springsummer

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Bought 3-RM TPY @ $30K COV in Aug 09 (OTP), High floor, original condition.

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No need but you must have enough funds (cash / cpf / both) to pay the initial payments required to purchase your new flat & to go thru' with selling of your current flat. My buying 1st appt is on 20 Oct, my selling is on 16 Nov. My buying completion is on 7 Dec, my selling will be on 5 Jan. I'll get my cash proceeds from selling of my current flat on 8 Jan (estimated) I'll get my CPF refunds from selling of my current flat on 14 Jan (estimated) What i have to pay for my buying before i get my sales proceeds & cpf refunds: (1) $5K OTP (cash) --> pay during exercise of option (2) Stamp duties --> pay on 1st appointment (2) COV (cash) --> 2wks before completion (3) Legal Fees about $2k - $2.5K (can be cash or cpf or mixed) --> 2wks before completion (4) 5% Cash Portion (must be cash) --> 2wks before completion (6) Remaining 15% of Cash & CPF (can be cash or cpf or mixed) --> 2wks before completion (7) Bridging Loan for my CPF refunds up to 14 Jan (8) Agent fees (cash) --> on completion (9) Renovation cost (cash) --> ?? (10) 1st month housing loan instalment (cash or cpf) --> after completion before getting cpf refunds What i have to pay for my selling before i get my sales proceeds & cpf refunds: (1) Legal fees about $1.1K (cash) --> before completion (2) Agent fees (cash) --> on completion (3) SC&C apportionment (cash) --> before completion (4) Property tax apportionment (cash) --> before completion

Example: Purchase price = $310k valuation + $30k COV Bank loan is 90% (1) OTP, pay $5k (2) On 1st appt, pay Stamp Duty (3) About 2wks before Completion, pay: $25K (cash, remaining COV, $30k-$5k) 5% of valuation price = $15.5K (must be in cash) Legal Fees = $2.0K - $2.5K (cash; can also use CPF) 5% of valuation price = $15.5K (cash / cpf / cash + cpf) --> the $25K must be in cash --> $15.5K must be in cash --> legal fees can be in cash/cpf ---> another $15.5k can be in cash/cpf/cash+cpf

Should be able to negotiate to pay him closer to the completion date or on the completion date. If really unlucky, the seller can back off last minute as the flat is still legally theirs before completion date. In anycase, the cheque is still with you so the agent cannot do anything if you want to pay him on the completion date. He has to "so-called" oblige to your request now because you've gone thru' 1st appt & you've known the seller. It's him who'll be worried not getting paid. Anyway, try to ask nicely to pay him on the completion. If he's really a nutcase, then act tough and say he's not getting paid before the deal is completely done. If not wrong, there's a clause in the agent's agreement that if the sales is cancelled & it's not our fault, the agent will have to give us back the commission paid. But, it'll be difficult lar to get our $$ back once it's paid.

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Thanks Jonana !

Are you getting a lawyer? If yes, this is my payment schedule: (1) Stamp Duty ==> on 1st appointment date; pay to the law firm (2) Remaining COV = Total COV - $5K OTP (3) Legal Fees (4) 5% of Valuation Price (must be in cash) (5) The rest of 5% of Valuation Price (if you take 90% bank loan, can be in cash or cpf or cash + cpf) ** If you take 80% bank loan, then item #5 will be "the rest of 15% of valuation price" Item #2 - #5 Cash Portion: about 2 weeks before the scheduled completion date. The law firm will send you a letter about 1 month before the completion to give you the date. Cheque can be mailed, but i prefer to drop it off personally so that i can get the photo-copy of the cheque that i submitted. Alternatively, you can give them a post-dated cheque on the 1st appointment, so you don't need to go there again. Item #5 CPF Portion: CPF Board will deduct funds from your CPF OA acct about 1 week before the scheduled completion date. The law firm will send you a letter about 1 mth before the completion date based on your instruction on how much to withdraw from each account. (6) Agent Fees ==> The agency will send you an invoice within 1 week after the Resale Approval is out. HDB approves the resale within 1 week after 1st appointment. When you pay the agent, it depends on your agreement with the agent. For me, i paid my agent about 1.5 weeks before the completion. Some ppl advise to pay the agent on the completion date. It's up to you.

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