Procedure in buying a condo from sub-sale
hi all, i'm new to all these property talks and would like some advice from the experts here :o
i'm thinking of buying a property for my own stay and would like to know what are the procedures of getting from sub-sale market:confused:
i've narrowed down to a couple of properties and one of the agents told me that i need to give him a cheque of 1% value of the property:( i saw the ad that this agent put up on the papers and didn't engage his service so do i still have to pay for the 1%?:confused:
please advise.
recently bot the unit so will be able to answer ur queries
1. should i first find out how much loan i can get from the bank or should i find a unit which i'm interested and then ask for the bank loan:confused:
Ideally yes, please get in-principal approval from the bank for the loan amount that you are looking for. Go for a high qunatum of loan even though you take less than that.
2. do buyers normally ask for the bank's valuation of the property first before paying for the option-to-purchase:beats-me-man:
You should ask the bank to do valuation for you before giving 1%. These days it is too risky.
3. how much (rough estimation) is the miscellaneous costs (e.g. legal fees, stamp duty) that i need to take into consideration (assuming that the bank doesn't subsidize)? :confused:
Legal fee will be between 2000 to 2500. This will be subisidized by your bank. Stamp duty is around 3% plus there is 5k or so discount.
4. how long does it take, say from having the option-to-purchase, to ownership transfer of the property?
8 weeks. from the day of exercising the option.