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 order to receive the Signed Option to Purchase, an option fee of 1% of the purchase price is required to be issued by Cheque/Bank transfer to the Vendor(Seller).

The seller now has to honor 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 of different company.
  • 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
4% of Purchse Price – $15,400
Within 10-12 weeks from Exercising Option Completion of Sales & Purchase at Law Firm 20% Remaining Payment (Cash/CPF)
75% Bank Loan if Applicable

 

Gary lim Propnex at Buycondo.sg

The Agent

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.

8 Reasons on why clients engaged our services and howi have successfully served and help my clients over the past 6 years.

Selling, Buying & Leasing processes are the same.
The only Differences is the Agent especially in this market.
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