Re: Buying Resale Properties in JB
The following fees are payable whenever one buys a property:
1) Sales and purchase(SPA) legal fees, stamp duty for SPA, disbursements to do up this legal document and make it legal.
2) Stamp duty for Memorandum of transfer (MOT) to allow the title to transfer to your name.
3) Loan agreement if u take up bank loan. There are legal fees, stamp duty and disbursements for drawing up this legal document and making it legal. Just like what was done for SPA.
Developer typically absorbs one or more of the above. Some may absorb bank loan interest during construction thru their DIBS scheme. There may be other freebies free maintenance fees for a period, rebates or discounts. Bank valuation is also 100% according to developer selling price. Resale usually have a higher asking price over bank valuation.
Are there a lot of other fees/ charges for buying resale? Are we better off buying from developer then?
The following fees are payable whenever one buys a property:
1) Sales and purchase(SPA) legal fees, stamp duty for SPA, disbursements to do up this legal document and make it legal.
2) Stamp duty for Memorandum of transfer (MOT) to allow the title to transfer to your name.
3) Loan agreement if u take up bank loan. There are legal fees, stamp duty and disbursements for drawing up this legal document and making it legal. Just like what was done for SPA.
Developer typically absorbs one or more of the above. Some may absorb bank loan interest during construction thru their DIBS scheme. There may be other freebies free maintenance fees for a period, rebates or discounts. Bank valuation is also 100% according to developer selling price. Resale usually have a higher asking price over bank valuation.