How Did You Pay Cov

[jeda 0]

Berry, u said u paid COV during 1st appointment?

U need not to pay anything besides the $5K, before 2nd appointment. Pay valuation price + COV only during 2nd appointment.

I noticed in mkt there is a "reverse" way of paying the deposit & OPT fee aginst the paper written in the HDB web. Mkt = deposit 1k, otp=4k. Paper put deposit 4k, otp 1k. funny, isn't it. Who bothers?

i thought COV is paid on (or within 10days from) 1st appointment?

Determine the amount of cash that you need to pay within 10 days from the date of the first appointment, if any

* Cash payment is required when the purchase price is above the market valuation or when the loan granted (with credit assessment) and the CPF usable for the purchase are insufficient to cover the purchase price. If the cash payment required is more than 10% of the purchase price, you are only required to pay 10% within 10 days from the First Appointment date. The balance must be paid on the resale completion. If the cash payment required is less than 10%, this amount must be paid within the 10 days period.

* The balance cash payment to be paid on resale completion must be in cash or cashier's order.

http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/...nDocument#First

Edited February 23, 2010 by jeda

[forgotten 1]

i thought COV is paid on (or within 10days from) 1st appointment?

Determine the amount of cash that you need to pay within 10 days from the date of the first appointment, if any

* Cash payment is required when the purchase price is above the market valuation or when the loan granted (with credit assessment) and the CPF usable for the purchase are insufficient to cover the purchase price. If the cash payment required is more than 10% of the purchase price, you are only required to pay 10% within 10 days from the First Appointment date. The balance must be paid on the resale completion. If the cash payment required is less than 10%, this amount must be paid within the 10 days period.

* The balance cash payment to be paid on resale completion must be in cash or cashier's order.

http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/...nDocument#First

Pay at 1st appointment - apply to HDB loans

Pay at 2nd appointment - apply to bank loans

I'm taking bank loan, so my lawyer is passing my cheque (COV+5% downpayment) to HDB at 2nd appointment.

[Phantom 1]

Depends on whether taking a bank loan, if taking a bank loan, cov paid on completion.

Payment to be made by Buyers during the Completion Appointment

The balance of the resale price of the flat, if any. The payment is to be made in cash or Cashier’s Order to the Cashier’s Office at Level 3, HDB Hub.

Edited February 23, 2010 by Phantom

[davidbslee 1]

My recently resale COV+5% downpayment is paid using Cashier’s Order and I am using bank loan for my flat. During my 2nd appt, my lawyer assistance meet me up at the office waititng area, I pass the Cashier’s Order to him and he pass to the HDB resale officer, then the HDB officer pass the COV cheque to the seller on the spot. Quite simple, short and shape. HDB pass me the receipt and able to see how much the seller profit after the sale.

Edited February 24, 2010 by davidbslee

[ericmar 0]

Dear all,

I was told by my lawyer that I need to pay the outstanding amount by buying a cashier's order in favour of HDB and then pass to them on the completion day. Is that mean I just need to buy a cashier's order at any bank and the payee name as HDB (or need to put full name!???)?

Am I right? BTW, I am taking a bank loan.

Thanks.

Eric

Edited February 24, 2010 by ericmar

[davidbslee 1]

Dear all,

I was told by my lawyer that I need to pay the outstanding amount by buying a cashier's order in favour of HDB and then pass to them on the completion day. Is that mean I just need to buy a cashier's order at any bank and the payee name as HDB (or need to put full name!???)?

Am I right? BTW, I am taking a bank loan.

Thanks.

Eric

Put payee name HDB will do. I did the same when I buy my cashier's order.

[ericmar 0]

Put payee name HDB will do. I did the same when I buy my cashier's order.

hi David,

Thanks for your quick reply.