In singapore, there are private property and Government type of housing board flat (HDB) available in the market.
I listed a simple check list & procedure below in which the buyer, seller or real estate agent can take this as a reference during the process of private property resale in Singapore.
(A) Pre-Preparation & Discussion:
1 Visiting the house owner & Discussion - The agent & Client
2 Financial Plan - The Buyer must study the following matters :
Buyer need to aware what is their budget of Cash payment for above valuation (COV) +
10% cash & 10%CPF of property valuation price (Usually can bank loan up to max 80% subjected to individual financing company approval ) & estimation of 3%(Stamp Fee) + 1% (Legal Fee) of the House Purchase Price.
Buyer who are not local citizen must check their eligibility of buying private condo or landed property
Expected Asking (Selling) Price - Seller
3 Price Discussion - Agent & Client
Targeted Asking / Purchase Price
Cash above / below valuation price?
CMA & PSF Price studying
What type of Resale property is the buyer looking for?
Prepare the house resale information. - Agent & the Seller
4 Agent Commission Guidelines for buy and sell - Agent & the Client
5 Sign the agree Exclusive Authorization contract to Buy/Sell property - Agent & the Client
(B) Work in Progress: Starting the process of property resale action
6 Ask buyer or seller any Bankkruptcy issue
7 Buy a Valuation Report or check various Bank's Indicative Price - Agent & the Seller
8 House for sale advertisement - Seller Agent
Assess the Buyer buying eligibility, financial Status & housing loan information.
Buyer's agents are welcome to co-broking during the arrangement of house viewing activity.
9 Sign Option to Purchase - When buyer & seller both have agreed with the final selling price
Option period is about 14 days.
Fill in the Invertory List if needed.
Buyer pay the house owner a non-refundable option fee (1% of PP).
Sign Agent's Co-Broke's Agreement Form in the case of 2 agent co-broking.
(C) Execute the Contract Progress:
10 Appoint a Lawyer - Buyer
Laywer will execute the legal enquiries on the status of
the seller, the title of the property and the term of the sale.
11 Financing matters
Buyer to studying the current market interest rates package from various banks, sign financial loan contract ie Letter of Offer with the selected banker.
Can apply for withdrawal of CPF Saving by completing an application together with a valuation report prepared by a licensed valuer who is on the CPF Panel of valuers.
Buyer apply bridging loan facility is needed
12 Exercise the Option - Buyer
When exercise the option, buyer may pay up to 9% of the house Purchase Price. Pay stamp duty fee within 14 days of the contract.
13 Seller sign Letter of Undertaking - Agent's Service Fee
14 Legal Inspection & Completion - Lawyer
Buyer's lawyer shall carry out an investigation of owner title deeds and send requisitions to various Government Departments.
Seller's lawyer to prepare the completion statement and send documents for stamping to effect the completion.
15 Settle Payment and Handover - Buyer & the Lawyer
Cash settlement for the outstanding balance of the house Purchase Price. (Estimated: 10%). Usually the payment made 10 to 12 weeks after excerising the option
Buyer shall perform a house inspection before takeover keys
Lastly lawyer to handover the keys and title deed of conveyance to buyer.
I listed a simple check list & procedure below in which the buyer, seller or real estate agent can take this as a reference during the process of private property resale in Singapore.
(A) Pre-Preparation & Discussion:
1 Visiting the house owner & Discussion - The agent & Client
2 Financial Plan - The Buyer must study the following matters :
Buyer need to aware what is their budget of Cash payment for above valuation (COV) +
10% cash & 10%CPF of property valuation price (Usually can bank loan up to max 80% subjected to individual financing company approval ) & estimation of 3%(Stamp Fee) + 1% (Legal Fee) of the House Purchase Price.
Buyer who are not local citizen must check their eligibility of buying private condo or landed property
Expected Asking (Selling) Price - Seller
3 Price Discussion - Agent & Client
Targeted Asking / Purchase Price
Cash above / below valuation price?
CMA & PSF Price studying
What type of Resale property is the buyer looking for?
Prepare the house resale information. - Agent & the Seller
4 Agent Commission Guidelines for buy and sell - Agent & the Client
5 Sign the agree Exclusive Authorization contract to Buy/Sell property - Agent & the Client
(B) Work in Progress: Starting the process of property resale action
6 Ask buyer or seller any Bankkruptcy issue
7 Buy a Valuation Report or check various Bank's Indicative Price - Agent & the Seller
8 House for sale advertisement - Seller Agent
Assess the Buyer buying eligibility, financial Status & housing loan information.
Buyer's agents are welcome to co-broking during the arrangement of house viewing activity.
9 Sign Option to Purchase - When buyer & seller both have agreed with the final selling price
Option period is about 14 days.
Fill in the Invertory List if needed.
Buyer pay the house owner a non-refundable option fee (1% of PP).
Sign Agent's Co-Broke's Agreement Form in the case of 2 agent co-broking.
(C) Execute the Contract Progress:
10 Appoint a Lawyer - Buyer
Laywer will execute the legal enquiries on the status of
the seller, the title of the property and the term of the sale.
11 Financing matters
Buyer to studying the current market interest rates package from various banks, sign financial loan contract ie Letter of Offer with the selected banker.
Can apply for withdrawal of CPF Saving by completing an application together with a valuation report prepared by a licensed valuer who is on the CPF Panel of valuers.
Buyer apply bridging loan facility is needed
12 Exercise the Option - Buyer
When exercise the option, buyer may pay up to 9% of the house Purchase Price. Pay stamp duty fee within 14 days of the contract.
13 Seller sign Letter of Undertaking - Agent's Service Fee
14 Legal Inspection & Completion - Lawyer
Buyer's lawyer shall carry out an investigation of owner title deeds and send requisitions to various Government Departments.
Seller's lawyer to prepare the completion statement and send documents for stamping to effect the completion.
15 Settle Payment and Handover - Buyer & the Lawyer
Cash settlement for the outstanding balance of the house Purchase Price. (Estimated: 10%). Usually the payment made 10 to 12 weeks after excerising the option
Buyer shall perform a house inspection before takeover keys
Lastly lawyer to handover the keys and title deed of conveyance to buyer.
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