|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 Completion Date for the whole process is EIGHT (8) weeks from OTP date and not S&P date. Any delay must be requested in writing to the Developer of Midwood and is subject to approval by the Developer.
In the event that the buyer(s) did not exercise the S&P at the law firm within 3 weeks, the developer shall entitle to forfeit 25% of the booking fee, which is equivalent to 1.25% of the purchase price. The remaining 75% of booking fee shall be refunded to the buyer(s).
Assuming the purchase price is $1,000,000:
5% = $50,000
Forfeiture amount = $12,500
Refund amount = $37,500
Thereafter, the developer is entitled to sell the unit to any interested party either on balloting basis on first-come-first-serve basis.
The further progressive payment depends on the stage of the construction of the project. Please refer to “Payment Scheme” to find out more.
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