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I am selling current property. By right when my buyer exercise the OTP I should have collected 1% and 4% cash from them to be able to place a booking for my next property right?

And then when will their balance 95% reach me in terms of back to my CPF and cash profits into my bank? Cos I do need this 95% for the remainder of my next property purchase which I am worried i cant meet the deadlines (progressive payments).
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2 Answers

Hi,

The balance 95% will only reach you after completion. I understand you have been posting a few questions here, if you are uncertain about the transition and processes, maybe you would like to engage an agent to manage this professionally for you so as to minimize costs and ensure a smooth transition. Your timeline management is important here as well. Thanks and look forward to value-add to your housing plans further.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
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YT Tan (陈永达)
Good evening seller,

Under market and standard practice, seller will receive 1% cash whereby he will issue OTP to buyer. Thereafter the 4% will goes to the law firm's conveyancing account.

If you will like to have the 4% exercise fee in cash, you must highlight to buyer and have it black and white on the OTP.

If not the sales proceeds will be handled over to you on completion date whereas CPF OA funds in the 99% will be refunded back to you within 2 weeks from completion.

Hope my sharing is beneficial to your property needs.

May I know how can I value add further in your property restructuring?

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
R043025D
Propnex Realty Pte Ltd

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W):www.yttan.com Read More
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