davidbslee 1 Report post Posted December 11, 2009 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 How come 1st appt need to pay Stamp Duty? By cash? I was told can be paid by using CPF when I check with my lawyer last time. My 1st appt coming soon on the 17th Dec. Share this post Link to post Share on other sites
JustMortgage 0 Report post Posted December 11, 2009 How come 1st appt need to pay Stamp Duty? By cash? I was told can be paid by using CPF when I check with my lawyer last time. My 1st appt coming soon on the 17th Dec. Stamp Duty can be paid by CPF. Others pay Cash first and claim via reimbursement from CPF upon completion. Share this post Link to post Share on other sites
JustMortgage 0 Report post Posted December 11, 2009 Apologies for the mixup. Purchase Price 312k Valuation Price 310k COV 2k 5% = 15.5k CASH 5% = 15.5k CPF/CASH Loan from bank 90% You need to pay 15.5k + 2 K = CASH After - 5k Deposit, 12.5k CASH is outstanding CPF = 15.5k Outstanding. Was in between things when I typed that out. Share this post Link to post Share on other sites
davidbslee 1 Report post Posted December 11, 2009 (edited) Stamp Duty can be paid by CPF. Others pay Cash first and claim via reimbursement from CPF upon completion. 1) So you mean the stamp duty will auto deduct from my CPF? 2) You mean lawyer fees must paid by cash first? 3) How we claim via reimbursement? Lawyer will help us do reimbursement ? Edited December 11, 2009 by davidbslee Share this post Link to post Share on other sites
JustMortgage 0 Report post Posted December 11, 2009 1) So you mean the stamp duty will auto deduct from my CPF? 2) You mean lawyer fees must paid by cash first? 3) How we claim via reimbursement? Lawyer will help us do reimbursement ? Stamp Duty/Legal Feels can be paid by CPF. Assuming that there is a subsidy from the bank on legal fees. If you pay via cash first, lawyer will help you do reimbursement. Frankly, everything should be advised by the lawyer. =) Thats the reason for engaging one. Share this post Link to post Share on other sites
