Property

[Soya]

guys need to get some advise. if i already paid the 5% for the property n i wish to pull out. whats the penalty or legal complications?

 

 

new launch or resale property?

[Altivo]

Is it possible to let someone take over the purchase in such circumstances?

 

Possible. But is subjected to the approval of the Controller of Housing (URA)

[Acemundo]

Is it possible to let someone take over the purchase in such circumstances?

in principle yes but beware that assignment of sale contract and option is not straight forward and seller may want to make things more difficult for buyer so that he perhaps earn the extra option monies from the buyer's default.

[Sp4wn]

you're definitely in deep doo doo as some of the bros have said. the 1% is for you to think, the 5% is for you to see the deal through. once you confirm, the seller has several legal rights against you and no amount of excuses will really help at this junction. even letting someone take over the purchase will be tough, as the person taking over may "squeeze" the life out of you to save you, since he knows you are vulnerable.

 

remember - if you delay completion, you will definitely be liable for interest past completion. also, after exercise ... seller can force you to complete as the document is legally binding.

 

i think assignment in this case *may* have ABSD ... if you just exercise today, means you would not have paid stamp duty yet (i normally never pay immediately). im sure you dont want to kena the whatever % ABSD also. please check with the taxman on this ...

 

you are at the seller's mercy now, i suggest you explain why you have changed your mind and hope he can assist you bro. otherwise legally, you have zero rights.

 

 

[Felipe]

whats the reason for pulling out? i think the stakes are too high to back out at this point. unless ure telling me bank cannot approve loan or something.

[Sorrow]

whats the reason for pulling out? i think the stakes are too high to back out at this point. unless ure telling me bank cannot approve loan or something.

 

hmmm...Buyers should have an LO approved with the OTP before exercising wor

[Icedbs]

guys need to get some advise. if i already paid the 5% for the property n i wish to pull out. whats the penalty or legal complications?

 

You buy new from developer or buy resale fr0m a seller?

 

if from a seller, I think most forumers have given you their thoughts.

 

if bought from developer, I would say zero chance to back-out now unless you can find another buyer to take over, then maybe can still negotiate.

 

Bank loan side may also have cancellation penalty.

[Wt_know]

buying property is a serious decision ...

i always wonder at property launch how do one make decision to purchase a $1M+ property in less than 30mins and hard selling by agent that unit is going fast and every minute got someone update the sold chart

some may argue the person had done his homework but when you went to see the showroom ... that might change your perception abit right

type A or type B layout ... wider or longer balcony ... with/without bathtub ... 2+S or compact 3 ... facing hdb or greenery

seeing the showroom is difference from reading the brochure and floorplan

Edited February 21, 2013 by Wt_know

[Duckduck]

guys need to get some advise. if i already paid the 5% for the property n i wish to pull out. whats the penalty or legal complications?

 

It's usually stated in the S&P how this is handled. Anyway this is legal matter just ask your conveyance lawyer.

[Chucky2007]

This type of question better be answered by your lawyer?

[Soya]

This type of question better be answered by your lawyer?

 

 

maybe his lawyer is the one that sold him the property?.....

 

[Viceroymenthol]

You can sell your option.

[Sp4wn]

You can sell your option.

 

bro .. he exercise already ... what option to sell?

[Chrispie]

guys need to get some advise. if i already paid the 5% for the property n i wish to pull out. whats the penalty or legal complications?

 

 

i think u have gotten your ans from all the bros here...

 

by exercising the option, you have agreed to buy the property and you are both liable and obligated to complete the transaction from that point on.

 

So unless the seller is so kind (very low possibility), you probably lan lan somehow must find a way to complete the transaction. That will be the cheapest way out of the situation. Then just rent out or what not and tahan till SSD period is up, then dispose the pty depending on the situation then.

Edited February 21, 2013 by Chrispie

[Tungsl]

The Southeast Asian city-state of Singapore may boast of the highest percentage of millionaires in the world, but retiring in this wealthy financial hub is becoming even more difficult for the common man.

 

 

According to a latest study by HSBC, the citizens of this country, which has one of the highest per capita incomes in the world, face the grim prospect of running out of their savings almost halfway through retirement as the high cost of living and increased life expectancy eats into their nest egg.

