If I want to buy house which still in construction , but already purchase by someone, is this consider sub sale? In this case, will the bank do the valuation for the property? And do I need to pay down payment? Can I buy MRTA for this house?

This post has been edited by wkchee95: Apr 26 2022, 08:21 AM

yes can buy mrta as usual

valuation follow your agreement with seller, yes sub sale with premium

Need developer consent, work out from there first.

Yes, considered Subsale, but depends on developer whether they want to give consent to the original purchaser to sell the house to you. Usually no consent will be given for under-construction units. Consent usually granted only when OP is issued, unless otherwise given exception by developer. Next question is, your bank will also not likely to approve your loan. Unless you're buying off cash?
Buying subsale off under-construction unit doesn't have any benefit (unless way cheaper and no need to pay 10% deposit), such as HDA protection, DLP warranty, or LAD in case of late delivery of VP. But again, this you need to check see if developer is willing to transfer these benefits to you.

Better check.

This post has been edited by Michaelbyz23: Apr 26 2022, 10:05 AM

Developer wont give consent until VP given to 1st purchaser ... ie the full purchase price paid. Similar banks wont give consent until the outstanding loan is repaid.

Valuation cannot be done on uncompleted property other than land value.

This post has been edited by mini orchard: Apr 26 2022, 01:01 PM

Thank you all for the explanation!

If I buy a contractor apartment unit (developer contra with sub-con by units) which is expected to complete in 6 months time.
Can S&P be signed before the OP is issued?
What about the defect liability period? Is it extended to the 2nd buyer?
Thanks to all the sifus here in advance.