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June 28, 2023
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• The law firm will deliver the
exercised OTP by hand to the
seller law firm together with
the 4% exercising fee.
• Prior to this, the lawyer ensure
all legal requisites and searches
such as bankruptcy searches
comes up clean.
• Once received, the seller lawyer
will also serve redemption
notice to the seller's CPF and
bank (if applicable).
• You will need to execute the
OTP before your lawyer, and
pay the balance downpayment,
usually 4% of the purchase price.
• The Lawyer will calculate
how much cash, CPF and bank
loan and take your instructions
on how much to be used.
• To obtain the OTP, you will
pay an option fee, normally
1% of the purchase price.
• Once you’ve paid the option
fee, the seller is not allowed
to sell the property.
Click here to find out
how much stamp duties you
have to pay.
If you are using CPF to pay
stamp duty, do take note that
you have to pay using your
own cash first and get
reimbursement from CPF on
completion date.
Click here to find out the reason
why, CPF cant be used to
pay stamp duty directly.
• Your lawyer will help to apply
for your CPF and also liaise
with the bank to drawdown
the loan.
You can find out more about
using your CPF for your private
property purchase here.
• The seller law firm will compile
the completion account after
receiving the outstanding
redemption statement from
seller's CPF and bank (if
applicable).
• The buyer lawyer wil check
the completion account that
states how much is payable
to the seller's payee.
CONGRATULATIONS!
You are now a proud owner
of your new home!
• Keys collection is typically
after 530pm on completion
date, seller is obliged to
give you one set of keys to
enter the property.
ie one set of keys to metal
gate, main door, letter box.
• The buyer's law firm attends
completion in the seller law
firm typically between 2-5pm
in the afternoon.
• Both sides law firm will
check the documents to
ensure everything is
correct before handing over
the keys and cashier's order.
• The buyer will purchase the
respective cashier's order
according to the completion
account and pass to the lawyer.
• Do note that cheques are not
allowed for completion as
there's a chance that cheques
might bounce.
• The law firm will also give
instructions to CPF and
bank for the draw down of
funds for the completion.