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Private Sale Timeline - PropertyWiki

Click on any one of the icon to find out more.

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Is the sale price enough to repay

off the outstanding mortgage?

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You can check how much CPF you

have used by logging into your

CPF account with your Singpass.

Click on 'My Request' on the left

and click on 'Property'.

Lawyer

• You will need to engage a lawyer

to receive the exercised OTP on

your behalf.

• The lawyer will also advise

you if your property is out of

the Seller Stamp Duty period

when they do a Title search.

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• How to ensure a smooth

transition to your next

property?

• How long does it take for

CPF to be refunded back into

your account and ready for

draw down again?

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What documents does your

lawyer need from you?

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What other information do

I need to know?

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• Seller should check if they

are already out of the Seller

Stamp Duty period, else

SSD will be payable

within 14 days once the

buyer exercise the OTP.

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• Buyer's law firm will

deliver the exercised OTP to

seller's law firm together

with the exercising fee

before 4pm on the deadline

to exercise.

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• Seller's lawyer will serve a

redemption notice to CPF

and bank loan (if applicable).

• Seller needs to check on the

following before the serving

the notice.

• Mortgage loan is already

out of lock in period.

• There are no repricing

date or rate review date.

• This is to prevent any

penalties incurred due

to lock in or repricing date.

• Click here to find out more.

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• Seller will have to sign the

transfer document to allow

the transfer of ownership to

the buyer.

• In addition seller will also

have to pay the maintenance

fee and property tax for

the entire period first,

then seller law firm will

do the apportionment.

• The apportioned amount

will be returned back to the seller.

Calculator

• Completion account typically

work backwards.

• ie Sale price less off

outstanding mortgage, less

off outstanding CPF used

and less off initial 1% + 4%

paid to derive the sales proceeds.

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• The lawyer may adjust the

completion date earlier or

later if they found out there

are additional penalties arising

from the redemption notice.

• Do take note that the bank

may charge a $200 admin

fee to change the completion

date.

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• Under the law, buyers are

obligated to provide access

to the unit and also to the letter

box, so the minimum is one

set of keys.

• If there are any missing items

ie the access cards, the buyer

law firm will write to the seller

law firm to check with the client

on a goodwill basis.

• If the seller is not able to

locate the missing items, buyer

will then have to do the

replacement of keys/cards at

their own cost.

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• 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.

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CONGRATULATIONS!

• Sales proceeds collection

is typically after 530pm on

completion date.

• You may request for your

lawyer to bank in the sales

proceeds on your behalf.

• Do note that it takes about

3 weeks for the CPF refunds

to go back into your

CPF account.

• Once in, it takes another

7 clear working days to disburse

out (if you are purchasing

another property.)