Good morning,
Do let me share about the timeline with its payment for resale and new private purchase.
1) Resale
Once you agree on a pricing, you will issue 1% cash option fee to seller in exchange for option to purchase (option grant date).
It will then kick start 2 weeks option period.
Within this 2 weeks, you have to settle the bank loan (letter of offer) and exercise with 4% cash at law firm (exercise date).
It will kick starts 10 to 12 weeks completion period.
Within this completion period, you have to pay stamp duties 2 weeks from exercise date. Stamp duty is payable by CPF OA funds but because CPF board might not released the funds quick enough to IRAS, law firm will advise to pay in cash first. There could be another way around it. I will share with you more thereafter.
Thereafter you have to pay the balance on completion date.
2) Developer unit
Usually the whole process is around 8 weeks.
You pay 5% cash to book an unit (option grant date) and kick starts 2 weeks option period. Developer will send the sales and purchase (S&P) agreement within option period.
Upon receipt of S&P agreement, you will have to exercise it at law firm within 3 weeks (exercise date).
Once exercise, stamp duties is payable within 2 weeks from exercise date. This usually can be paid by CPF OA funds because there's more time for CPF board to release funds to pay IRAS.
Thereafter you have to pay the balance on completion date (8 weeks from option grant date).
Hope my sharing aids in your property needs. May I know how can I value add further in your purchase?
"Your Freehold Ally, Leasehold Tactician"
YT TAN 陈永达 | ACCA Graduate, RES
R043025D
Propnex Realty Pte Ltd
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