Usual is 3%. Because of GST, that is why you get the 3.18%. The rest is upon execution of S&P.

Usual is 14 working days to secure loan and to execute the S&P. Which is unlikely can achieve.

So must have some mutual understanding between you, seller, both lawyer and agent. Also before sign the agreement to purchase / deposit and pay the 3%, please ask to put some clause to protect yourself. Things like, subject to loan approval and consent if any. So your booking can be refundable in case of you unable to get a loan or any issue regarding consent from state.

This post has been edited by aiskrimcup: Jun 13 2016, 09:35 AM