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Buyers Guide

Property Search
•   Find the suitable property
• 
Once you found the property of your choice, make an offer by filling in the Letter of Offer provided by your real estate agent
• 
Pay an initial deposit (earnest deposit), usually 2% or 3%
• 
Vendor (seller) will then acknowledge the acceptance of the offer by signing on the acceptance column of the Letter of Offer.
• 
By now, vendor has the right to forfeit your deposit if you go back on your word. Otherwise, the vendor will have to refund your deposit plus a penalty of equivalent amount if he or she goes back on his or her word.
   
Apply for Financing
• 
You may now proceed to apply for a financing package that best suits you (optional)
• 
You may also seek the help from real estate agent to assist you on this matter
   
Sale & Purchase Agreement (SPA)
• 
It is your duty as a buyer to appoint a solicitor to prepare the Sale & Purchase Agreement
• 
Once this agreement is ready, both vendor and buyer are required to sign it before sending it for stamping
• 
By now the buyer will have to pay the remaining of the first 10% down payment to the vendor
   
Balance of 90% Purchase Price
• 
As a buyer, you are given three months to settle the balance of 90% purchase price
• 
An extension of one more month is allowed but with an imposition of interest calculated on a daily basis. 
   
Delivery of Vacant Possession
• 
Completion of unconditional SPA
• 
Payment of balance purchase price
• 
Conditions precedent like consents from state authority, foreign investment committee etc
   

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