Building Under Construction's Purchase Timeline
|Day 1||Signing of Option to Purchase (hereinafter called "OTP") upon received of booking fee.||5% booking fee|
|Day 1 + Within 2 Weeks**||Sales & Purchase Agreement (hereinafter called "S&P") will be sent to Purchaser’s appointed law firm or to Purchase if no law firm had been appointment.||N.A.|
|Within 3 Weeks from receiving of S&P**||Purchaser to sign the S&P at the appointed law firm and prepare payment of Buyer’s Stamp Duty (hereinafter called "BSD") and Additional Buyer Stamp Duty Fee (Hereinafter called "ABSD"), if applicable. Law firm will receive a signed copy from Developer within 2 weeks.|
|Within 2 Weeks from signing of S&P**||Purchaser to pay BSD and ABSD (if applicable) within 2 weeks from signing of S&P.||If Purchase Price is $1 million or below = BSD [(3% * Purchase Price) - $5,400] + ABSD (if applicable)|
|If Purchase Price is $1 million or above = BSD [(4% * Purchase Price) - $15,400] + ABSD (if applicable)|
|On the 8th Week from Day 1||Purchaser to pay remaining 15% downpayment + further Progressive Payment (if applicable)||15% + Further Progressive Payment (if applicable)|
** This timeline can be EARLIER than stated. However, the Completion Date for the whole process is EIGHT (8) weeks from OTP date and not S&P date. Any delay must be requested in writing to the Developer of Midtown Modern and is subject to approval by the Developer.
In the event that the purchaser did not exercise the S&P at the law firm within 3 weeks, the developer will be entitled to forfeit 25% of the booking fee, which is equivalent to 1.25% of the purchase price. The remaining 75% of booking fee shall be refunded to the Purchaser. Thereafter, the developer is entitled to sell the unit to any interested party.
The further progressive payment depends on the stage of the construction of the project. Please refer to “Payment Scheme” to find out more.
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