Commission For Private Apartment Purchase

[sepultura 0]

 Hi folks, what are the expenses one incurs during the purchase of a private condo? How much do you pay for stamp duty / registration? What about the agent fee? Is this usually negotiable? 

Edited September 16, 2009 by sepultura

[JustMortgage 0]

Typically the buyer do not pay the commission. The agent will charge the seller between 1%-2%.

If the agent co-brokes with another agent who represents the seller. The agent makes an average of 0.5%.

That is in the case of the private secondary market.

A simple calculation of Stamp Duty would be 3% of the purchase price - $5400.

What do you mean by agent fee??

[therat 18]

Generally buyer of private property don't pay agent fee

don't bother abt the agent fee. simi co-brokes la, simi simi.. not your concern.

Pay

1. lawyer fee

2. Stamp fee

3. mortgage fee

what is registration?

[sepultura 0]

What is mortgage fee? Is it different from the procedure you follow when signing up for a regular HDB mortgage at a bank ? 

Sorry, dunno about registration fee, it was just something I heard getting tossed around in the conversation.

Generally buyer of private property don't pay agent fee

don't bother abt the agent fee. simi co-brokes la, simi simi.. not your concern.

Pay

1. lawyer fee

2. Stamp fee

3. mortgage fee

what is registration?

[JustMortgage 0]

What is mortgage fee? Is it different from the procedure you follow when signing up for a regular HDB mortgage at a bank ? 

Sorry, dunno about registration fee, it was just something I heard getting tossed around in the conversation.

Legal fees might include

-registration fee (not all lawyers charge this)

-GST might be inclusive or exclusive

-Mortgage Stamp Fee (Average $500)

-CPF Charge (Up to $500)

A lawyer might be able to give you an "all-in" fee that includes everything for e.g. $2300 nett or $2500 nett..

When you sign up a mortgage at the bank, the procedures are typically similar for all banks/financial institutions.