Procedure in buying a condo from sub-sale

[aiya]

hi all, i'm new to all these property talks and would like some advice from the experts here :o

i'm thinking of buying a property for my own stay and would like to know what are the procedures of getting from sub-sale market:confused:

i've narrowed down to a couple of properties and one of the agents told me that i need to give him a cheque of 1% value of the property:( i saw the ad that this agent put up on the papers and didn't engage his service so do i still have to pay for the 1%?:confused:

please advise.

[Acer]

for my understanding

buyer no need to pay commission

[isaaclim]

hi all, i'm new to all these property talks and would like some advice from the experts here :o

i'm thinking of buying a property for my own stay and would like to know what are the procedures of getting from sub-sale market:confused:

i've narrowed down to a couple of properties and one of the agents told me that i need to give him a cheque of 1% value of the property:( i saw the ad that this agent put up on the papers and didn't engage his service so do i still have to pay for the 1%?:confused:

please advise.

Make an appointment with him at punggol and ask him to fly kite there.

[aiya]

thanks guys... :)

in that case, may i know what is the procedure to buy a unit from sub-sale market? :o few questions i have in mind are:

1. should i first find out how much loan i can get from the bank or should i find a unit which i'm interested and then ask for the bank loan:confused:

2. do buyers normally ask for the bank's valuation of the property first before paying for the option-to-purchase:beats-me-man:

3. how much (rough estimation) is the miscellaneous costs (e.g. legal fees, stamp duty) that i need to take into consideration (assuming that the bank doesn't subsidize)? :confused:

4. how long does it take, say from having the option-to-purchase, to ownership transfer of the property?

pai seh... so many questions cuz i really know nothing when it comes to buying property... :ashamed1:

[ambvin]

1. should i first find out how much loan i can get from the bank or should i find a unit which i'm interested and then ask for the bank loan:confused:

Ideally yes, please get in-principal approval from the bank for the loan amount that you are looking for. Go for a high qunatum of loan even though you take less than that.

2. do buyers normally ask for the bank's valuation of the property first before paying for the option-to-purchase:beats-me-man:

You should ask the bank to do valuation for you before giving 1%. These days it is too risky.

3. how much (rough estimation) is the miscellaneous costs (e.g. legal fees, stamp duty) that i need to take into consideration (assuming that the bank doesn't subsidize)? :confused:


Legal fee will be between 2000 to 2500. This will be subisidized by your bank. Stamp duty is around 3% plus there is 5k or so discount.

4. how long does it take, say from having the option-to-purchase, to ownership transfer of the property?


8 weeks. from the day of exercising the option.

[x11]

1. should i first find out how much loan i can get from the bank or should i find a unit which i'm interested and then ask for the bank loan:confused:

Ideally yes, please get in-principal approval from the bank for the loan amount that you are looking for. Go for a high qunatum of loan even though you take less than that.

2. do buyers normally ask for the bank's valuation of the property first before paying for the option-to-purchase:beats-me-man:

You should ask the bank to do valuation for you before giving 1%. These days it is too risky.

3. how much (rough estimation) is the miscellaneous costs (e.g. legal fees, stamp duty) that i need to take into consideration (assuming that the bank doesn't subsidize)? :confused:


Legal fee will be between 2000 to 2500. This will be subisidized by your bank. Stamp duty is around 3% plus there is 5k or so discount.

4. how long does it take, say from having the option-to-purchase, to ownership transfer of the property?


8 weeks. from the day of exercising the option.

i'm sure this will help alot of people ... me included. thank you.

query - payment breakdown ...

first 1% must be in cash
next 4% must also be in cash
next 15% can be in cash or cpf or a combination
stamp duty and/or lawyer fees can be in cash or cpf or a combination
remainder from bank loan, cash or cpf or a combination

is the abovementioned scheme true for both sub-sale and re-sale?

[Acer]

i'm sure this will help alot of people ... me included. thank you.

query - payment breakdown ...

first 1% must be in cash
next 4% must also be in cash
next 15% can be in cash or cpf or a combination
stamp duty and/or lawyer fees can be in cash or cpf or a combination
remainder from bank loan, cash or cpf or a combination

is the abovementioned scheme true for both sub-sale and re-sale?

yes
across all board

[x11]

yes
across all board

thank you :)

[aiya]

1. should i first find out how much loan i can get from the bank or should i find a unit which i'm interested and then ask for the bank loan:confused:

Ideally yes, please get in-principal approval from the bank for the loan amount that you are looking for. Go for a high qunatum of loan even though you take less than that.

2. do buyers normally ask for the bank's valuation of the property first before paying for the option-to-purchase:beats-me-man:

You should ask the bank to do valuation for you before giving 1%. These days it is too risky.

3. how much (rough estimation) is the miscellaneous costs (e.g. legal fees, stamp duty) that i need to take into consideration (assuming that the bank doesn't subsidize)? :confused:


Legal fee will be between 2000 to 2500. This will be subisidized by your bank. Stamp duty is around 3% plus there is 5k or so discount.

4. how long does it take, say from having the option-to-purchase, to ownership transfer of the property?


8 weeks. from the day of exercising the option.

thanks ambvin! :D

btw, by "high quantum of loan", do you mean the maximum amount that the bank is willing to lend?

thanks once again...

[aiya]

i'm sure this will help alot of people ... me included. thank you.

query - payment breakdown ...

first 1% must be in cash
next 4% must also be in cash
next 15% can be in cash or cpf or a combination
stamp duty and/or lawyer fees can be in cash or cpf or a combination
remainder from bank loan, cash or cpf or a combination

is the abovementioned scheme true for both sub-sale and re-sale?

thanks x11! this is really useful information!! :)