When To Pay The Remaining 15% Dp?

[altivo 0]

Hi Guys,

Below is my understanding... please correct me if I'm wrong

Purchase of private property

1% to purchase the option

4% to exercise the option

3% - 5,400 for Stamp duty (must be done within 14 days of exercising the option)

Now my question is this... when do we pay the remaing 15% of the downpayment to the seller? Is it 1 month or 2 weeks before the completion date? My impression was that it will be 2 weeks before the completion date and the 15% will be disbursed to the lawyer together with the 80% of the transacted price. But one of the bankers I approached said it is 1 month before completion.

Edited April 7, 2011 by altivo

[yoongf 11]

Balance 15% on completion date.

It is law firm kiasu scare u boo boo CO so impose on u big lead time to come up with the 15%

If u can assure him u **** steady.. then just say all meet at completion location.. u bring CO, bank bring CO.

[bepgof 20]

1. LTV = 80% with no current mortgage loan, 70% with one current mortgage loan, 60% with more than 1 current mortage loans.

2. The 15% can use cpf. Cpf usually takes 14 working days to be effective. As long as the money can reach seller's laywer a working day before completion is ok.

3. For cash, yoongf is correct.

Edited April 7, 2011 by bepgof

[random_username 0]

1. LTV = 80% with no current mortgage loan, 70% with one current mortgage loan, 60% with more than 1 current mortage loans.

2. The 15% can use cpf. Cpf usually takes 14 working days to be effective. As long as the money can reach seller's laywer a working day before completion is ok.

3. For cash, yoongf is correct.

i thought it's either 80% (no concurrent mortgage) or 60% now (with concurrent mortgage), no longer any 70%???

[bepgof 20]

Oops! ya, only either 80% or 60% for individual entity, no more 70%.

i thought it's either 80% (no concurrent mortgage) or 60% now (with concurrent mortgage), no longer any 70%???

Edited April 7, 2011 by bepgof

[altivo 0]

thanks guys... yeah. Called up several banks this morning and they concur with what you guys said. Thanks!