Timelines, FAQ and Answers all in one place!

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

Click here to find out how much cash do I need?
Click here to find out how long do I have to decide on my bank loan?
Click here to find out how much CPF do I need?
Click here to find out what document will the law firm need from me?
Click here to read more about Joint Tenancy or Tenancy-in-common, which one should you choose?
Click here to find out what do you need to know for my OTP?
• 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.
• 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.
• 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.
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.
• 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.
• 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).
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.