Payment Schedule for Buying Resale & Subsale Private Residential Property
It is straightforward and easy to understand.
Payment Schedule for Buying Resale Private Property (LTV 75%)
Stage | % | Description | When to Get Ready | Payment Mode | ||
1st | 1% | Booking Fee | Day 1 | Cash | ||
Buyer to engage solicitor (~ $3000) Buyer to select the Mortgage Loan (Stamp fee ~$500) |
ASAP | Cash | ||||
4% | Exercise Option Buyer to exercise Option at solicitor's law firm Option Exercise fee is usually 4% or 9% depending on the agreement between seller and buyer |
Within two weeks from Day 1 | Cash | |||
Buyer's Stamp Duty | Within two weeks upon signing S&P | Cash or CPF OA | ||||
Additional Buyer's Stamp Duty | Within two weeks upon signing S&P | Cash or CPF OA | ||||
2nd | 20% | Completion of Sales & Purchase at solicitor's law firm |
Within 8-10-12 weeks from exercising Option | Cash or CPF OA | ||
75% | Bank Loan |