Kar_lover Supercharged October 21, 2011 Share October 21, 2011 Hi I am considering buying my first pte property. Just some questions (i know its noob question, sorry): 1. is the minimum cash downpayment still 5% and balance 15% CPF? 2. what are the upfront cash dat need to be paid? 1% OTP? Upon exercising the option, how much more need to pay? Or is it negotiable. I prefer not to liquidate my stocks and funds as far as poosible. 3. what is the formula to calculate stamp duty? Any formula for legal fees or is up to lawyer to quote? Thanks. ↡ Advertisement Link to post Share on other sites More sharing options...
Sabbie Clutched October 21, 2011 Share October 21, 2011 Hi I am considering buying my first pte property. Just some questions (i know its noob question, sorry): 1. is the minimum cash downpayment still 5% and balance 15% CPF? 2. what are the upfront cash dat need to be paid? 1% OTP? Upon exercising the option, how much more need to pay? Or is it negotiable. I prefer not to liquidate my stocks and funds as far as poosible. 3. what is the formula to calculate stamp duty? Any formula for legal fees or is up to lawyer to quote? Thanks. Let the ever helpful Sabbie and resident agent answer you. 1) Mimimum downpayment is still 5% and balance 15% cpf if you are entitled for 80% loan, this is if you have zero outstanding housing or hdb loan 2) For Resale private properties, it is 1% option fee, 4% to exercise it, the remaining 15% cpf and 80% loan at completion 3) Stamp duty is 3% - $5400 for any property more than 360K legal fees are up due to govt's act to set up the conveyancing account...about 3000 to 4000 is what most lawyers charge...but if you want Lee and Lee about $6000 Link to post Share on other sites More sharing options...
Freestylers09 5th Gear October 21, 2011 Share October 21, 2011 Hi I am considering buying my first pte property. Just some questions (i know its noob question, sorry): 1. is the minimum cash downpayment still 5% and balance 15% CPF? 2. what are the upfront cash dat need to be paid? 1% OTP? Upon exercising the option, how much more need to pay? Or is it negotiable. I prefer not to liquidate my stocks and funds as far as poosible. 3. what is the formula to calculate stamp duty? Any formula for legal fees or is up to lawyer to quote? Thanks. recently i do myself for the purchasing and selling i did not pay any cash downpayment,all CPF ,only 300+ admin fee OTP max is 5k iirc..but i pay $20 this one cannot advise Stamp fee not sure overall % but i pay 4.6k for 295k everything down by HDB to sign on first appointment.. Link to post Share on other sites More sharing options...
Jrage 1st Gear October 21, 2011 Share October 21, 2011 recently i do myself for the purchasing and selling i did not pay any cash downpayment,all CPF ,only 300+ admin fee OTP max is 5k iirc..but i pay $20 this one cannot advise Stamp fee not sure overall % but i pay 4.6k for 295k everything down by HDB to sign on first appointment.. PTE, lah... Totally different channel :P Link to post Share on other sites More sharing options...
Kar_lover Supercharged October 21, 2011 Author Share October 21, 2011 (edited) Let the ever helpful Sabbie and resident agent answer you. 1) Mimimum downpayment is still 5% and balance 15% cpf if you are entitled for 80% loan, this is if you have zero outstanding housing or hdb loan 2) For Resale private properties, it is 1% option fee, 4% to exercise it, the remaining 15% cpf and 80% loan at completion 3) Stamp duty is 3% - $5400 for any property more than 360K legal fees are up due to govt's act to set up the conveyancing account...about 3000 to 4000 is what most lawyers charge...but if you want Lee and Lee about $6000 Thanks!! In a situation where don't have enough in CPF to pay 15% and need to pay part of it in cash, this balance cash also pay only at completion right? So up front the maximum is the 1% + 4% correct? Any shortfall in CPF pay in cash during completion? The 4% exericise fee, is it negotiable? Or it is fixed by law? Edited October 21, 2011 by Kar_lover Link to post Share on other sites More sharing options...
Soya Supersonic October 21, 2011 Share October 21, 2011 Let the ever helpful Sabbie and resident agent answer you. 1) Mimimum downpayment is still 5% and balance 15% cpf if you are entitled for 80% loan, this is if you have zero outstanding housing or hdb loan 2) For Resale private properties, it is 1% option fee, 4% to exercise it, the remaining 15% cpf and 80% loan at completion 3) Stamp duty is 3% - $5400 for any property more than 360K legal fees are up due to govt's act to set up the conveyancing account...about 3000 to 4000 is what most lawyers charge...but if you want Lee and Lee about $6000 thot 'ever helpful sabbie' onli helpful in advising best xmm in lor xx? btw, 3-4k sure boh? davinder singh doing conveyancing izit? those cpf panel lawyers i dealt wif charge 2-2.5k onli nia. Link to post Share on other sites More sharing options...
