Buying and Selling Process and Timeline

Need to know what is the first thing to do before the start of this journey?

Free Consultation

A Comprehensive Guide to Buying and Selling Property in Singapore

Buying or selling property in Singapore can be a complex process. Whether you are a first-time buyer or an experienced investor, understanding the procedures involved is crucial to ensure a seamless transaction. In this article, we will guide you through the key steps and requirements when buying or selling property in Singapore.

Buying a Property

Determine your budget: Before embarking on your property hunt, it is essential to establish a realistic budget. Consider factors such as your savings, loan eligibility, and any additional costs like stamp duty and legal fees.

Property search and viewing: Once you have identified your preferred location and property type, your agent will assist you in finding suitable options. Make sure to visit the properties personally to get a firsthand feel of the layout, amenities, and surrounding neighborhood.

Making an offer and negotiating: When you find the ideal property, your agent will help you draft a Letter of Offer, which includes your proposed purchase price, terms, and conditions. Negotiations may take place, and once both parties agree, the option fee will be paid to secure the property.

Due diligence and financing: Engage a solicitor to conduct a thorough legal due diligence on the property. Simultaneously, work on securing your housing loan, if required, by submitting the necessary documents to your chosen bank or financial institution.

Completion and handover: Once all conditions are met, the sales and purchase agreement will be signed, and the remaining balance will be paid. The property will then be transferred into your name, and you can take possession on the agreed completion date.

Selling a Property

Appoint a trusted real estate agent: Engaging a reliable real estate agent is crucial to ensure a smooth and successful sale. They will assist you in setting a competitive asking price, marketing your property effectively, and negotiating with potential buyers.

Preparing your property: Before listing your property for sale, make sure it is well-presented and in good condition. Consider decluttering, cleaning, and staging the property to enhance its appeal to potential buyers.

Marketing and viewings: Your agent will create a comprehensive marketing plan to showcase your property to a wide pool of potential buyers. They will also coordinate viewings and provide feedback to help you make informed decisions.

Negotiating and accepting an offer: When a buyer expresses interest, your agent will handle the negotiations on your behalf. They will help you evaluate offers, negotiate terms, and guide you through the process until a satisfactory agreement is reached. When you have accepted an offer, Option to Purchase will be granted to the buyer in exchange for the option fee.

Completion and handover: Once the buyer’s financing is secured, the sales and purchase agreement will be signed at the solicitor’s office. At the agreed completion date, you will handover the keys and the property will be transferred to the buyer. You will also receive the sale proceeds after deducting any outstanding charges on the same day.

Timeline Planning

Timeline planning is the most essential in all real estate transactions. It ensures that every step of the buying or selling process is executed in a timely manner, maximizing efficiency and minimizing stress. With a well-structured timeline, you can stay on track, meet critical deadlines, and achieve your goals seamlessly. Don’t underestimate the power of a well-planned timeline, so getting an experienced real estate agent is important – it’s the key to a smooth and successful transaction.

The different Timeline for different types of property

When it comes to timeline planning, there is no one-size-fits-all solution. But you can look at the guidelines on the standard timeline and procedures for New Launch projects, Resale condominiums and Resale HDB.

Standard Timeline for New Launch Project

new-launch-timeline-singapore

Things to take note when buying a new launch:

* BSD & ABSD payable (know whether there’s a need to sell the current property first)
* 5% cash needed upfront
* Progressive Payment
* Average 3 to 4 years wait from launch day

Find out what are the upcoming new launches

Standard Timeline for Resale Condominium

private-timeline-singapore

Things to take note when buying a resale condo:

* Check if SSD period has been met (for seller)
* Get an IPA from bank before offer (for buyer)
* Check CPF return / usage for next house
* Know your needs: Extension of stay / Renovation before move-in

Standard Timeline for Resale HDB

hdb-timeline-singapore

Things to take note when buying a resale HDB:

* Ensure MOP has been met (for seller)
* 7 days Intent to Sell cooling period (for seller)
* HFE to be done in advance before offer (for buyer)
* Check CPF return / usage for next house
* Know your needs: Extension of stay / Renovation before move-in

Disclaimer: The above timelines are for illustration purposes. Actual procedures and duration may change from time to time with new regulations by relevant authorities and also vary case by case according to individual’s needs.

^ Home ^

How Can We Help You?

Contact us for a non-obligation consultation.

Preferred to text?

Whatsapp us here.

Reach Us Here

1 + 7 =