Good noon guys , I am back for more insight on my exclusive client. According to my client finacial status, we decided to do "Contra" as the flat they are selling had been fully paid.Doing contra is the process of submitting the buying and selling contract at the same time to HDB. As the sales proceeds of the selling house takes one week to credited back to the CPF, to be ready for deduction on the bought flat. If the CPF is not ready, the whole transaction will be void by HDB and may cause agent into lawsuits as the transaction is not handle properly.
We had post advertisements of the house on various media such as internet and newpapers awaiting for potential buyers.
In the case that buyer is serious in buying, we would carry out O.T.P . Option to purchase is a contract that bonds the buyer and seller for 2 weeks. During this period of time, the buyer must deposit a maximum a thousand dollars. These contract gave the buyer the rights to withdraw or proceed. If withdraw , the deposits will be forfeited.
In the case that they want to proceed, we could reach the 2nd stage which is known as "Excercise Option". To excercise option, the buyer had to deposit up to maximum of four thousand dollars. In short , for the O.T.P to be carry out, a maximum amount of Five thousand Dollars is transacted for this contract.
I am now awaiting for this potential buyer and when it reached the stage of excercise option.
The case should be considered almost close and its the only matter of time that the HDB approve this transaction.
Keep you guys posted again next week!
2 comments:
WoW, cool steps in selling a apartment. Didn't know there's so many steps involved when agents sells the apartment! thanks! learned alot through this blog!
Hey! The procedures stated are very clear and comprehensive! So you'd probably have profited quite a lot from that? Just wondering, do you also engage interior designers for the new owners as an additional choice, or do the new owners find their own interior designers?
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