Procedures For Buying Properties
Getting ready to Purchase a New Launch
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.
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).
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.
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.
Within 2 weeks after signing the S&P, the Buyer pays Stamp Duty (and ABSD if applicable).
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
|*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.|
|Before selling, ensure to clarify the minimum time the bank needs to settle the loan|