Payments In A Resale Transaction.

[Warrior88 0]

Correct info from Website should be.. Jgal.... must post the front also la...

Process your application to withdraw your CPF savings for the purchase. Only applicable if buyer is represented by HDB HDB will set aside from his CPF Ordinary Account for the payment of the stamp and legal fees (about 1%-3% of the selling price of the flat) and the Home Protection Insurance (if any). Thereafter, the balance in the CPF Ordinary Account will be fully utilised towards payment of the purchase price, subject to a ceiling set by the market valuation ie. CPF can only be used up to the market valuation or purchase price whichever is the lower.

Determine the amount of cash that you need to pay within 10 days from the date of the first appointment, if any

Cash payment is required when the purchase price is above the market valuation or when the loan granted (with credit assessment) and the CPF usable for the purchase are insufficient to cover the purchase price. If the cash payment required is more than 10% of the purchase price, you are only required to pay 10% within 10 days from the First Appointment date. The balance must be paid on the resale completion. If the cash payment required is less than 10%, this amount must be paid within the 10 days period.

The balance cash payment to be paid on resale completion must be in cash or cashier's order.

[Jgal 0]

Correct info from Website should be.. Jgal.... must post the front also la...

Process your application to withdraw your CPF savings for the purchase. Only applicable if buyer is represented by HDB HDB will set aside from his CPF Ordinary Account for the payment of the stamp and legal fees (about 1%-3% of the selling price of the flat) and the Home Protection Insurance (if any). Thereafter, the balance in the CPF Ordinary Account will be fully utilised towards payment of the purchase price, subject to a ceiling set by the market valuation ie. CPF can only be used up to the market valuation or purchase price whichever is the lower.

Determine the amount of cash that you need to pay within 10 days from the date of the first appointment, if any

Cash payment is required when the purchase price is above the market valuation or when the loan granted (with credit assessment) and the CPF usable for the purchase are insufficient to cover the purchase price. If the cash payment required is more than 10% of the purchase price, you are only required to pay 10% within 10 days from the First Appointment date. The balance must be paid on the resale completion. If the cash payment required is less than 10%, this amount must be paid within the 10 days period.

The balance cash payment to be paid on resale completion must be in cash or cashier's order.

Wah.. if buyer takes hdb loan have different rules from buyer taking bank rules.. then why can i set my own rules , with the help of an lawyer in the transaction ? I hope to at least see the 10% before the 2nd appointment.

Every buy/sell there is always risk involved. U need to be prepared for all kinds of unforesee situation that result to fail deal. Take for example, if u buy already, but selling failed then u need to see if u can finance two property at the same time. Can always write to HDB to extend you selling so long u can prove that u r marketing your unit. So no need to lelong your flat.

That was what happened to my elder brother, financing 2 hdb units for 5 months before selling the old one.

2 hdb is simpler than holding to 1 pty.. cos' pty seller esp developer has all kind of clauses.. delay payment abit means.. alot of incurred interest.

Edited August 16, 2010 by Jgal

[bepgof 20]

.. then why can i set my own rules

Can, be a ruler first.

Edited August 16, 2010 by bepgof

[Warrior88 0]

That 10%, If I am not wrong will be kept by HDB, will be use to offset against buyer cash 2 wks before completion.

Also, base on yr cal, buyer use cash 157 ? strange.

COV = 100k, cash confirm. But if buyer use HDB loan or get grant to offset 5% DP.

Max only 100K.

If buyer cannot fork out this cash in time, due to timing, he may opt for bank loan.

Buyer take hdb/bank loan, seller cannot interfere.

[Warrior88 0]

Here you go, HDB will hold the sale proceeds as stakeholder pending completion of sales.

Seller not allow to collect > $5,000

Read Clause 7.2

http://www101.hdb.gov.sg/hdbvsf/eampuadp.n...s+of+Resale.pdf

By the way, give your buyer a break la, pay you 100k COV, you still want interest.

