Procedures For Buying Properties

Getting ready to Purchase a New Launch

Step 1

The Buyer shows interest by signing an Express of Interest (EOI) Form and submitting a cheque (crossed & made payable to project account) to select and purchase a unit on Booking Day. The cheque will be returned if the buyer decides to not book a unit.

Step 2

Upon securing a unit, the Buyer will sign the Particular, Documents & Information (PDI Form 3), submit 5% booking fee (cheque/cashier order), NRIC/Passport copy & other required forms by the developer prior to issuing Option to Purchase (OTP).

Step 3

Within 2 weeks from the OTP date, the Buyer or their appointed lawyer will receive Sales & Purchase Agreement and a copy of the Title Deed form from the developer’s lawyer.

Step 4

Within 3 weeks from the receipt of S&P, the Buyer exercises OTP by signing the Sales & Purchase Agreement and return the signed copies to the developer’s lawyer.

Step 5

Within 2 weeks after signing the S&P, the Buyer pays Stamp Duty (and ABSD if applicable).

Step 6

Within 8 weeks from the OTP date, the Buyer pays 15% and other progressive payments due

How to Buy a BUC (Building Under Construction)

Timeline for Buying Resale Private Property

Buyer

Seller

*The expiry date of the OTP ends at 4 p.m.Ensure that to sign the acceptance portion of the OTP.
The buyer has to confirm his loan approval with the bank before signing on the OTP.

Documents needed:
1) Notice of Assessment (NOA)
2) 3 months’ payslips
3) CPF statement

Before selling, ensure to clarify the minimum time the bank needs to settle the loan