Cpf Minimum Sum To Keep Aside?

[bepgof 20]

20k lock only for CPFIS. If MS=OA+SA+CPFIS>61.5K, can use for 2nd pty.

I read somewhere(this one not sure) Even if OA=0, but SA+CPFIS>61.5, "CAN USE SA"

If pledge against 1st pty, can use excess of 50% MS

Last one. If got 2 pty, then sell 1st pty, must put back 100% MS in CPF. Dec 2012, right ?

Many thanks to all, still catch no ball. Few days ago, log on cpf, confused about the "pledgd" stuff. Can choose to pledge against either 1st or 2nd property. I have so far did not pledge any. My real concern is:

1. After pledging(against 1st property)(have more than 61.5k used in 1st property), does it mean I can use ALL existing balance in OA to pay for 2nd property?

2. If I pledge next yr after 1/7/2011, meaning more than 61.5k, loogi right?

3. When can start pledging? Pledging is better than no pledging and pledge as early as possible to "lock" the MS seem better

4. If don't pledge, meaning that must set aside 61.5k (OA+SA+CPFIS)(actually SA already more than61.5k)the remaining balance in OA can then be use for 2nd property? Like that also loogi, wife has not as "solid" as me, so pledge now better right? The 2 pledging tables in the web quite confusing.

Look like need to send cpf an enquiry.

Edited July 29, 2010 by bepgof

[therat 18]

Strange .. I thought co broke means each party(seller/buyer) settle their own brokerage fees.

Whats the current % now 2% ?

Like that if buyer got agent, then 1+1, But if buyer walk in then 2% ? Is this correct ?

Last time, I gungho buy w/o agent. only contact bank & lawyer.

For HDB, yes.

For private , co-broke is

Seller give 1% commission to the seller agent. If buyer has an agent.

1% will be co-broke by the seller and buyer agent. What ratio, I don't know and I don't care. That is between agent and agent.

If the buyer is a walk-in customer, seller agent will take the whole 1%. No need to share to others.

should be 1-2% range.

I give my agent 1% commission. Buyer agent say 3 person share 1% too little. She want MORE.

AT that time, we realize my agent put her BF name inside too. (I guess both of them are partner, work as a team.)

I told my husband. Our commission is 1%. I don't care how they cut their cake.

If the buyer agent want more, can. Tell us how much she want more. That amount will add on to the selling price.

Ai meh

Then the buyer agent go and tell the buyer , we don't want to sell.

haha..

don't know who don't want to close the deal.

But thanks to her. I manage to get higher price 1 wk later.

[bepgof 20]

Strange .. I thought co broke means each party(seller/buyer) settle their own brokerage fees.

Whats the current % now 2% ?

Like that if buyer got agent, then 1+1, But if buyer walk in then 2% ? Is this correct ?

Last time, I gungho buy w/o agent. only contact bank & lawyer.

Bro, I hereby confirmed with you that BUYER pays no comm to any agent, whether walk in himself or by his agent, for pte resale property deal. This is the present norm, down the road till Oct 2010, should be remained the same. After that time, I think, MBT already got the answer, we're still in the dark.

Edited July 29, 2010 by bepgof

[Warrior88 0]

I give my agent 1% commission. Buyer agent say 3 person share 1% too little. She want MORE.

AT that time, we realize my agent put her BF name inside too. (I guess both of them are partner, work as a team.)

Fated one. You get a better price the next week.

So seller actually prefer walk in buyer la.

Wonder whether the new ruling the agent must co broke will affect pte pty.

Oh, you mention 3 person share, though only 2 ?

[therat 18]

Oh, you mention 3 person share, though only 2 ?

My agent put her name and her BF name as seller agent. 2

Then buyer agent come in. + 1

Then 3 lor.

Short of 1 for MJ

[Warrior88 0]

1. After pledging(against 1st property)(have more than 61.5k used in 1st property), does it mean I can use ALL existing balance in OA to pay for 2nd property?

2. If I pledge next yr after 1/7/2011, meaning more than 61.5k, loogi right?

3. When can start pledging? Pledging is better than no pledging and pledge as early as possible to "lock" the MS seem better

4. If don't pledge, meaning that must set aside 61.5k (OA+SA+CPFIS)(actually SA already more than61.5k)the remaining balance in OA can then be use for 2nd property? Like that also loogi, wife has not as "solid" as me, so pledge now better right? The 2 pledging tables in the web quite confusing.

Look like need to send cpf an enquiry.

Pledging is not a submission, neither is this pledge amount lock. It is use to determine the amt of cpf you can use at the point of transaction. Afterwhich, you still have to follow the yearly adj amt.

You cannot pledge if there is no transaction. If can, everybody pledge now liao

Downpayment/mthly installment not neccessary 50/50, can be 99/1. If wife<50% MS, she can use cash $1. The rest use yours(you strong ma)can turn around 10% every mth.

20k is lock in OA, this 20k can use for home, but cannot for CPFIS. since your SA already>61.5k.

Can use all until zero. Since you not interested in the additional 1%.

If OA=zero, can also use SA if house bought before 1/10/2003. I can le:) for excess of 50%MS in Sa

See next post.

[Warrior88 0]

Q: What are the conditions for me to use the savings in my Special Account to pay my monthly housing payments?

