Seller - When Will You Receive Cov And Cash Proceed?

[kristotok 0]

Hi there,

I've recently sold my flat on my own and in the initial process of all documentations & procedures now.

At the same time, I've also aqquired a new flat thus will be requiring CASH for the down payment since insufficient CPF fund.

(i) So when will you receive COV?

Through HDB or from Buyer directly?

(ii) As for Cash Proceed, I understood that HDB will payout upon completion of 2nd appt?

Appreciate all your kind advices.

Thank you!

[asoon88 0]

Hi there,

I've recently sold my flat on my own and in the initial process of all documentations & procedures now.

At the same time, I've also aqquired a new flat thus will be requiring CASH for the down payment since insufficient CPF fund.

(i) So when will you receive COV?

Through HDB or from Buyer directly?

(ii) As for Cash Proceed, I understood that HDB will payout upon completion of 2nd appt?

Appreciate all your kind advices.

Thank you!

There are many threads with answers to your question.

1) You will receive your COV cheque from HDB upon completion of the 2nd appt. Cheque needs to be cleared. So, you need to wait for at least 1.5 to 2 days before physical money can be drawn from your kitty.

2) You better seek a financial bridge for your new flat. The cash proceeds from your existing flat will not come in time since both transactions are done almost at the same period.

Edited March 24, 2010 by asoon88

[kristotok 0]

There are many threads with answers to your question.

1) You will receive your COV cheque from HDB upon completion of the 2nd appt. Cheque needs to be cleared. So, you need to wait for at least 1.5 to 2 days before physical money can be drawn from your kitty.

2) You better seek a financial bridge for your new flat. The cash proceeds from your existing flat will not come in time since both transactions are done almost at the same period.

Alright and noted.

Shall make alternative financial plan now...

Thanks!