Here i would like to share with all on the different stages of payment for a resale transaction. It is definitely less complicated than staggered payments of a new launch condo.
-Present Offer to Purchase in exchange for an Option
-Both Buyer & Seller : Engagement of Solicitors
-Buyer : Selection of Mortgage Loan
1% Booking Fee
Within 2-3 weeks from Day 1
Buyer to exercise Option & sign Sales & Purchase at solicitor's law firm
4% Exercise Fee
Within 2 weeks from
Exercising Option
Buyer to pay Stamp Duty (and ABSD if Any) Using Cash Only
If Property Purchase >1 million then BSD (4% - $15,400) + ABSD
If Property Purchase <1 million then BSD BSD (3% - $5,400) + ABSD
Within 8-12 weeks
from exercising Option
Completion of Sales & Purchase at Law Firm
-For Seller to decides how long from Exercise to Completion date (8-12 Weeks), usually it is dependent on Bank Loan redemption (Some bank require 3 Months advance notice else they will impose a penalty)
Remaining Payment
(Cash/CPF/Bank Loan)
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