Procedures of Sale and Purchase Agreement Terms and Definition

Posted on October 9, 2018 by Lim Hui San

What are the general terms that you might be interested to know?

1) What is "Redemption Sum"?
Redemption Sum refers to the outstanding sum that the Vendor owes her financier bank for her housing loan. This amount can only be determined through the Redemption Statement issued by the Vendor’s bank.

2) What is "Balance loan sum"?
Balance Loan Sum is the balance of your loan sum after deducting the Redemption Sum.

3) What is "Purchase Price"?
Purchase price is a price which both buyer and seller agree to buy and sell for the property.

4) What is "Loan Amount"?
Loan amount is an amount which is approved by the bank to the purchaser to purchase the property.

5) What is "Apportionment of Outgoings"?
Apportionment of Outgoings is the calculation/division for the payment of utilities(eg: water bill, electricity bill, sewerage and etc) or any outgoings(eg: quit rent, assessment, maintenance or etc) of the property to be paid by one party.

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