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 legal sales completion date for the purchase timeline is EIGHT (8) weeks from “OTP” date rather than the “S&P” date. Any request for delay must be written formally to the developer of Amber Sea and is subject to approval by the management.
In the event that the purchaser did not exercise the S&P within 3 weeks from the day of receiving the documents, the developer will be entitled to forfeit 25% of the five percent 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 potential buyer.
The progressive payment is dependent on the current stage of the construction of the development. Please refer to “Payment Scheme” to find out more.
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