Private Residential Property Resale Transaction timeline
Here i would like to share with all on the different stages of payment for a resale transaction. It is definitely less complicated than staggered payments of a new launch condo.
Payment for Completed/Resale Private Developments
| Timeframe | Stage | Payment |
|---|---|---|
| Day 1 | -Present Offer to Purchase in exchange for an Option -Both Buyer & Seller : Engagement of Solicitors -Buyer : Selection of Mortgage Loan | 1% Booking Fee |
| Within 2-3 weeks from Day 1 | Buyer to exercise Option & sign Sales & Purchase at solicitor's law firm | 4% Exercise Fee |
| Within 2 weeks from Exercising Option | Buyer to pay Stamp Duty (and ABSD if Any) Using Cash Only | If Property Purchase >1 million then BSD (4% - $15,400) + ABSD If Property Purchase <1 million then BSD BSD (3% - $5,400) + ABSD |
| Within 8-12 weeks from exercising Option | Completion of Sales & Purchase at Law Firm -For Seller to decides how long from Exercise to Completion date (8-12 Weeks), usually it is dependent on Bank Loan redemption (Some bank require 3 Months advance notice else they will impose a penalty) | Remaining Payment (Cash/CPF/Bank Loan) |
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