Sabbie Clutched October 21, 2011 Share October 21, 2011 Thanks!! In a situation where don't have enough in CPF to pay 15% and need to pay part of it in cash, this balance cash also pay only at completion right? So up front the maximum is the 1% + 4% correct? Any shortfall in CPF pay in cash during completion? The 4% exericise fee, is it negotiable? Or it is fixed by law? Yup, you are right, if not enough cpf to pay the 15%, you have to pay the difference in cash. As for the 1% plus 4%, I believe this 5% downpayment is mandatory by law and cannot be negotiated. anyway I was joking about being an agent but had some experience buying and financing property purchases that's all. Link to post Share on other sites More sharing options...
Icedbs Turbocharged October 21, 2011 Share October 21, 2011 thot 'ever helpful sabbie' onli helpful in advising best xmm in lor xx? btw, 3-4k sure boh? davinder singh doing conveyancing izit? those cpf panel lawyers i dealt wif charge 2-2.5k onli nia. legal fee is about 2.5k mostly. Most bank will pay for that, it's part of the legal subsidy for the loan. So no worries, unless you don't want the bank lawyer, but you want Davinder singh. Link to post Share on other sites More sharing options...
Soya Supersonic October 21, 2011 Share October 21, 2011 legal fee is about 2.5k mostly. Most bank will pay for that, it's part of the legal subsidy for the loan. So no worries, unless you don't want the bank lawyer, but you want Davinder singh. ya but legal fee subsidy clawback 100% if settle within 3 yrs n not pro-rated one. Link to post Share on other sites More sharing options...
Sabbie Clutched October 21, 2011 Share October 21, 2011 thot 'ever helpful sabbie' onli helpful in advising best xmm in lor xx? btw, 3-4k sure boh? davinder singh doing conveyancing izit? those cpf panel lawyers i dealt wif charge 2-2.5k onli nia. Negotiable of course, I ever found a lawyer willing to do it for 2K last time, then managed to find lawyer doing to do it for 2.5K, but now because of the conveyancing act and the cost of issuing cashiers' order from the conveyancing account, most lawyers pass on this cost to customers which is an additional few hundred, so I think can find those who willing to do it for 2.8K...but it also depends on type of property whether it is completed, uncompleted and purchase price hence I give TS a range as a gauge. The ever helpful sabbie is well versed in various topics, not just xmm.... Link to post Share on other sites More sharing options...
Soya Supersonic October 21, 2011 Share October 21, 2011 anyway I was joking about being an agent but had some experience buying and financing property purchases that's all. walau...u oredi kena sexposed as MCF's gary ng dunno how many times liao n still trying to bedek u not agent? Link to post Share on other sites More sharing options...
Notsogoodman 4th Gear October 21, 2011 Share October 21, 2011 legal fee is about 2.5k mostly. Most bank will pay for that, it's part of the legal subsidy for the loan. So no worries, unless you don't want the bank lawyer, but you want Davinder singh. Legal fee depends on the amount of the deal size so for $2.5k, u r prob dealing with any purchase less than $1m....,. Link to post Share on other sites More sharing options...
Notsogoodman 4th Gear October 21, 2011 Share October 21, 2011 Thanks!! In a situation where don't have enough in CPF to pay 15% and need to pay part of it in cash, this balance cash also pay only at completion right? So up front the maximum is the 1% + 4% correct? Any shortfall in CPF pay in cash during completion? The 4% exericise fee, is it negotiable? Or it is fixed by law? Do take note that you need to pay for stamp duty in CASH first (within 14 days of exercising option), even if you are claiming from CPF.... Link to post Share on other sites More sharing options...
Sabbie Clutched October 21, 2011 Share October 21, 2011 walau...u oredi kena sexposed as MCF's gary ng dunno how many times liao n still trying to bedek u not agent? s--t! how you know I am logging in from Changi....you got IP tracer isit... Anyway seriously if you can call your lawyers up and if they still charge 2K, please pm me and I will use them for both myself and my customers but I highly doubt so. Link to post Share on other sites More sharing options...
Kar_lover Supercharged October 21, 2011 Author Share October 21, 2011 Do take note that you need to pay for stamp duty in CASH first (within 14 days of exercising option), even if you are claiming from CPF.... Really?? Link to post Share on other sites More sharing options...
Jrage 1st Gear October 21, 2011 Share October 21, 2011 Really?? yes... lawyer firm say.. can only draw from cpf once. So need to pay stamp fee in cash first , then claim from cpf together with the rest of 15%. She also mentioned that last time alot of ppl delay stamp fee.. but now gov very strict, if stamp fee not paid promptly, will need to pay hefty penalty. Link to post Share on other sites More sharing options...
Sabbie Clutched October 21, 2011 Share October 21, 2011 Really?? Yup, that's right, and this is also govt regulation cannot escape Link to post Share on other sites More sharing options...
Kar_lover Supercharged October 21, 2011 Author Share October 21, 2011 Yup, that's right, and this is also govt regulation cannot escape Ok thanks. Cos when i bought my HDB flat stamp duty only done during completion. By the way, any legal limit on amount of CPF that can be used to pay for stamp duty (assuming i have enough?). ↡ Advertisement Link to post Share on other sites More sharing options...
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