I just got bank loan approval for 80%(400k) of costs of a resale flat value abt 500k, asking for 10k COV. Balance 100k aka 20% is 15% CPF, 5% cash right ?
Yes correct.
Me & wife CPF got abt 70k. The 5k shortfall how ? I have to make up with cash ?
Yes, any short fall is expected to be top up with cash. If you have gotten a bank loan by now, i believe your agent or the banker will already had worked out all these and explain it to you, how come you are still not sure?
Anyway your shortfall will be more than 5k, because u have not factor in the stamp and legal fees ( around $10,000+ for a 510k home)
This part have to be verified when ? 1st appointment ?
There is nothing to be verified, all these calculation should be in your letter of offer from bank. If taking bank loan, i believe the lawyer will expect payment of all outstanding cash to be paid at least two weeks before the 2nd appt.
Once i get the above sorted out, i will have to put a 1k deposit for the flat right ? 14 days later,put 4k to exercise the option of purchase.
1k + 4k is negotiable. Minimum is $1 + $1, still a legally binding agreement. But of course I dont think the seller would just want $2 as deposit.
At this point time, how long can i delay so that i can sell my flat and get the sale proceeds? I will have abt 60k after deducting the CPF return/interest incur + outstanding loan.
Depends on how long u and seller agreed upon, this date will be stated on page 4 of the OTP.
My sellers com when to pay her ? Can delay until i get the monies first ? Then the other side for the seller side there is this 10k COV. When do i pay up ?
I dont think you had bought any house or get any bank loan, if u are asking those above questions. Maybe u had just gotten the in-prinicipal approval to ok you to loan from bank, correct me if i am wrong?
All the COV had to be settled via the lawyer, as wat i had stated above, the cash portion have to be FULLY paid to the lawyer at least two weeks before your 2nd appt (completion appt).
Their seller agent will charge me 1% too right ? can i dont pay or delay paying ?
You dont seems to know the procedure at all. I think it is only right you pay whoever it is that render their service to you.