Things To Keep In Mind After Exercising Otp.

[Jason1977 0]

Hi Guys,

I have already exercise OTP for a 10 year old Private condo, before the exercise the seller have changed the hand over time from 10 weeks to 12 weeks.

I have already sign-in the loan documents from OCBC bank.

Now Can you kindly advise me things I need to keep in mind DURING this 3 months waiting period and AFTER IT. Like

Do I need to intact with the Condo Management Office.

A.Topics need to discuss with Lawyer.

1.

2.

B.Topics need to discuss with OCBC Bank for loan.

1.

2.

C. Any Topic I should discuss with seller.

1.

2.

Best Regards,

Jason

Edited March 29, 2010 by Jason1977

[bepgof 20]

Hi Guys,

I have already exercise OTP for a 10 year old Private condo, before the exercise the seller have changed the hand over time from 10 weeks to 12 weeks.

I have already sign-in the loan documents from OCBC bank.

Now Can you kindly advise me things I need to keep in mind DURING this 3 months waiting period and AFTER IT. Like

Do I need to intact with the Condo Management Office.

A.Topics need to discuss with Lawyer.

1.

2.

B.Topics need to discuss with OCBC Bank for loan.

1.

2.

C. Any Topic I should discuss with seller.

1.

2.

Best Regards,

Jason

A. Lawyer

-% of wife/husband cpf OA to use as 1st lumpsum payment, if any.

- % of wife/husband cpf AO to use for monthly instalm, fill up form. Ask lawyer WHEN u can do cpf monthly instalment payment

via internet. Ask lawyer what forms need to sign.

-Standby to receive keys, handbook(if any), vehicle tag,etc.

- Pay 6 month maintenance fee in advance to MC. Lawyer suppose to arrange this.

- Standy to receive letter from IR stating u got this property dated.... and pay property tax.

- Lawyer to settle with seller like remaining maintenance payment, keys handover, vehicle tag......and lawyer supposed to pass all these to u, NOT seller directly.

B. Bank

- Before hand, study yr loan details & nature, eg: lock in period, partial lumpsum & full redemption term & conditions

- When effect 1st mnthly instalment.

- How to pay partial lumpsum payment, any conditions.. Usually need to inform bank yr intention 1 month before hand, etc

- If partial payment by cpf OA, go directly to CPF branch, b4 this, must decide wife's % & yr % contribution...

- Important! make sure you approach the CORRECT bank's branch when doing partial/full redeemption. Ask your bank which branch your loan doc will be kept! Go to that branch while doing paper work. Some banks have comm-based "staff" who will not entertain your request as to above!

C. Seller

- Joint inspection one wk before taking over.

-Utility acct when change-over.

- Best to have a list (non-movable item) to check against, so no dispute when koint inspection.

Logon to URA web, download a file named "strata living" and also a "strata list", you will know yr condo has a specifi strata #, terms like MCST, MA, MC, etc.

By right, your MC(Management corporation) should be notified by either your lawyer or URA (not very sure which). Anyway, no harm double confirm with the condo manager.

Edited March 29, 2010 by bepgof

[dariusfan 0]

Strange, shouldn't your lawyer be handling all these for you?

[Jason1977 0]

Thanks for earlier info.

Please advise that the cheque should be made in name of Seller lawyers or purchaser lawyer,

As I understand I need to give the remaining amount cheque (excluding share from CPF) in my lawyer name and then he will collectively give to seller lawyer.

Any comments for cheques to be give.

[bepgof 20]

Thanks for earlier info.

Please advise that the cheque should be made in name of Seller lawyers or purchaser lawyer,

As I understand I need to give the remaining amount cheque (excluding share from CPF) in my lawyer name and then he will collectively give to seller lawyer.

Any comments for cheques to be give.

You're the buyer, so deal ALL with your lawyer. Yr lawyer is supposed to work out the sums & inform you to issue cheque to buyer's lawyer.

You will likely to be advised by yr lawyer to issue cheque to pay maintenance fee to the MC, issue to MC's name.....

Don't worry, work closely with yr lawyer, he will inform you duely.

Edited May 9, 2010 by bepgof

[silverfins 0]

Thanks for earlier info.

Please advise that the cheque should be made in name of Seller lawyers or purchaser lawyer,

As I understand I need to give the remaining amount cheque (excluding share from CPF) in my lawyer name and then he will collectively give to seller lawyer.

Any comments for cheques to be give.

Yes, cheques can be made to Buyer's lawyers for their on-payment to the Seller.

For now, wait for your lawyers to settle the paperwork for you, including liaison with CPF. CPF will issue letter to you to inform the usage of CPF.

Your lawyer will prepare your Completion Account to show the nett amount you should be paying. This is the final 15% payment for the apartment adding / subtracting various items e.g. rent (if unit is tenanted out), tenant's deposit, utilities,mgmt fees, etc. Just make sure you go through in detail with your lawyer once you receive this.

Bank will in the meantime send property surveyor to value your unit.

Seller will usually not be in contact until completion. However, as bepgof mentioned below, it would be good to ensure that all the items in the apartment that are supposed to be there, are there. I've heard stories of some sellers actually removing the air-conditioners, or replacing them with old ones!

[leechaorui 2]

Yes, cheques can be made to Buyer's lawyers for their on-payment to the Seller.

What happens if the buyer's lawyers run away with the money?

[bepgof 20]

What happens if the buyer's lawyers run away with the money?

Go Hong Lim Park to partition, have face shown over puble media.

Edited May 16, 2010 by bepgof

[therat 18]

What happens if the buyer's lawyers run away with the money?

go to Law Society

http://news.asiaone.com/Business/News/My+M...527-144308.html

The Law Society manages a compensation fund which it may use to help defray losses incurred by a client arising from a lawyer or his staff's dishonesty. For the financial year 2007/2008, the Society paid out some $631,000 from this fund, which all lawyers contribute to annually.