Buying Condo – Wing Tai Holdings Singapore https://buycondo.sg Wing Tai Holdings Singapore who specializes in helping both local and foreign buyers to source and purchase their dream home as well Property Sale and Property Management. Mon, 01 Nov 2021 01:58:54 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.2 https://buycondo.sg/wp-content/uploads/2021/01/icon.png Buying Condo – Wing Tai Holdings Singapore https://buycondo.sg 32 32 Buying Private Resale Condo https://buycondo.sg/guide/buying-private-resale-condo/ Mon, 01 Nov 2021 01:52:14 +0000 https://buycondo.sg/?post_type=case-study&p=8947 The post Buying Private Resale Condo appeared first on Wing Tai Holdings Singapore.

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If you are venturing into purchasing a Private Resale Condo for the first time, you will find the following overview of the process useful.

  • Once the property of choice has been found, you'll want to negotiate with the seller for the right price.
  • To order to receive the Signed Option to Purchase, an option fee of 1% of the purchase price is required to be issued by Cheque/Bank transfer to the Vendor(Seller).

The seller now has to honor your option for the agreed time frame (usually two weeks) before being able to
accept another offer.

  • You should be looking for a home loan at this point. Do discuss with the property agent; they will have a handful of bankers of different company.
  • Should you decide to exercise the OTP, you will be required to pay the remaining 4% of the downpayment as well as the Buyers Stamp Duty and Additional Buyers Stamp Duty (if applicable) within 2 weeks upon exercise.

For the Buyer Stamp Duty and or Additional Buyer Stamp Duty, If you intend to you use CPF you have to pay in cheque/Cashier Order first and the appointed lawyer shall apply to get reimbursed later from CPF board.

  • Again, the time frame between this point and the completion of the purchase varies in accordance to what you agree on with you seller although usually its about 10-12 weeks from the time you exercise the OTP.
  • Pay the balance of the downpayment (20%) and get your keys!

Private Resale Condo Timeline

TimeFrame Stage Payment
Day 1 Present Offer to Purchase in exchange for an Option 1% Booking Fee
  Engagement of Solicitors  
  Select Home Loan (Buyer)  
Within 2 weeks Buyer to exercise “Option” & sign Sales & Purchase at solicitor’s law firm 4% Exercise Fee
Within 2 weeks from Exercising Option

Pay Stamp Duty (Buyer)

Pay Additional Buyer Stamp Duty if applicable

Singapore Citizen 2nd Property - 17% , 3rd onwards- 25%

Singapore PR 1st Property - 5%, 2nd -25%, 3rd - 30%

Foreigners - 30%

For Properties $1m and/or above.

Stamp duties is based on 4% of Purchse Price - $15,400

For Properties $999,999 and/or below.

Stamp duties is based on 3% of Purchse Price - $15,400

 
Within 10-12 weeks from Exercising Option Completion of Sales & Purchase at Law Firm 20% Remaining Payment (Cash/CPF)
Maximum of 75% Bank Loan if Eligible.

Do contact us by Calling Yeng Tan 94507545 before making any decisions and we may assist you to make the sales planning more efficient.

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