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If you are venturing into purchasing a resale private property for the first time, you will find the following overview of the process useful.
1) Once the property of choice has been found, you’ll want to negotiate with the seller for the right price.
2) To secure the Option to Purchase, an option fee of 1% of the purchase price is paid to the seller. The seller now has to honor your option for the agreed time frame (usually 2 weeks) before being able to accept another offer.
3) You should be looking for a home loan at this point. Discuss with your property agent, they will have a handful of bankers of different company.
4) 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.
5) 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 weeks from the time you exercise the OTP.
6) Pay the balance of the downpayment (15%) and get your keys!
|Day 1||Present Offer to Purchase in exchange for an Option||1% Booking Fee|
|Engagement of Solicitors|
|Select Home Loan (Buyers)|
|Within 2 weeks||Buyer to exercise "Option" & sign Sales&Purchase at solicitor's law firm||4% Exercise Fee|
|Within 2 weeks from
|Pay Stamp Duty (Buyer)|
|Within 8-10 weeks
from exercising Option
|Completion of Sales & Purchase at Law Firm||Remaining Payment