Sale Processes

Question 1

Stages of a sale of complete private property

Answer 1

(a) Pre-contract
(b) Contract
(c) Post Contract/Pre-completion
(d) Completion

Question 2

Pre- contract stage

Answer 2

• promotions & negotiations
• option to purchase
• searches & legal requisitions

Question 3

Promotions And Negotiations

Answer 3

• after salesperson is appointed, property is often advertised for sale
• viewing & negotiations take place
• once prospective buyer is found, there will be a preliminary agreement between buyer & seller on terms such as price, date, etc

Question 4

CONTRACT STAGE

Answer 4

• Exercising The Option
• CPF / Financing Arrangements

Question 5

Pre-completion stage

Answer 5

• buyer’s & seller’s solicitors carry out conveyancing work for the title transfer
• vendor’s solicitor prepares completion statement

Question 6

Completion

Answer 6

• 8 - 12 weeks after exercising of option
• outstanding balance (90% of purchase price) is settled
• buyers’ solicitors prepare statement to notify Comptroller of Property Tax of the transfer of title to the buyer.
• if is Strate then MC will be notified