Buying A Property In Singapore
Typical Transaction Of Buying A Private Property Under Construction
- Pay and receive a copy of the Option to Purchase
The Buyer has to pay 5% of the total purchase price of the property to the Developer as booking fee. He/She will then obtain a copy of the Option to Purchase from the Developer.
The Option to Purchase is personal to the Buyer. The Buyer is not allowed to assign or transfer the Option to Purchase to any other person.
- Receive the Sale and Purchase Agreement
The Developer will issue the Sale and Purchase Agreement to the Buyer or the Buyer’s solicitor within the next 14 days.
- Sign and return all copies of the Sale and Purchase Agreement to the Developer
The Option to Purchase will expire three weeks from the receipt of the Sale and Purchase Agreement delivered by the Developer. If the Buyer wishes to exercise the Option to Purchase, he/she must sign and return all copies of the Sale and Purchase Agreement to the Developer before the Option expires.
If the Buyer fails to sign the Sale and Purchase Agreement within the prescribed time limit as stated in the Option to Purchase, the Developer is entitled to 25% of the booking fee and refund balance 75% to the buyer.
- Pay Buyer’s Stamp Duty and 20% of the total purchase price of property
The Buyer has to pay all applicable buyer’s stamp duties within 14 days after signing the Sale and Purchase Agreement. He/She will also have to pay 20% of the total purchase price of the property (which includes the paid booking fee) to the Developer within eight weeks after obtaining the Option to Purchase.
- Pay the remaining 80% of the total purchase price based on project completion status
The Buyer is required to pay the remaining 80% of the total purchase price of the property periodically. This will be based on the completion status of the project.
Note: The stamp duty, property taxes, legal fees and other professional fees are not included in the transaction price
Typical Transaction Of Buying A Private Property Available For Immediate Occupation
- Pay a booking fee and receive a copy of the Option to Purchase
The Buyer is required to pay 1% to 5% of the total purchase price of the property to the Seller as a booking fee. He/She will then obtain a copy of the Option to Purchase.
The Option to Purchase is personal to the Buyer. The Buyer is not allowed to convey, assign or transfer the Option to Purchase that has been granted to him/her by the Seller to any other person.
- Exercise the Option to Purchase and pay 10% of the purchase price
The Buyer has to exercise the Option to Purchase within the next 14 days. He/She will also have to pay 10% of the total purchase price (which includes the paid booking fee). If the Option to Purchase is not exercised within 14 days, the Option to Purchase will expire and the booking fee will be wholly forfeited by the Seller.
- Pay Buyer's Stamp Duty
The Buyer has to pay all applicable buyer's stamp duties within 14 days after exercising the Option to Purchase.
- Pay the remaining 90% of the total property price
The Buyer is required to pay the remaining 90% of the total property price within eight weeks from the date of exercise of the Option to Purchase to complete the sale.
Note: Option to Purchase cannot be transferred or assigned. The stamp duty, property taxes, legal fees and other professional fees are not included in the transaction price
