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Is the sale price enough to repay off the outstanding mortgage?
You can check how much CPF you have used by logging into your CPF account with your Singpass.
Click on 'My Request' on the left and click on 'Property'.
• You will need to engage a lawyer to receive the exercised OTP on your behalf.
• The lawyer will also advise you if your property is out of the Seller Stamp Duty period when they do a Title search.
What documents does your lawyer need from you?
What other information do I need to know?
• How to ensure a smooth transition to your next property?
• How long does it take for CPF to be refunded back into your account and ready for draw down again?
• Seller should check if they are already out of the Seller Stamp Duty period, else SSD will be payable within 14 days once the buyer exercise the OTP.
• Buyer's law firm will deliver the exercised OTP to seller's law firm together with the exercising fee before 4pm on the deadline to exercise.
• Seller's lawyer will serve a redemption notice to CPF and bank loan (if applicable).
• Seller needs to check on the following before the serving the notice.
• Mortgage loan is already out of lock in period.
• There are no repricing date or rate review date.
• This is to prevent any penalties incurred due to lock in or repricing date.
• Click here to find out more.
• The lawyer may adjust the completion date earlier or later if they found out there are additional penalties arising from the redemption notice.
• Do take note that the bank may charge a $200 admin fee to change the completion date.
• Completion account typically work backwards.
• ie Sale price less off outstanding mortgage, less off outstanding CPF used and less off initial 1% + 4% paid to derive the sales proceeds.
• Seller will have to sign the transfer document to allow the transfer of ownership to the buyer.
• In addition seller will also have to pay the maintenance fee and property tax for the entire period first, then seller law firm will do the apportionment.
• The apportioned amount will be returned back to the seller.
• Under the law, buyers are obligated to provide access to the unit and also to the letter box, so the minimum is one set of keys.
• If there are any missing items ie the access cards, the buyer law firm will write to the seller law firm to check with the client on a goodwill basis.
• If the seller is not able to locate the missing items, buyer will then have to do the replacement of keys/cards at their own cost.
• The buyer's law firm attends completion in the seller law firm typically between 2-5pm in the afternoon.
• Both sides law firm will check the documents to ensure everything is correct before handing over the keys and cashier's order.
• Sales proceeds collection is typically after 530pm on completion date.
• You may request for your lawyer to bank in the sales proceeds on your behalf.
• Do note that it takes about 3 weeks for the CPF refunds to go back into your CPF account.
• Once in, it takes another 7 clear working days to disburse out (if you are purchasing another property.