Many people would like to buy condos but are unsure of where they should start. Others have a rough idea of what will be required of them but have not considered the options for financing. You will also need to take note of the Total Debt Servicing Ratio, which takes your other periodic financial commitments into consideration.
Whenever you choose to buy an older condo, you will be required to put a down payment, after which you follow a structured payment plan. On the other hand, New Launch Condos such as the Marina One Residences, which is still in its conceptual phase, provide a more flexible financing and payment option. The latter may not require a down payment, but the first 20% is settled within the first two months of signing on the dotted line. The remaining 80% is staggered across the construction period which takes approximately 3 years at most.
Initial Signing, Sales and Purchase Agreement
If you would like to buy a unit at Marina One Residences or any other new condo, the first step is signing the Option To Purchase (OTP), upon which you are required to pay 5% of the total amount. That is done on the day of booking, after which you can choose to engage a lawyer and select the mortgage loan that would work best for you. Once this is done, the developer will send a Sale and Purchase Agreement to your attorney, if you engaged one, or directly to you. That takes you to the next stage where you have to pay 15% after signing the agreement, adding up to the initial 20%.
Foundation, Framework and Walls
Completion of the foundation, the reinforced concrete structure and the brick walls then determines the next series of payments. Each takes a maximum of about 9 months, 9 months and 6 months respectively. After each is completed, you are then required to pay 10%, 10% and 5% respectively. That will then pave the way for the next process which involves plumbing, wiring and installation of window frames and doors. The process takes a maximum of 6 months. 5% is paid upon completion of this phase.
Car Park, TOP and CSC
Afterwards, the completion of the car park, roads and drains will demand another 5% payment. It is closely followed by a Temporary Occupation Permit (TOP) which requires 25% payment. That is also known as the Notice of Vacant Possession. The CSC, which is the Certificate of Statutory Completion, once issued, means that you have to pay 15% with the remaining 5% balance paid out at the end of the development.
The Marina One Residences purchase will likely follow the same procedure, as this is standard for new developments. The average price of Marina One Residences can be found online on property websites. To view the Marina One Showflat, contact a real estate agent today.