The property purchasing process for existing property is much easier than off-the-plan purchasing process. If you have not read our articles about off-the-plan property purchasing process, click here to learn more.
Existing property purchasing process
- Step 1: New Contract – The seller issues new contract to the buyer.
- Step 2: Holding Deposit – The buyer needs to put down a 0.25% deposit to hold the property.
- Step 3: Sign Contract – Both parties (seller and buyer) sign the contract.
- Step 4: Contract Exchange – Contract is signed by both parties. At the point, the buyer can still withdraw from the contract.
- The buyer is given a 5 to 10 business days cooling off period.
- Step 5: 10% Deposit – To move the contract forward, the buyer needs to pay 10% (minus previous paid 0.25%) deposit.
- Step 6: Unconditional Contract Exchange – After putting down the deposit, the contract becomes unconditional. The buyer can not withdraw from the contract. Contract exchange date starts from now.
- Step 7: Settlement – The property settlement is usually in 42 days. The date can be negotiated by two parties.
- Step 8: Stamp Duty – The buyer needs to pay 4% stamp duty by the day of settlement.
- Step 9: Handover – Congratulations! Now you have completed the purchasing process, and enjoy your new home.
- Given the nature of existing property, it is usually “you get what you see”. Seller will not provide 3 months defects warranty.
Still a little confused about the whole process? Don’r worry our Realtisan team wants to invite you to a 45 minutes free private consultation.
