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Hi, I understand that I can utilize my CPF for the stamp duty payment, but according to CPF board they required a lawyer to write in to request the release of fund. So in this case, the lawyer is the one that appointed by my bank right? Can I request the lawyer to write in before I sign my OTP so that after 2 weeks of signing, CPF could release the fund and I need not have to pay upfront 1st; and reinburse later. Experts please advice...thanks. :)
completion takes 8 weeks ... so you have ample time ...Quote:
Originally Posted by sushi
so far i have not used cash ..not once
my personal experience & also what every agent has told me so far is that I come up with the stamp fees upfront. then my lawyer will write to CPF board to release the funds to reimburse me. the lawyer is the one acting for u wrt executing your S&P etc. if u are taking a loan, usually u will take the lawyer appointed by the bank coz the legal fees are fully subsidised. u can opt to use your own lawyer instead but the legal fees will be subsidised up to a certain amount only.Quote:
Originally Posted by sushi
Not before OTP is signed.
I did the same thing too. Foot the bill first and lawyer will write to CPF to reimburse me. But make it known to the lawyer early. Read somewhere someone didn't inform prior and had to pay legal fee for the 'extra' work.
Quote:
Originally Posted by KarenK
Hi, seem like most people here pay the stamp duty upfront first then reimburse later. May I know how you do it without taking out $ upfront? : )Quote:
Originally Posted by proud owner
To all, thanks for the prompt replies. Will try to talk to the bank's lawyer to have a better picture to see how I can do it without taking out cash upfront...$ in FD la...:p
Please let us know once you manage to check with your lawyer ya.. am in the same predicament. $ in FD.... was told by my lawyer that i hv got to pay with cash upfront
mine was in FD which I liquidated to pay the stamp fees first. not much significant loss in terms of FD interest since I just renewed them in June and bank FD rates are so low these days.....
Borrow from loansharks. It is the "in" thing now. And the loansharks also provide free services such as to help you paint your front door. Where to find...Quote:
Originally Posted by meeth18
Check with my lawyer, she says die die must pay with cash upfront and CPF will only reimburse after completion.... guess you still have to withdraw your FD afterall... :tsk-tsk::banghead:....:DQuote:
Originally Posted by sushi
Is this applicable for resale properties too? I mean the cash upfront, then reimbursement from CPF.
Yes. Even half/half won't work. Eg. CPF only got enough to pay half, and you need to wait for proceeds from current sale of your apt to foot the other half and want CPF to reimburse you the remaining half after completion date of your sale.Quote:
Originally Posted by xixdiy
In other words, CPF will reimburse you the full amount on your purchase completion date (provided you have sufficient funds in CPF) if you have use cash to settle the stamp duty earlier.
Die die have to come out with the 5% downpayment first in cash. But stamp fees you can pay wholly upon completion (usually 1 week before completion) with CPF. Your lawyer will settle with CPF lawyer (Aptus?).