Buying uncompleted Condo-Questions on Payment

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Buying uncompleted Condo-Questions on Payment

Postby dolphinsiah » Wed Feb 22, 2012 9:08 am

Good morning Everybody,

Need some kind advise on the payment of Purchasing Uncompleted Condo. :please:

Example buying a uncomplete Condo in Year 2012 , TOP 2015..

a)How much to give on booking the unit? :?

b)when will the next payment collection to the developer. :moneyflies:

c)TOP 2015 , does it mean by 2015, I must pay the developer 100% of the transacted price? :?:

d)when do we need to get a loan from the Bank if we do not have enough cash.... :sweat:


e)At which stage of the Sale Transaction , we need to engage a Lawyer?
If we do not intent to get any loan from the Bank? :roll:


Thank you in advance for reading and the kind advise given... :thankyou:

dolphinsiah
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Re: Buying uncompleted Condo-Questions on Payment

Postby MrBean » Wed Feb 22, 2012 12:33 pm

1. Upon the Grant of Option to Purchase (Booking fee) - 5% - 10%(Cash only) of purchase price.

2. Upon signing of the Sale & Purchase Agreement or within 8 weeks from the Option date - 20% less booking fee(CPF)

3. Completion of foundation work (Start of loan payments) - 10%

4. Completion of reinforced concrete framework of unit - 10%

5. Completion of brick walls of unit - 5%

6. Completion of roofing/ceiling of unit - 5%

7. Completion of electrical wiring, internal plastering, plumbing and installation of door and window frames of unit - 5%

8. Completion of car park, roads and drains serving the housing project - 5%

9. Notice of Vacant Possession - 25%

10. On Completion Date - 15%

The estimate TOP is usually at a later date so that Developer would not be penalised should there be any delays, usually the TOP will be earlier by a few months.

Once you have yr OTP, you should have in hand a banker list of whom you going to take a loan from in references to the packages & interest rate....etc ( this should be look into prior to your purchase to avoid any cash or CPF shortfall, the banker will be able to advised U on this. )

As for payment pls refers to the above. The banker will release the payment in % once they get the instruction from the lawyer when developer have reach certain stages of the developments.

Therefore, in the initial stage, U probably pay lesser & yr mortgage will increase according to the stages of the development till completion.

Just my 2 cents worth....hope is useful to U...cheers

MrBean
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Re: Buying uncompleted Condo-Questions on Payment

Postby dolphinsiah » Wed Feb 22, 2012 1:13 pm

Thank you :thankyou: Mr Bean for your information.

If a Buyer is able to buy this property without getting a housing loan.

How will the payment be like....
Everytime pay direct to the Developer?
And for this case does the Buyer need a lawyer for this Sales Transaction?

Please englightment me if you know .... :?:

dolphinsiah
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Re: Buying uncompleted Condo-Questions on Payment

Postby nettie » Wed Feb 22, 2012 2:39 pm

dolphinsiah,

you will still need a lawyer even you dun take bank loan. Your lawyer will let you know when to make payment.

nettie
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Re: Buying uncompleted Condo-Questions on Payment

Postby dolphinsiah » Wed Feb 22, 2012 3:42 pm

nettie wrote:dolphinsiah,

you will still need a lawyer even you dun take bank loan. Your lawyer will let you know when to make payment.


:thankyou: Nettie.

Which means after signing the Option of Purchase , I still need a Lawyer to deal with all the documents like when to release payment.

Does it mean that Payment must go through the Lawyer Firm....
The Lawyer Firm will hold the money for me? Or just send me notification to release payment to the Developer ....

Please comment...Thank you

dolphinsiah
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Re: Buying uncompleted Condo-Questions on Payment

Postby nettie » Wed Feb 22, 2012 11:25 pm

Normally developer will inform lawyer and your lawyer will inform u. =)

nettie
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