4 Answers

Dear Sir/Mdm,

You can choose to use all your OA or leave 20k of CPF in your OA for monthly mortgage payment. I have assisted many of my clients in their contra transactions. Please feel free to contact me so that I can understand your situation and assist you further.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com
SEAA Salespersons Achievement Platinum Award 2020
Visit my website to get to know me better:
www.nicktan.com.sg
I was featured recently on Council for Estate Agencies (CEA) Newsletter:
http://bit.ly/CEAnews

Testimonial from Satisfied Clients
“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”
Peter & Wendy (Property Seller)

I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
Weilun & Benita (Property Seller)

“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)

“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations. We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer)
“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitations and advantages that we wouldn’t have known. I think this is the most important virtue to be succe Read More
0
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. By the way, you could choose and select.

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
0
Hi,

1) My guess you have listened to hearsay and got the wrong idea.

2) Enhanced Contra Facilities (RCF) for a resale flat is to facilitate payment to the new purchase using sales proceed from the sold unit.

3) There are certain criteria before you may apply for ECF:
(a) Selling unit must be free from a loan (be it HDB or bank loan)
(b) Both sell and buy transaction has to submit on the same day.
(c) Refund CPF fund will be effectively used for purchase (no waiting time of maximum up to 14 working days)
(d) If the loan is needed in your purchase, must apply for an HDB loan.
(e) Must engage HDB lawyer
(f) Ensure you have sufficient funds in your existing CPF OA or cash for stamp duty and legal fees. Refund CPF cannot be used for these 2 items.

4) Take note that if this is your 2nd HDB loan, 50% of the cash proceed has to be used to finance the new purchase.

5) This $20,000 in CPF OA thingy was only implemented in 2020. CPF allowed you to keep this maximum up to $20,000 to keep in your CPF OA for rainy days.
You may use all funds available in your CPF OA on your purchase. This has nothing to do with ECF.
Previously you have to utilize every single dollar in your CPF OA on your purchase if using an HDB loan.

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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0
Hi sir

It is not a requirement to reserve $20k in your CPF for contra transaction. There is no such thing as lock in for CPF and the $20k reserve is optional on buyers. However do note there are lots of regulations for contra transactions and overlooking on some parts may result in your contra transaction being rejected by HDB resulting in problem for your timeline planning. In fact, alot of my clients are not doing contra due to a condition that your next unit must not be serviced via a bank loan. In majority of cases (not all), it is always beneficial for a 2nd time buyer to take up a bank loan. However due to proper planning, majority of them managed to transition to the next flat smoothly and even have time to do some renovations on their next flat without needing to settle for a temporary place of stay. I am specialised in HDB transactions. Do contact me at 93375051  for a free and non obligatory discussions on this.

Regards
Taufik Hussein
ERA Realty Network Pte Ltd Read More
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