I think we know by now that the complete process of purchasing a house will take about 3-6 months. That’s the average.
But, why a purchaser should avoid buying a house during early or end of the year?
There are a few reasons:-
1. Too many holidays during that time, e.g., Christmas, new year and Chinese new year, etc… When there are too many holidays, it’s just convert to more people are on leave.
These includes the seller, lawyer firm staff, developer staffs, government officials, bank’s staff and any parties that involved in completion the transaction.
When people are on leave and a company short of staff, it will affect the process to be slow or delay.
2. Renewal Of Quit Rent
Quit rent is required to be pay on yearly basis, usually is early of the year. And if you are buying a master title property, like apartment or condominium (most of the time), the quit rent payment is crucial.
Generally, the maintenance office will collect the quit rent payment from all the houses before make a one lump sum payment. In order to receive this payment, it will take time. Without the quit rent receipt, the house transaction is not able to fully complete.
Moral of the story:
Try to avoid buying a house during holidays, early and end of the year.
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