Click on any one of the icon to find out more.
Is the sale price enough to repay
off the outstanding mortgage?
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'.
• 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.
• 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?
What documents does your
lawyer need from you?
What other information do
I need to know?
• 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.
• 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.
• 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.
• 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.
• 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.
• 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.
• 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.
• 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.
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.)