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 purcha...

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  docume...

READ THE CONTRACT (ON SPECIAL CONDITIONS) – PART 2 OF 3  Summary of what we will learn in this webpage: What some of the more common Special Conditions mean? As a prospective purchaser, do we accept these special conditions, or shall we negotiate before signing on the contract? Step 2 : Next, we look for the  Special Conditions  pages. As these are many and varied, we’ll list some of the more common ones here (though there is one below that is not that common). For the more common special conditions, the style of words will be varied and different, but the meaning they convey should be similar to the ones below. For any  special conditions  we see in the contract that we think should be deleted or amended, we normally email the vendor’s solicitor to ask him/her to delete/amend. Of course, they can refuse to agree to our requests for amendments. All requests for amendments  must   happen  before the 10% deposit is paid an...