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Thread: Procedure in buying a condo from sub-sale

  1. #1
    Join Date
    Mar 2009
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    9

    Default 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

    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

    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%?

    please advise.

  2. #2
    Join Date
    Nov 2008
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    211

    Default

    for my understanding

    buyer no need to pay commission

  3. #3
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    Nov 2008
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    559

    Default

    Quote Originally Posted by aiya
    hi all, i'm new to all these property talks and would like some advice from the experts here

    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

    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%?

    please advise.
    Make an appointment with him at punggol and ask him to fly kite there.

  4. #4
    Join Date
    Mar 2009
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    Default

    thanks guys...

    in that case, may i know what is the procedure to buy a unit from sub-sale market? few questions i have in mind are:

    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

    2. do buyers normally ask for the bank's valuation of the property first before paying for the option-to-purchase

    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)?

    4. how long does it take, say from having the option-to-purchase, to ownership transfer of the property?

    pai seh... so many questions cuz i really know nothing when it comes to buying property...

  5. #5
    Join Date
    Jan 2009
    Posts
    4

    Default 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

    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

    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)?


    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.

  6. #6
    Join Date
    Nov 2008
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    103

    Default

    Quote Originally Posted by ambvin
    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

    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

    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)?


    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.
    i'm sure this will help alot of people ... me included. thank you.

    query - payment breakdown ...

    first 1% must be in cash
    next 4% must also be in cash
    next 15% can be in cash or cpf or a combination
    stamp duty and/or lawyer fees can be in cash or cpf or a combination
    remainder from bank loan, cash or cpf or a combination

    is the abovementioned scheme true for both sub-sale and re-sale?

  7. #7
    Join Date
    Nov 2008
    Posts
    211

    Default

    Quote Originally Posted by x11
    i'm sure this will help alot of people ... me included. thank you.

    query - payment breakdown ...

    first 1% must be in cash
    next 4% must also be in cash
    next 15% can be in cash or cpf or a combination
    stamp duty and/or lawyer fees can be in cash or cpf or a combination
    remainder from bank loan, cash or cpf or a combination

    is the abovementioned scheme true for both sub-sale and re-sale?
    yes
    across all board

  8. #8
    Join Date
    Nov 2008
    Posts
    103

    Default

    Quote Originally Posted by Acer
    yes
    across all board
    thank you

  9. #9
    Join Date
    Mar 2009
    Posts
    9

    Default

    Quote Originally Posted by ambvin
    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

    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

    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)?


    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.
    thanks ambvin!

    btw, by "high quantum of loan", do you mean the maximum amount that the bank is willing to lend?

    thanks once again...

  10. #10
    Join Date
    Mar 2009
    Posts
    9

    Default

    Quote Originally Posted by x11
    i'm sure this will help alot of people ... me included. thank you.

    query - payment breakdown ...

    first 1% must be in cash
    next 4% must also be in cash
    next 15% can be in cash or cpf or a combination
    stamp duty and/or lawyer fees can be in cash or cpf or a combination
    remainder from bank loan, cash or cpf or a combination

    is the abovementioned scheme true for both sub-sale and re-sale?
    thanks x11! this is really useful information!!

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