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 ......