Selling Off My Hdb And Buying Another Resale Flat

[leo_aries 0]

Hi Guys, I am intending to sell my 4 Rm HDB and then buy another small unit like a 3 Rm HDB.

As I be requesting for my buyer to let me stay over for a few months, I have to quickly get a flat. I intending to get only 100k loan from bank, and the rest pay using my CPF proceed and cash proceed.

My problem is do I have to wait for CPF proceed to comes into my OA before I attend the 1st appointment of my 3 Rm unit? and how long does CPF proceed takes to come in? some pple tell me have to wait for 3 weeks for CPF proceeds to goes into my OA.

Need help.

[springsummer 0]

Hi Guys, I am intending to sell my 4 Rm HDB and then buy another small unit like a 3 Rm HDB.

As I be requesting for my buyer to let me stay over for a few months, I have to quickly get a flat. I intending to get only 100k loan from bank, and the rest pay using my CPF proceed and cash proceed.

My problem is do I have to wait for CPF proceed to comes into my OA before I attend the 1st appointment of my 3 Rm unit? and how long does CPF proceed takes to come in? some pple tell me have to wait for 3 weeks for CPF proceeds to goes into my OA.

Need help.

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

Edited December 9, 2009 by springsummer