Buying Procedures (Private)
For whatever reason you are buying the property; from outgrowing your home and need more space for your family to an upgrade of lifestyle, lets' go through the procedures and process.
Let run you through all the requirements, from the very start of understanding finances to the completion of the sale.
Requirements and Need For New Purchase
The first step of any purchase is to know what is the purpose of buying. Investment or own stay?
Knowing The Finances (AIP)
Get the Approval In Principle (AIP) before searching for suitable units. This will allow you to be more confident when making any offer. You will also be able to get bank LO faster.
Draft The Overall Timeline
With step 1&2 known and with reference to your needs and requirement, we will be able to work out a timeline for the purchase.
Matching your needs to the available units in the market.
Negotiation And Receiving Of OTP
Negotiation is part of buying a property. Upon agreement of the price, we will exchange the OTP with 1% options fees.
Approach The Bank For Letter Of Offer (LO)
Submit the OTP and other documents to the bank to get the approval for the loan. At this point, you should also appoint a conveyancing lawyer.
Exercise of Option To Purchase (OTP)
Upon securing of the loan, you may then wish to exercise the OTP with a conveyancing lawyer with the payment of 4%.
Payment of Buyer Stamp Duties & ABSD
You have 14 days to pay the stamp duties from the day you signed the agreement.
Inspect The Unit If Required
You may choose to inspect the unit when completion is nearing.
Payment of the balance downpayment.
A few days before completion, you may head down to the law firm to pay the balance payment.
Finally to the big day.
The lawyer will handle the transaction for you and you can collect the keys later that day or a day later.