Does the buyer and seller actually meet each other during these procedures?

I think, so far, it is the case that when signing of letter of offer (or offer to purchase), it is the buyer who signs first, then the agent gets the seller to sign. In the mean time, the agent will give the buyer a booking receipt

then, when comes s&p, won't the seller and buyer actually meet at the lawyer's office?

Have u got any idea?

It is not neccessary for them to meet. I never met my house seller during the whole process. For the signing of S&P, I signed 1st then my lawyer sent to the seller's lawyer and then sent back to me.

ok..thanks

btw, after buyer sign the offer to purchase letter, the agent will send it to seller to sign; will the buyer get a copy? or, will it be sent to the buyer's lawyer?

This post has been edited by leongal: Oct 25 2009, 04:20 PM

Ya..the buyer will get a copy after the seller signed. I just got mine today.

oh ok...thanks n congrats

i booked on 12th oct, pay 2% earnest on 13th oct, start hunting loan on 13th as well. got my complete docs (strata title, pay slips etc) on 14th oct. submit my loan applications to few banks on 15th oct. signed my bank offer letter on 22nd oct.

my draft spa will be out on 26th oct. if ok, will sign spa on 28th oct

will get key within 3months max after spa signed. but am trying to make it within 2months.

good thing is, lawyer is my fren, the owner also use my lawyer. hope all smooth

You are taking loan from which bank? What's the rate? I need to hunt for bank loan starting tomorrow too.

Uhm, hunted PBB, MBB, UOB and SCB. Mostly averages -2.1 to -2.2

But I got SCB Mortgage One -2.3 for whole tenure (30years) + MRTA + Zero Move in Cost

PBB, MBB and UOB is dissappointing, not their rate, but the way they work. So and unresponsive. Maybe just the bunch I met, but no regret taking SCB

Oh, I'm eyeing on SCB too, heard that OCBC also not bad. I'm going to try CIMB, SCB & OCBC.

CIMB rate not good leh, around -1.85 only

OCBC my fren took recently, I think -1.75 or -1.95 for first 5 years, then 6th years onward is -2.4. That was last month

Err...looks like SCB has the best rate in town. Any lock in period?

yeap, 5 years with 3% penalty

And 70% prepayment..

Can you please enlighten me on what is 70% prepayment? Sorry, I'm newbie for housing loan. hehe

Hmm, eg. you loan 500k. Maybe you are very rich, got lotsa cash. You you take flexi loan.

In flexi loan, you got 1 housing account + 1 current account.

Housing account = 500k that you borrow, will reduce slowly when you pay.

Current account is the account that you can put in your extra money.

Why? Your interest is calculated on daily basis. This is how they charge interest on you.
Housing account - Current account = interest charged.

So example above, you loaned 500k, you take 300k from your fixed deposit (or any money from anyway that you have extra), put into that current account.
Your interest will be calculated based on below:
500k - 300k = 200k
They will only charge you based on that remaining amount, and calc everyday. So it will be diff everyday The more you have in your current account, the more interest you save.

But you cant dump in 500k into current account, because if like that bank would not be able to charge you any interest. You will be paying only your principle (housing loan). Thats why there is a prepayment rule. 70% out of 500k means max you can put in current account is 350k so bank can always earn abit from you from that remaining 30% (150K of chargeable interest)

Varies with banks.

Please correct me if im wrong. Do not want to misleading

Oh ic. Thank you very much for the explanation. Eh, I don't think I will put my money in the current account just to save the 3.2% of interest la so I think prepayment would not be that important for me.

Then full flexi is not really important for you. Besides saving on interest, it cut your loan tenure too. Rough estimation; if loan 200k, 100k extra put into CA, ur loan from 30years is shorten to 15years...

oh, but provided that the 100k have to stay in the current account for 15 years? But if the 100k take to invest and I might be able to finish the loan in few years time. Anyway, I don't intend to keep the property for very long time. I'm always looking for upgrading .