Buying/Selling Property: Things To Know About Your Spa (Sales & Purchase Agreement)
In the month of November, we discussed all things sales and purchase. If you’re wondering what a sales and purchase agreement is, wonder no more.
It’s important to know that when you plan to buy a TTDI home, the Sales and Purchase Agreement (SPA) is like a rulebook. It's a serious contract that lays out all the details between the buyer and the seller. Think of it as a safety net for both buyer and seller, making sure the seller can’t change things later on and vice versa.
Once you sign the SPA for your new TTDI home, the deal is sealed. No more negotiations. Both sides have to stick to what's written.
Here's the key: many individuals don't realize how important the SPA is until things get a bit shaky. It's like a backup plan, documenting everything so that if there's a problem, there's a clear record. It's like insurance for your home-buying journey, making sure everyone is on the same page.
Now, we tend to get a lot of questions regarding the SPA in our workline. So we decided to lay it out fully for you guys below:
1.I’ve signed the SPA, when can I expect to get the keys to my new TTDI home?
Getting your keys is all about completing your payment. Usually, you've got 90 days from signing the sales and purchase agreement to sort it out. The faster you pay, the sooner you get your keys. Once everything is paid up, you can expect to have those keys in your hands in just 5 working days. So, it's like a little countdown – the quicker you settle the payment, the quicker you step into your new TTDI home! 🏡✨
2. I’ve signed the SPA, when do I start paying my bank loan for my new TTDI home?
Your repayment journey kicks off when your bank starts handing out the loan money to the seller. If the person you're buying from still owes money to their bank, the loan payments happen in two parts:
Stage 1: The bank pays off what the seller owes to their bank.
Stage 2: The rest goes straight to the seller.
Your job of repaying the loan begins once these two stages of payments are done and dusted. It's like a little process – the bank does its thing, and then you start making your payments. 🏦💰
3. I’ve signed the SPA to sell my TTDI house, do I still need to pay my housing loan?
You need to keep making mortgage payments until you've fully paid back the loan to the bank. This usually takes place when the buyer's loan is officially processed, and the money is transferred to your loan account. So, until that loan balance is settled with the bank, your regular mortgage payments continue. It's like a step-by-step process – you pay until everything's squared away with the bank. 🏦💸
4. Finally, who are the stakeholders involved in a sale transaction for my TTDI house?
There are multiple people involved when it comes to selling your TTDI home. These are the stakeholders for you to keep in mind during the sale transaction of your TTDI home:
REAL ESTATE AGENCY: They will hold the earnest deposit in trust until the sales & purchase agreement (SPA) is signed.
FINANCIERS: If you're taking a loan, the banks become one of the stakeholders to process the financing of your property.
LAWYERS: They will draft & review the SPA and hold any deposits in trust. These monies will be disbursed to you in stages, based on the terms & conditions of the SPA.
Embarking on a property journey involves a series of key considerations, and understanding the Sales and Purchase Agreement (SPA) is fundamental to a smooth experience. From sealing the deal to navigating the nuances of loan repayments and recognizing the various stakeholders involved, these insights empower you in the realm of real estate transactions.
Armed with this knowledge, your path to buying or selling a home becomes more straightforward. Whether you're getting those long-awaited keys or ensuring a seamless loan process, each step is an integral part of your property adventure. Here's to a successful and informed journey in the world of real estate! 🏡🔑💼
Interested in selling or buying a TTDI property? Give us a call or drop us a text. We’ll help you every step of the way!