Asked by Home Buyer
If I am to buy a private condo (completed), what are the other fees and charges I have to service on top of the 5% Cash and 15% CPF downpayment? And do they have to be in cash or can be covered using CPF? How much should I put aside in cash for commission for agents? What about legal fees?
Below is what I've estimated based on a small condo for $500,000, please comment if there are other charges/fees I must bear:
Downpayment:
5% Cash ($25,000)
15% CPF ($75,000)
Bank Loan:
80% (montly repayment with interest)
Option to Buy:
1% - is this in cash? ($5,000)
To exercise option:
4 - 9% (depends on agreement)- must this be in cash or can be CPF?
Stamp duty:
About $9,600 in CASH
based on $1 per $100 for first $180,000; $2 per $100 for next $180,000; & $3 per $100 for subsequent)
Agent Fees:
?? % Cash (must this be lump sum?)
Legal Fees:
??
Below is what I've estimated based on a small condo for $500,000, please comment if there are other charges/fees I must bear:
Downpayment:
5% Cash ($25,000)
15% CPF ($75,000)
Bank Loan:
80% (montly repayment with interest)
Option to Buy:
1% - is this in cash? ($5,000)
To exercise option:
4 - 9% (depends on agreement)- must this be in cash or can be CPF?
Stamp duty:
About $9,600 in CASH
based on $1 per $100 for first $180,000; $2 per $100 for next $180,000; & $3 per $100 for subsequent)
Agent Fees:
?? % Cash (must this be lump sum?)
Legal Fees:
??
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