– STEP 1 –
Find the suitable property.
– STEP 2 –
Fill in the letter of offer.
– STEP 3 –
Pay an initial deposit (Earnest Deposit) usually 2% or 3%.
– STEP 4 –
Vendor (seller) will then acknowledge the acceptance column of the letter of offer.
– STEP 5 –
Vendor have 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.
How To Apply For Financing
You may now proceed to apply for a financing package that best suit you (optional).
You may also seek the help from real estate agent to assist you on this matter.
Sales & Purchase Agreement (SPA)
- Its your duty as a buyer to appoint a solicitor to prepare the Sales & 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
3 months to settle the balance of 90% purchase price.
1 month extension is allowed but with an imposition of interest calculated on a daily basis.