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Dear Property Experts,

Currently, I am applying BTO unit and to be ready in 2Q 2015.

My current flat is bought from open market and I was taking bank loan to pay the loan installment. Now I have paid up all my loan (with CPF and cash) / Fully Redeemed my house loan from Bank.

Could you assist me on the following questions:

1. When I sell my existing flat, am I obligated to "50% Of Cash Proceeds" rule?

2. When I sell my existing flat, who is obligated to pay the commission Seller or Buyer?

3. I am taking loan from HDB to pay for my new BTO flat. In my context, I will sell my existing flat only after my HDB loan arrangement is settled.
When I sell my existing flat, will the CPF amount component go back to my CPF ordinary account or it will automatically used to pay my HDB loan for my new BTO Flat?

For your advise please.
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4 Answers

Morning,

1) 50% downpayment is only applicable if you have existing mortgage loan in hand. For your case, you do not have any existing mortgage loan hence you should be able to go ahead with 20% down payment.
2) If you are engaging an agent to sell your unit, you will have to pay your agent for their services rendered to you. Under CEA ruling, buyer's agent are not eligible to advertise for your unit and bring their buyer to view your unit. This would be against the Singapore Law.
3) Depending on your prior arrangement and how you intend to handle the situation, along with your agent, you can work things out to the way you preferred it to be.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More
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OHMYHOME PTE LTD
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Hi, hopefully you managed to sell your unit at a good price then. If, so then congrats! Hopefully you are doing well now.

If you are currently or planning to find a property agent, I can assist.

If you are interested in prices of houses in your neighbourhood, you may visit this website to find out more or contact me .

https://www.era.com.sg/R064892F

If you are currently planning to go on a property journey selling/buying/renting/investing, I can be of assistance. Do feel free to reach out to me for more queries and assistance.

Landon Chew
97 39 60 40
landonchew@email.com Read More
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