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If you are venturing into purchasing a Private Resale Condo for the first time, you will find the following overview of the process useful.
- Once the property of choice has been found, you’ll want to negotiate with the seller for the right price.
- To receive the Signed Option to Purchase, an option fee of 1% of the purchase price must be issued by Cheque/Bank transfer to the Vendor(Seller).
The seller now has to honour your option for the agreed time frame (usually two weeks) before being able to
accept another offer.
- You should be looking for a home loan at this point. Do discuss with the property agent; they will have a handful of bankers from different banks.
- Should you decide to exercise the OTP, you will be required to pay the remaining 4% of the downpayment as well as the Buyers Stamp Duty and Additional Buyers Stamp Duty (if applicable) within 2 weeks upon exercise.
For the Buyer Stamp Duty and or Additional Buyer Stamp Duty, If you intend to you use CPF, you have to pay in cheque/Cashier Order first and the appointed lawyer shall apply to get reimbursed later from CPF board.
- Again, the time frame between this point and the completion of the purchase varies in accordance to what you agree on with you seller, although usually its about 10-12 weeks from the time you exercise the OTP.
- Pay the balance of the downpayment (20%) and get your keys!
Private Resale Condo Timeline
TimeFrame | Stage | Payment |
---|---|---|
Day 1 | Present Offer to Purchase in exchange for an Option | 1% Booking Fee |
Engagement of Solicitors | ||
Select Home Loan (Buyer) | ||
Within 2 weeks | Buyer to exercise “Option” & sign Sales & Purchase at solicitor’s law firm | 4% Exercise Fee |
Within 2 weeks from Exercising Option | Pay Stamp Duty (Buyer) Pay Additional Buyer Stamp Duty if applicable Singapore Citizen 2nd Property – 20% , 3rd onwards- 30% Singapore PR 1st Property – 5%, 2nd –30%, 3rd – 35% Foreigners – 60% | Formula for quick BSD calculation Less than $1 million (3% x purchase price or market value) – $5,400 = BSD you have to pay Between $1 million to less than $1.5 million (4% x purchase price or market value) – $15,400 = BSD you have to pay Between $1.5 million to less than $3 million (5% x purchase price or market value) – $30,400 = BSD you have to pay More than $3 million (6% x purchase price or market value) – $60,400 = BSD you have to pay |
Within 10-12 weeks from Exercising Option | Completion of Sales & Purchase at Law Firm | 20% Remaining Payment (Cash/CPF) 75% Bank Loan if Applicable |
Check out our Property Upgrader Planner .
You can use our Property Profit Calculator.
Get more Clarity on your investment property to find out the Property Rental Yield Calculator.
We can assist you for a smooth buying Journey. Calling Gary 94507545 before making any decisions and we may assist you to make the sales planning more efficient.
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Full Time Property Consultant Since 2009.
Gary Lim Lek Boon
Having a knowledgeable, experienced, helpful Salesperson with valuable
information and efficient marketing abilities, can make a big difference in your property investment or selling experience.
Look forward to chat up with you soon.
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