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Hi, i’m selling my flat and downgrading to a 4room. i’m using contra to buy the new flat. there is cov. may i know the cov have to be from savings to pay upfront or can the cov be paid from
the proceeds of the sale of my unit?
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4 Answers

Hi,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead.

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Hi,

1) In this case, because buy and sell is handled by an HDB officer. He/she will deduct all amount that needs to be pay upfront from your sale proceeds.
2) If you are utilizing the 2nd HDB loan, 50% cash from your sale proceeds will also be deducted to pay for your purchase.
3) If there is an insufficient amount from your cash proceed, the HDB officer will highlight it to you and request to pay the difference in cash before the completion date.
4) Failure to do so could amount to a postpone of completion or even worse lead to a void of the whole process.

Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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Hi,

If there are sufficient cash proceeds from the sale, it may be potentially possible to port over and pay for the COV. Without more info, it may not be possible to fully address you query. You have yet to sell your current place? Otherwise I assume the agent would have shared more about the process?

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
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Robbie Chen Chee Howe
Hi,

As you're doing contra, if there is sufficient sales proceeds from the flat you're selling to pay the COV for the flat you're buying, it will be deducted from the sales proceeds, with the remaining balance issued in form of a cashier order to you upon the legal completion.

As such, I think it would be good if you can request for extension of stay from the Buyer of your flat, so that you can save the hassle of having to shift house more than once.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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