Hi Mr. S,
1) The fact is you should run an asset financial analysis even before you dash out to buy a property.
2) After paying the 1%, you should look for a banker.
3) Banker will conduct a valuation (cost covered by buyer) to determine the LTV.
4) Banker will also conduct a TDSR assessment based on your active income to determine what is your max loan to LTV.
5) Once (3) & (4) are covered, the banker will issue a LOO (Letter Of Offer) to you and recommend a lawyer to assist you in the conveyance process.
6) Usually you have up to 14 days (including weekends and public holidays) from the issue of OTP to exercise the OTP.
7) Do note the bank will need at least 5 working days to provide a LOO.
8) Valuation might take up to 3~5 working days.
9) So your time is very tight after OTP is issued.
10) It is advisable to understand and know the market well so as you are not taken by surprise when you couldn't get the loan you need.
11) Before offering for an OTP, it is best you already identify which bank to approach and received an IPA. Note that IPA is only valid for 5~7 days depends on the bank.
12) It is helpful if you already identify the lawyer that is on the bank's panel. All these can shorten your wait-out time.
13) Last if you didn't exercise on time. The seller can confiscate your deposit and sell it to the next buyer.
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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