.
What happens to your remaining balance?This is why buyers should never assume that a payment plan automatically protects them from future price changes. The important question is whether your agreed purchase price is fixed for the duration of your payment plan.Some agreements may lock in the purchase price once the buyer meets specified conditions, while others may contain clauses allowing price adjustments under certain circumstances. The answer depends on the terms of your agreement.
Before making your deposit, carefully review the contract. Confirm the agreed purchase price, deposit, outstanding balance, payment duration, instalment amounts, and conditions that could change the price.For example, if a property is ₦50 million today, don’t simply assume your ₦10 million deposit guarantees the remaining balance at the same price. Find out exactly what your agreement says.
Ask this simple question before paying:“Is my purchase price fixed throughout the payment period, and under what circumstances can it change?”A clear written agreement can help you understand your financial commitment and avoid unpleasant surprises.
