Property Experts - Advice needed

[Altivo]

Hi Guys,

 

Below is my understanding... please correct me if I'm wrong

 

Purchase of private property

 

1% to purchase the option

4% to exercise the option

3% - 5,400 for Stamp duty (must be done within 14 days of exercising the option)

 

Now my question is this... when do we pay the remaing 15% of the downpayment to the seller? Is it 1 month or 2 weeks before the completion date? My impression was that it will be 2 weeks before the completion date and the 15% will be disbursed to the lawyer together with the 80% of the transacted price. But one of the bankers I approached said it is 1 month before completion.

 

 

[Soya]

Why? Unless u paying full cash, the lawyers will settle wif the bank and the vendor and the process is transparent to the buyer.

 

 

[Altivo]

ya loh... that's what i tot too

[Jj5599]

Hi Guys,

 

Below is my understanding... please correct me if I'm wrong

 

Purchase of private property

 

1% to purchase the option

4% to exercise the option

3% - 5,400 for Stamp duty (must be done within 14 days of exercising the option)

 

Now my question is this... when do we pay the remaing 15% of the downpayment to the seller? Is it 1 month or 2 weeks before the completion date? My impression was that it will be 2 weeks before the completion date and the 15% will be disbursed to the lawyer together with the 80% of the transacted price. But one of the bankers I approached said it is 1 month before completion.

 

 

Bro, you have to pay 20% less booking/option fee paid upon signing the Sales And Purchase Agreement or 8 weeks from the Option date.

[Zangetsu77]

Hi Guys,

 

Below is my understanding... please correct me if I'm wrong

 

Purchase of private property

 

1% to purchase the option

4% to exercise the option

3% - 5,400 for Stamp duty (must be done within 14 days of exercising the option)

 

Now my question is this... when do we pay the remaing 15% of the downpayment to the seller? Is it 1 month or 2 weeks before the completion date? My impression was that it will be 2 weeks before the completion date and the 15% will be disbursed to the lawyer together with the 80% of the transacted price. But one of the bankers I approached said it is 1 month before completion.

 

Option deposit can vary on an agreed upon basis. So far for all the properties i've bought, the remainder 15% can be settled shortly before legal completion, but i've paid the stamp duties with the 4% at the time of exercising which i believe is the norm.

[Fourth]

Now my question is this... when do we pay the remaing 15% of the downpayment to the seller? Is it 1 month or 2 weeks before the completion date? My impression was that it will be 2 weeks before the completion date and the 15% will be disbursed to the lawyer together with the 80% of the transacted price. But one of the bankers I approached said it is 1 month before completion.

 

Yes about 1 month before completion, to pass mortgage loan contract and balance payment cheques to lawyer.