Buying Private Resale Condo

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

Singapore Citizen 2nd Property - 17% , 3rd onwards- 25%

Singapore PR 1st Property - 5%, 2nd -25%, 3rd - 30%

Foreigners - 30%

For Properties $1m and/or above.

Stamp duties is based on 4% of Purchse Price - $15,400

For Properties $999,999 and/or below.

Stamp duties is based on 3% of Purchse Price - $15,400


Within 10-12 weeks from Exercising Option Completion of Sales & Purchase at Law Firm 20% Remaining Payment (Cash/CPF)
Maximum of 75% Bank Loan if Eligible.

Do contact us by Calling Gary 94507545 before making any decisions and we may assist you to make the sales planning more efficient.