QUOTE(seankeith90 @ Apr 13 2019, 11:35 AM)
Hi all, just want to know what are the items/money that i need to prepare after receiving VP letters from the developer? How do I check if full purchase price have been settled?
One of those letters 'VP Statement of Account' said I probably need to prepare XXX amount for 'Progress Billings', 'Stakeholder Sum' and "Miscellaneous' .
Thanks!
are you taking a bank loan or paying by cash?
if required to pay something upon taking VP (miscellaneous, deposits, quit rent assessment etc) the developer will usually attach a breakdown and inform you together with the VP letter.
for bank loan:-
to check if balance purchase price released by bank to developer in full, check your loan account to see how much has been disbursed. the last payment should be paid to developer's stakeholder lawyer (if your SPA is under HDA).
for cash:-
just prepare how much they ask u to prepare.
if there's any 'Late payment interest', if it's not too much, would suggest that you just pay so that you can take the keys fast to move on to the next step (renovate & rent out).