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Dear Seo,

I am assuming that this is a HDB resale transaction since you have already exercised the OTP and still yet to clear the 5% payment. For HDB resale transaction, the only monies that will be paid to the seller is up to $5,000 maximum with the remaining to be paid upon day of completion. If you are using HDB conveyancing, they will keep you updated on the timelines involved after submission of resale application. Similarly if you are using a private lawyer for your conveyancing, they will also update you accordingly.

Check with your agent who should be advising you on all these matters. That is why the agent is receiving commission for.

Warmest regards,
Geryl Lim
Associate Deputy Group Director
Salesperson Registration No. R014783H
Email: geryl.lim@orangetee.com / geryl7772@gmail.com
OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
Estate Agent Licence No. L3009250K
[main] +65 6471 8888  [mob] +65 81577565  [LDA] +65 92787772 
www.geryllim.com

My self introductory video on https://www.youtube.com/watch?v=S_2NydENfx0

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Hi Seo JK,

1) You only need to pay a maximum of $4k to exercise the OTP.
2) Since you mentioned 5% cash, this means you are taking a bank loan and thus engaged a private law firm for the conveyance.
3) In a normal HDB conveyance process, you only need to pay the 5% after the sellers' law firm informs your law firm of the payee detail.
4) This is because your 5% might be paying to the sellers' CPF OA account. Thus you have to wait for your law firm's instructions on the payment.
5) Usually this payment will commence around 3 weeks before the completion.

Hope the above answer 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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