Get all your Private Resale Condo Question Answer Over here
Processes
Questions : Can I request to rent back the unit after Sales ?
Answer : Yes, Can issued a Tenancy Agreement together with the option (Can also add in the additional Clause into the Option but do check with your seller lawyer) and get the buyer to state in their Offer to Purchase. Here is the Sample Clause “Purchasers are to lease the property state in this “Option to Purchase” for a period of 6 months at $X per month upon completion of this transaction. The Vendor will then have an option to terminate this tenancy giving 1-month notice to the purchaser with a minimum occupation period of 3 months.”
Loan
Questions : What is a Bridging Loan ?
Answer : A Bridging Loan is a short-term loan that you can take from the bank to “Bridge” the gap between “the time you need to pay the downpayment for your new property” and “when you receive the sales proceeds from your previous property.”
Questions : Can i get a Bridging Loan such that i can buy a Private condo first then slowly sell my current Private Condo ?
Answer : Usually will be No as For Bank to provide bridging loan, they would need you to have an exercised option for the sale of your old property. Thus, Bridging loan usually applies to case where you have long Selling Completion Timeline (Enbloc Sales) or Short Buying Completion Timeline (Auction Purchased)