If you think buyer back out, they also worry seller back out. Then they have no place to stay

[delirious_jeff 0]

Wah.. if buyer takes hdb loan have different rules from buyer taking bank rules.. then why can i set my own rules , with the help of an lawyer in the transaction ? I hope to at least see the 10% before the 2nd appointment.

2 hdb is simpler than holding to 1 pty.. cos' pty seller esp developer has all kind of clauses.. delay payment abit means.. alot of incurred interest.

When we buys a HDB, we only buying over the lease of the small piece of concrete in the air. HDB owners dont even own the land that the building is built on. The land belongs to the HDB.

So, HDB get to set the rules. Not us. We just play by the rules...

It would be interesting to see what happens when the lease expires and HDB takes back those places, should be able see this our lifetime.

Edited August 16, 2010 by delirious_jeff

[Warrior88 0]

When we buys a HDB, we only buying over the lease of the small piece of concrete in the air. HDB owners dont even own the land that the building is built on. The land belongs to the HDB.

So, HDB get to set the rules. Not us. We just play by the rules...

It would be interesting to see what happens when the lease expires and HDB takes back those places, should be able see this our lifetime.

The building that HDB built do not belong to HDB, HDB lease them from SLA, they are state land.

For Private, land also lease from MND(URA). HDB only take care to building developement.

SLA profits goes to President (SR Nathan)reserves. URA goes to govt or Tembusu Holdings ot GLC.

[delirious_jeff 0]

The building that HDB built do not belong to HDB, HDB lease them from SLA, they are state land.

For Private, land also lease from MND(URA). HDB only take care to building developement.

SLA profits goes to President (SR Nathan)reserves. URA goes to govt or Tembusu Holdings ot GLC.

Got money... better buy freehold and not those less-than 100 yr lease type of housing.

[bepgof 20]

Got money... better buy freehold and not those less-than 100 yr lease type of housing.

My wife's raises 2 hands & 2 legs supporting yr view.

Edited August 16, 2010 by bepgof

[Jgal 0]

My wife's raises 2 hands & 2 legs supporting yr view.

ha ha ha .. same here but need to see if can cross this hurdle to sell our flat at the good price!

anyway. i think i better get a good selling agent for myself, 2% cannot save,.. to advise the buyer properly.. later buyer underestimate the cash at hand he needs to have.. then i will get into alot of unnecessary trouble.

Edited August 16, 2010 by Jgal

[delirious_jeff 0]

ha ha ha .. same here but need to see if can cross this hurdle to sell our flat at the good price!

anyway. i think i better get a good selling agent for myself, 2% cannot save,.. to advise the buyer properly.. later buyer underestimate the cash at hand he needs to have.. then i will get into alot of unnecessary trouble.

I beg to differ. HDB help and advice is just a phone-call or email away.

In any case, if buyer screws up, seller gets to keep the option fee. SPR/FT wont screw up cos they are financially savvy folks, wouldn't have qualified to work here if they aren't. (My SPR colleague and his wife didnt even take loan to buy his HDB flat.)

[Jgal 0]

I beg to differ. HDB help and advice is just a phone-call or email away.

In any case, if buyer screws up, seller gets to keep the option fee. SPR/FT wont screw up cos they are financially savvy folks, wouldn't have qualified to work here if they aren't. (My SPR colleague and his wife didnt even take loan to buy his HDB flat.)

But hor hdb officers give diff advise diff advise each time. Some blur blur one i just hope i meet a good buyer as you mentioned lor i rather have a smooth smooth transaction than 5k. :|

[Warrior88 0]

My wife's raises 2 hands & 2 legs supporting yr view.

That's why I am keeping mine til 2015, see what happens then

[delirious_jeff 0]

One word of advice... (something I learnt myself)

If you intend to sell your own HDB by yourself, get another mobile number and use that number for this purpose only. When you put up a newspaper ad, make that looks like one that an agent would put up, e.g. end the ad with "OT" or "ERA" or "PN".

Once you put that ad, many many many agents will call you.

[bepgof 20]

That's why I am keeping mine til 2015, see what happens then

Can share share yr special recipe abt this 2015, why not 2014.....don't tell me curry leavessss not ready.

Edited August 17, 2010 by bepgof