 

 

Singapore has gradually moved up human resources firm Mercer's global rankings of the world's most expensive cities, moving to sixth place in 2012 from eighth in 2011 and eleventh in 2010.

 

 

(Read more: Singapore's High Cost of Living May Come at a Cost)

 

"There is cause for concern from the finding that the retirement savings of people in Singapore will run out after nine years, which is about the time they are entering into frail retirement and a stage of their lives when medical costs and other elderly care expenses are expected to rise," Paul Arrowsmith, head of retail banking and wealth management, HSBC Singapore, said in the report released on Wednesday.

 

 

"People are living longer, through tougher economic times, and expectations about their standard of living in retirement have risen," Arrowsmith added.

 

 

More than half of the 1,000 Singaporeans interviewed for the survey said that either they were not adequately prepared or not prepared at all for retirement as they expected to continue working beyond the age of 65 to be able to afford their desired lifestyle.

 

 

One also needs more money to fund one's retirement in Singapore. According to the study, the annual household income required to lead a "comfortable" retired life in Singapore is the third highest among Asia's major economies, behind Australia and Hong Kong, at $48,773. This figure is 68 percent higher than what was needed in 2011, the survey, which has been running for eight years, found.

 

 

The rising cost of living in Singapore has 58-year-old Singaporean Janice Tan worried about her retirement.

 

 

"I think the cost of living is really escalating a lot," Tan told CNBC. "During the Chinese New Year season, when I went to buy the goodies, it really shocked me, because the cost is really going up too fast."

 

Bloomberg | Getty Images Tan and her husband are currently paying for the education of their two children, including a 21-year-old daughter studying in Perth, Australia. While Tan, an administration professional, hopes to retire soon, she says she knows it might be another 10 years before that happens.

 

 

"As human beings we want more - a more comfortable life. That's where the worries come in on whether you will able to survive," Tan said.

 

 

According to the study, of those not saving for retirement, nearly half said they were being held back by the cost of day-to-day living.

 

 

(Read more: Protest Puts Political Risk in Singapore's Future)

 

 

High costs have become a major cause of discontent among Singapore's residents. This prompted a rare protest over the weekend in which about 3,000 people participated. They were voicing concerns over swelling costs driven by an influx of foreigners.

 

 

Foreigners, who account for almost 40 percent of Singapore's 5.3 million people, have been blamed for pushing up housing pricesand taking up jobs in one of Asia's major business centers.

 

 

(Read more: Singapore Firms Hit by Foreign Labor Laws)

 

Retirement Fears

 

 

The top three fears about retirement cited by Singaporeans were poor health, financial hardship and not having enough money to provide for good healthcare, according to the study.

 

 

With retirement savings drying up at a time when Singaporeans are most vulnerable to health problems, funding medical bills could become a big burden, HSBC said.

 

 

Tan backed that sentiment, saying that medical bills from a motorcycle accident that her husband was involved in last year have been a drain on their finances.

 

 

"As we get older, I realize it [funding health costs] is a more important thing to sort out," said Tan. But the high cost of living is coming in the way. "I can't imagine how much more the cost of living is going to go up to," she added.

 

 

 

[Felipe]

The Southeast Asian city-state of Singapore may boast of the highest percentage of millionaires in the world, but retiring in this wealthy financial hub is becoming even more difficult for the common man.

 

 

According to a latest study by HSBC, the citizens of this country, which has one of the highest per capita incomes in the world, face the grim prospect of running out of their savings almost halfway through retirement as the high cost of living and increased life expectancy eats into their nest egg.

 

 

Singapore has gradually moved up human resources firm Mercer's global rankings of the world's most expensive cities, moving to sixth place in 2012 from eighth in 2011 and eleventh in 2010.

 

 

(Read more: Singapore's High Cost of Living May Come at a Cost)

 

"There is cause for concern from the finding that the retirement savings of people in Singapore will run out after nine years, which is about the time they are entering into frail retirement and a stage of their lives when medical costs and other elderly care expenses are expected to rise," Paul Arrowsmith, head of retail banking and wealth management, HSBC Singapore, said in the report released on Wednesday.

 

 

"People are living longer, through tougher economic times, and expectations about their standard of living in retirement have risen," Arrowsmith added.

