Legal completion – Singapore apartment for sale
Singapore apartment for sale. When requested by the buyer’s lawyer, the seller’s lawyer shall forward the property’s Title to the buyer’s lawyer for inspection. When it is near to legal completion, the seller’s lawyer shall prepare the transfer document and completion statement.
The completion statement lists the balance of the purchase price which the buyer must pay less the deposit, share of the utility charges, maintenance charge, outgoing and property tax. Also included are fees payable to the seller’s lawyer and agent. The transfer document and the completion statement are usually forwarded to the buyer’s lawyer before the completion date.
On the agreed day of completion, the buyer settles the balance of the purchase price. In exchange for the balance payments, the seller’s lawyer shall hand over the property’s keys, the Title, the total discharge of mortgage document (if any) and the discharge of charge (CPF) document (if any) to the buyer’s lawyer. Thereafter the buyer’s lawyer shall stamp the transfer document and shall inform the Comptroller of Property Tax, MCST if property is strata titled and submit the relevant documents to the Singapore Land Authority for registration.
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