Hi Guys,
Below is my understanding... please correct me if I'm wrong
Purchase of private property
1% to purchase the option
4% to exercise the option
3% - 5,400 for Stamp duty (must be done within 14 days of exercising the option)
Now my question is this... when do we pay the remaing 15% of the downpayment to the seller? Is it 1 month or 2 weeks before the completion date? My impression was that it will be 2 weeks before the completion date and the 15% will be disbursed to the lawyer together with the 80% of the transacted price. But one of the bankers I approached said it is 1 month before completion.