Hi Everyone!

This is the continuation from the “My Journey Of Purchasing My First Property [Part 1]” post, whereby I wrote about the first portion of my journey of purchasing my first property.

1) Process of Purchasing a property

So after we decided on the property to purchase, we got our agent to conduct the next course of action, which is negotiation. We did negotiate quite a substantial amount as the seller wants to follow the valuation price and forgo the listed price. However, we still manage to get the property a bit lower than the valuation. So after negotiation, we will need to do the following

– Pay 5% down payment (cash only)
– Pay 15% payment (cash + CPF)
– 3% or 7%(depending on ABSD, ABSD only applies to buyer who purchased second property, be it HDB or private property)
– Lawyer fees
– Valuation fees
– insurances (if needed)

So we paid the 5% to the buyer to …