Asked by Ms. Atikah Z
I have a few general qns about the procedure of purchasing uncompleted private residential properties and am interested in answers concerning the market practice.
1. When does the buyer usually appoint lawyer? Eg. after receiving OTP & paying booking fee? after receiving S&P?
2. Does the buyer usually appoint own lawyer? Or referred to by developer?
3. How's the financing procedure like? (not the progressive payment) Eg. Does lawyer assist to apply for CPF savings withdrawal first? If not enough, apply for bank loan?
When does valuation come into play? And what kind of approval should Buyer await (eg. Letter of Offer from bank, from CPF?)
I'm more interested in the step-by-step procedure prior to exercising the OTP. Would appreciate if anyone here can help. Thanks!
1. When does the buyer usually appoint lawyer? Eg. after receiving OTP & paying booking fee? after receiving S&P?
2. Does the buyer usually appoint own lawyer? Or referred to by developer?
3. How's the financing procedure like? (not the progressive payment) Eg. Does lawyer assist to apply for CPF savings withdrawal first? If not enough, apply for bank loan?
When does valuation come into play? And what kind of approval should Buyer await (eg. Letter of Offer from bank, from CPF?)
I'm more interested in the step-by-step procedure prior to exercising the OTP. Would appreciate if anyone here can help. Thanks!
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