A: From November 2003, you can use your Special Account savings for monthly housing payments, provided you meet the following conditions:

Your property is bought before 1 October 2003;

You are eligible to use your CPF savings to pay your monthly housing payments under the rules of the PHS/RPS/NRPS;

Your Ordinary Account contribution is insufficient to meet the monthly housing payments; and

The balance in your Ordinary Account has been depleted.

[Warrior88 0]

My agent put her name and her BF name as seller agent. 2

Then buyer agent come in. + 1

Then 3 lor.

Short of 1 for MJ

Wow, next time I also bring all my GF

You siao siao, not scare MJ comes with his thriller gang.

[random_username 0]

Downpayment/mthly installment not neccessary 50/50, can be 99/1. If wife<50% MS, she can use cash $1. The rest use yours(you strong ma)can turn around 10% every mth.

really literally $1? no minimum amount, or in multiples of $10, etc, that kind of thing?

General question:

Does it make sense to try to max out whatever allowable cpf payment for each property purchase? If so, what circumstances would merit not maxing it out each time?

Thanks!

Edited July 29, 2010 by random_username

[therat 18]

Wow, next time I also bring all my GF

You siao siao, not scare MJ comes with his thriller gang.

don't scare me.

My MJ is refer to Mahjong.. not that MJ

[Warrior88 0]

Hi therat,

Wanna share my experience of my pte purchase. That time cash rich after selling hdb, "gong gong" wife says, buy condo, enjoy for 3 years la. So chiong to buy. Saw this FH apt (night viewing) 1 time only. At that time, market was around $750k~$770k. So I quote ridiculous offer $620k. Hongkees seller trun around and counter $628k... I was shock. Didn't even bring cheque book, cos I had sign otp for another apt liao, exercising the next day. So, no choice, wife drive back to take cheque.

ERA then gave me stack of paper for me to sign. I told him, I must read them first.

Wah... he get angry...says if don't sign no deal. (I worry must pay him comms doc)

So, I call my lawyer(at night, paiseh) Lawyer says if std agreement, can sign.

Wah.. agent angry liao, call seller to room. Some commotion in side, some phone calls. It was like 5 mins before they appear again. Seller steady poon pee pee, tell me he had commit to me at $628K, doesn't make a difference previous viewer offer now $630. Seller also angry why previous viewer now then offer. Actually previous viewer still downstairs.

Later, I figure that the previous viewer got buyer agent same as ERA. Maybe, both of them got better comm

Finally, I loss like $6000+ for OTP expiry, but gain a FH house at $480/sq ft

[Warrior88 0]

really literally $1? no minimum amount, or in multiples of $10, etc, that kind of thing?

General question:

Does it make sense to try to max out whatever allowable cpf payment for each property purchase? If so, what circumstances would merit not maxing it out each time?

Thanks!

Yes, We were at the lawyer office. Lawyer ask"So how, what % for both of you"

Very sensitive question le. (Don't put me in a spot)

I jokingly says"I no money, use all hers"

Lawyer says, cannot, at least put $1, as a co-owner.

Your general question is quite lengthy to discuss. To each individual, I had other plans of using my cpf besides home loan.

[random_username 0]

Hi therat,

Wanna share my experience of my pte purchase. That time cash rich after selling hdb, "gong gong" wife says, buy condo, enjoy for 3 years la. So chiong to buy. Saw this FH apt (night viewing) 1 time only. At that time, market was around $750k~$770k. So I quote ridiculous offer $620k. Hongkees seller trun around and counter $628k... I was shock. Didn't even bring cheque book, cos I had sign otp for another apt liao, exercising the next day. So, no choice, wife drive back to take cheque.

ERA then gave me stack of paper for me to sign. I told him, I must read them first.

Wah... he get angry...says if don't sign no deal. (I worry must pay him comms doc)

So, I call my lawyer(at night, paiseh) Lawyer says if std agreement, can sign.

Wah.. agent angry liao, call seller to room. Some commotion in side, some phone calls. It was like 5 mins before they appear again. Seller steady poon pee pee, tell me he had commit to me at $628K, doesn't make a difference previous viewer offer now $630. Seller also angry why previous viewer now then offer. Actually previous viewer still downstairs.

Later, I figure that the previous viewer got buyer agent same as ERA. Maybe, both of them got better comm

Finally, I loss like $6000+ for OTP expiry, but gain a FH house at $480/sq ft

heh, nice experience leh. which year was this and where located? (district)

well, on the issue of not maxing out cpf, would you be able to share just some salient experiences? it seems like it's quite common to max out, though i prefer to always retain some sort of buffer somewhere (i just don't feel good when any of our accounts go below a certain figure) and i wonder if i'm missing out.

[therat 18]

really literally $1? no minimum amount, or in multiples of $10, etc, that kind of thing?

The min amount must be in dollars. $1 also can.

I did that before.

Basically just to have the CPF link up.

Or else, later you want to use CPF, need to get lawyer again.

[random_username 0]

The min amount must be in dollars. $1 also can.

I did that before.

Basically just to have the CPF link up.

Or else, later you want to use CPF, need to get lawyer again.

ic, thanks.

hang on, just to clarify:

minimum sum to be maintained in CPF - this minimum sum must be shared 50-50 or not?

whereas, CPF contribution to the purchase (distinct from minimum sum to be maintained in CPF), can be any proportion, so long is $1, right?

Edited July 29, 2010 by random_username