EXCHANGE Summary of what we will learn in this webpage: How much deposit should a purchaser pay on Exchange Where should a purchaser sign on the contract Step 4 : After reading the contract ( Contract + Special Conditions + the required documents like the Deposited Plan , s10.7 Planning Certificate and sewer diagrams ), if we are still satisfied, we will now be able to sign on the first page of the Contract , pay the required deposit and exchange. At this stage, we should at least have pre-approval ready from the bank, if not unconditional loan approval. Deposit: 1) The deposit could be 0.25% of the price, and this normally gives the purchaser 5 business days cooling off period, during which the purchaser can change his/her mind and not proceed to buy the property but forfeit the 0.25% to the vendor. If by 5pm on the 5th business cooling-off day, the purchaser is still happy to proceed with the purchase, s/he will need to top up the balance of the d
READ THE CONTRACT – PART 3 OF 3 Summary of what we will learn in this webpage: What to look out for in the Deposited Plan, Easements and Covenants documents What to take note of in the Section 10.7 Planning Certificate What is important in the Sewerage Service Diagram Have an idea about the Sewer Mains Location Diagram Step 3 : After reading the Special Conditions, next we look at diagrams of the Deposited Plan, scan read the Easements and Covenants documents that may come with the contract. We look at the diagrams of the Deposited Plan because we want to confirm that the house we saw physically and that we are interested to buy is as what is drawn on the Deposited Plan, i.e. that the location of the house we saw is where we thought it is with respect to the nearby streets on the Deposited Plan. Also, we can see from the Deposited Plan the area of the land the house is on. The legibility of the Easements and Covenants documents can be poor. Nevertheless