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Singapore Private Properties Resale Transaction

And Payment Process Guide

Step 1—Engage a Professional Housing Agent

A professional agent will not only help you to find the right property in the shortest time frame, and also ensure that you are getting the right price. Certain small details that first time / normal buyers often missed are covered prior to purchase. Thorough guidance throughout the whole transaction process, with additional recommendations on financing and legal representation.

**Highly recommended, as commission due to buying agent usually come from a share of the selling agent’s commission, not from Buyer. But buyer is encouraged to pay his agent if good services is rendered in securing a property at the right price.

Step 2— Locate, view and decide on the property you want.

If you have a agent, he will arrange viewings on a few properties that best matches your requirements and budget, normally a lengthy process and you sieve thru the properties. Ask questions if you are uncertain about the property— like maintenance fees, fixtures etcs. Once you have narrowed down to a property, in form the agent of your decision so the price can be discussed.

Step 3— Negotiating on the price of the property you want.

Be realistic on the pricing you are ready to offer, look at the market rates of a few similar properties (size, age, conditions) in the vicinity before you offer a price that is within your budget. Give a genuine offer, that way the seller will be more willing to come to terms rather then giving a ridiculous offer and hope for the best.

Step 4— Putting an option to buy the property.

Once the price is agreed by both seller and buyer, the buyer will be offered an Option to Purchase agreement. This will bind the seller to grant the buyer an option to buy the said property for a period (usually 14 to 21days).

At this point you– the buyer is required to put down a non-refundable option fee, normally 1% of purchase price, to the seller.

**If the buyer do not exercise the option to purchase before the expiry date of the option, the buyer will have to forfeit the 1% option fee to the seller. And he shall have no claim from any body involved in the whole process.

Step 5— Appointing a lawyer to handle the transaction .

You now need to appoint a lawyer to handle the transaction, make initial legal enquiries on the status of the seller, the title of the property and the terms of the sale and other legal implications of the property.

Step 6— Appointing a bank to finance your property .

Your agent usually has a few bankers from different banks from which you can tap into for comparison of interest rates and other special terms. Once you have appointed a bank to finance your purchase, getting a IPA (in principle approval) for your housing loan will be the first priority. After that the banker will advise you accordingly to the procedures involved.

Step 7— Exercising the option to purchase on the property .

Once you are satisfied that the property is good to go, you may exercise your option to purchase( before it expire).

You will now sign the sale contract, and pay 5% of the purchase price (less the option fee). You also need to pay stamp duty (approx 3%) within 14 days of the exercising of the option.

Step 8— Legal completion of transaction .

Your lawyer will carry out an investigation of title deeds and send requisitions to various government departments. The seller’s lawyer will also prepare the completion statement and send documents for stamping to effect completion.

Final inspection of property prior to the legal completion will also take place. Your agent will facilitate a final inspection for you to inspect the property.

Step 9— Final payment and taking over property .

You will now settle the outstanding balance of the purchase price. If a loan is taken from the bank, the bank will disburse this amount to the seller’s lawyer to facilitate the seller’s lawyer to handover the keys and title deed of conveyance to your lawyer. After this you become the owner of your property.

The whole process usually takes 10 to 14 weeks after exercising the option, unless special arrangement are made mutually between the seller and buyer to hasten / delay the completion.

Disclaimer: The information provided above is meant to serve as a guide, please seek professional advice if there are any uncertainties in the transaction.