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i'm about to buy a subsale unit. it's gonna TOP in 2013 or so. Can i get progressive payment like those who bought directly from developer?
thanx! i'm very surprised that seller agent told me i may not get progressive payment. then that makes a lot of difference and buying from developer would be a better choice.
err...if you are talking about deferred payment or IAS, I can understand that these days may not be transferrable. But if its progressive payment, definitely you will take over the seller's obligations once you complete the deal. that means you continue with whatever stage they are at for progressive payment and the developer will bill you instead of the original buyer at each stage. no reason for you not to be able to pay by progressive payment.
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Originally Posted by housewife
thanx bargain hunter.Quote:
Originally Posted by bargain hunter
Subsale cannot get progressive payment???, than what kind payment must you pay??? The seller engaged an inexperienced agent, will screw up the deal.
Is it cheaper than developer?
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Originally Posted by housewife
i'm checking my own banker. won't depend on seller agent.Quote:
Originally Posted by hans
cannot be cheaper than what seller paid at developer lah. now developer selling units facing the road. dun want to wait for release of new stack dunno when. fed up with the hunting. just wanna close a deal and relax.
you are dealing with an inexperienced agent, better ask for proof on ownership.
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Originally Posted by housewife
The agent may have misunderstood you into thinking that you are asking for DPS or IAS.Quote:
Originally Posted by housewife
Be it DPS, IAS or PPS from developer, once the unit change hand in sub-sale, it will be converted to PPS accordingly to schedule.
When the seller get IAS or DPS from developer, he or she already paying extra and for any sub-sale that taken place later, the buyer will enter a new S&P with the seller and take over the obligation to the developer by PPS. A lot of agents do not like to highlight much on this to buyer, sickening.
WARNING: If the PPS is on 50% schedule, you have to fork out additional 30% to developer once you bought over and convert the seller DPS to the developer on your PPS schedule.
You should be able to get Progressive Payment for subsale. Have not heard of anyone that cannot.Quote:
Originally Posted by housewife
However, if you are talking abt Defer Payment, there is a catch. For previous properties sold with deferred payment before the Gov took it down, you will be able to get it only if the one selling you the unit is the first owner from Developer. That means yours is the first subsale after someone bought it from developer. Check and write in the developer for approval. If yrs is the 2nd subsale transaction, then you cannot get it for sure.
I heard you must top up the seller's profit by cash in subsale. Is it true?
Threadstarter must be refering to DPS (deferred payment scheme), and not Progressive Payment. AFAIK buyers of subsale units no longer enjoy DPS ~