 

 

More than half of the 1,000 Singaporeans interviewed for the survey said that either they were not adequately prepared or not prepared at all for retirement as they expected to continue working beyond the age of 65 to be able to afford their desired lifestyle.

 

 

One also needs more money to fund one's retirement in Singapore. According to the study, the annual household income required to lead a "comfortable" retired life in Singapore is the third highest among Asia's major economies, behind Australia and Hong Kong, at $48,773. This figure is 68 percent higher than what was needed in 2011, the survey, which has been running for eight years, found.

 

 

The rising cost of living in Singapore has 58-year-old Singaporean Janice Tan worried about her retirement.

 

 

"I think the cost of living is really escalating a lot," Tan told CNBC. "During the Chinese New Year season, when I went to buy the goodies, it really shocked me, because the cost is really going up too fast."

 

Bloomberg | Getty Images Tan and her husband are currently paying for the education of their two children, including a 21-year-old daughter studying in Perth, Australia. While Tan, an administration professional, hopes to retire soon, she says she knows it might be another 10 years before that happens.

 

 

"As human beings we want more - a more comfortable life. That's where the worries come in on whether you will able to survive," Tan said.

 

 

According to the study, of those not saving for retirement, nearly half said they were being held back by the cost of day-to-day living.

 

 

(Read more: Protest Puts Political Risk in Singapore's Future)

 

 

High costs have become a major cause of discontent among Singapore's residents. This prompted a rare protest over the weekend in which about 3,000 people participated. They were voicing concerns over swelling costs driven by an influx of foreigners.

 

 

Foreigners, who account for almost 40 percent of Singapore's 5.3 million people, have been blamed for pushing up housing pricesand taking up jobs in one of Asia's major business centers.

 

 

(Read more: Singapore Firms Hit by Foreign Labor Laws)

 

Retirement Fears

 

 

The top three fears about retirement cited by Singaporeans were poor health, financial hardship and not having enough money to provide for good healthcare, according to the study.

 

 

With retirement savings drying up at a time when Singaporeans are most vulnerable to health problems, funding medical bills could become a big burden, HSBC said.

 

 

Tan backed that sentiment, saying that medical bills from a motorcycle accident that her husband was involved in last year have been a drain on their finances.

 

 

"As we get older, I realize it [funding health costs] is a more important thing to sort out," said Tan. But the high cost of living is coming in the way. "I can't imagine how much more the cost of living is going to go up to," she added.

 

 

 

[Civic6228]

buying property is a serious decision ...

i always wonder at property launch how do one make decision to purchase a $1M+ property in less than 30mins and hard selling by agent that unit is going fast and every minute got someone update the sold chart

some may argue the person had done his homework but when you went to see the showroom ... that might change your perception abit right

type A or type B layout ... wider or longer balcony ... with/without bathtub ... 2+S or compact 3 ... facing hdb or greenery

seeing the showroom is difference from reading the brochure and floorplan

 

I agree .... I was at the launch of Trevista in TP. It was crazy and people are like rushing in to put their money in. So many people in the showroom and the place was like a wet market. I told my agent that is not the way to buy a home. I just walked off ....

 

Buyers should not be pressured by the Agents/Sellers ..... take your time, do your sum, think hard before making a decision. The buyer for my previous apartment was made to pay penalty for late completion. Some agents are only interested in their commission .....

 

Anyway for TS, tough luck, you have exercised the option and legally there is noway out. Your destiny is in the hand of the seller and you have to lose more than the 5%. If I am not wrong, the seller can sue you.

[Wyfitms]

I agree .... I was at the launch of Trevista in TP. It was crazy and people are like rushing in to put their money in. So many people in the showroom and the place was like a wet market. I told my agent that is not the way to buy a home. I just walked off ....

 

Buyers should not be pressured by the Agents/Sellers ..... take your time, do your sum, think hard before making a decision. The buyer for my previous apartment was made to pay penalty for late completion. Some agents are only interested in their commission .....

 

Anyway for TS, tough luck, you have exercised the option and legally there is noway out. Your destiny is in the hand of the seller and you have to lose more than the 5%. If I am not wrong, the seller can sue you.

 

Those ppl were not buying a home bro. They were there to make a quick buck... get rich investment scheme