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Private Residential Property Resale Transaction timeline

Posted by alvintay on June 2, 2018
| 0

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

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 weeks from Day 1Buyer to exercise Option & sign Sales & Purchase at solicitor's law firm4% Exercise Fee
Within 2 weeks from
Exercising Option
Buyer to pay Stamp DutyIf Property Purchase >1 million then BSD (4% - $15,400) + ABSD

If Property Purchase <1 million then BSD BSD (3% - $5,400) + ABSD
Within 8-10 weeks
from exercising Option
Completion of Sales & Purchase at Law FirmRemaining Payment
(Cash/CPF/Bank Loan)

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