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For a purchase of a property whether new launch or resale, a professional agent will advise you to take up a Loan Letter of Offer before you exercise.

The financial calculations for your purchase of the new launch is made up of
5% Cash
15% Cash/CPF
5% Cash/CPF
up to 75% Bank Loan
Stamp Duty
Legal Fees
It is strongly encouraged to proceed only if you have understood the financial commitment to the purchase of the property.

Once you have paid 5% and 15%, the next payment of 5% can be made in cash or cpf before your loan of 75% kicks in with a progressive payment. In the event the 10% of the foundation is not able to fulfill, you can discuss with the developer on allowing you to delay the payment with interest or waiver of interest. The arrangements are mutual between the developer and buyer. A professional agent can assist you to bridge the solution to the developer.

Please feel free to speak with me.
Jasmine Chan
Asset Progression Strategist
19 years in real estate
wa.me/6598783228 Read More

Hi, appreciate your sharing. Able to take loan on the later part if require or keep on pay cash. Case by case able to write in and request to forfeit on less amount
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex (Senior Associate Division Director) Read More

Hi Angela,

I would be most glad to assist you further and pls feel free to let me know if you need any assistance. Have a good day ahead. By the way, for the next 10% payment, you would still be able to discuss/ appeal with the developer to allow you to delay the payment with interest being charged.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

Hi,

Thanks for reaching out, hope you are managing well.

In this case, the developer has the right to forfeit the full 20% downpayment if the buyer cannot fulfill the contractual obligations of next payment of 10%. If you have taken 75% loan, for this next 10%, 5% will be disbursed by bank, the other 5% from your cash or CPF component. I highly suggest to try to find funding sources or to discuss with developer side on extension of this 5% payment (with some penalty), you can try to do a sub-sale to another buyer over the next 1 year if your unit is a popular project or unit. Do note Seller's Stamp Duty applies for 1st 3 years holding period.

Hope the above clarifies. I am well-versed with HDB and private property transactions, having helped more than 100 homeowners transit smoothly with their housing plans. Please reach out to me at 97432395  for a more in-depth discussion :)

May I have more info on your requirements so as to make better recommendations? Thanks and looking forward to chat more

Warm Regards,

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Hi Angela,

For new launches, first payment of 5% to secure the unit will be made upfront and assuming you successful gotten your unit, but decided against proceeding to secure the unit, you will allow your agreement to lapse and the developer can forfeit 25% of the booking fees and refund you the 75%.

Upon exercising your agreement, you would have entered into a legal binding relationship with the developer to complete the purchase, therefore any withdrawal will be very complicated. It is unlikely to have standard outcome give the legal obligations, thus the way to go forward will be to seek your legal advisor opinion to negotiate a way out, especially so when it also involves the payment of your stamp duty to IRAS.

——

I have been in the real estate business since 2009, with more than 14 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

Warmest regards,
Geryl Lim
Senior Division Associate Director
Email: geryl.lim@orangetee.com / geryl7772@gmail.com
OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
Estate Agent Licence No. L3009250K
 +65 92787772 
www.geryllim.com

My self introductory video on https://www.youtube.com/watch?v=S_2NydENfx0

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