Get to Know More of the Normal Progressive Payment Scheme (NPS)
NPS is deemed to be the conventional of payment scheme that new launch condominium units have adapted. Recognise your payment sequence so you can come up with a better plan in managing your financial funding for your desired purchase.
When you have finally decided and confirmed the condo unit that you would be settling in, please be advised:
- Hand over a 5% cash payment in exchange for the OTP or better known as the Option to Purchase.
- Expect the Sales and Purchase Agreement (S&P) to be sent to you by the property developer in two weeks’ time.
- Look forward to implementing the contract agreement at a nearby solicitor’s office and you have three weeks to accomplish this task. If the contract has not been executed, you can expect a refund amounting to 75% of your initial Option payment.
- Once the contract agreement has been accomplished, you will have to pay the ABSD taxes as well as the Stamp Duty within 14 days upon completion of the contract.
- You need to pay off the 15% balance for the down payment in 8 weeks’ time from the date of initial OTP has been granted.