An 8-Step Guide to Buying

An IPA can be easily requested through a ​mortgage broker or a mortgage banker.

With an IPA, you will have a better idea of ​financing the property, for instance, the amount ​of cash outlay and CPF savings needed, as well ​as the subsequent monthly mortgage.

• When a show flat first opens for public ​viewing, it is known as the preview and ​usually lasts for about 12 days.

____It tends to be crowded and chaotic during ​____the weekends, so do visit on a weekday ​____instead if your schedule permits.

• At this point, only the indicative prices are ​available. The actual prices are known only ​on the booking day, also known as launch ​day. (Step 4)
  

Do engage a reliable real estate agent who can ​guide you around the show flat, provides you ​with comprehensive details about the ​condominium, as well as be unbiased in serving ​your needs, rather than pushing for a sale.

This service is provided at no cost to you.

Ballot

• Balloting for a queue number is usually ​necessary for popular launches.
  

• To participate in the balloting, you will ​submit an Express of Interest (EOI) form ​and a blank cheque.

• The balloting will be conducted by the ​developer and you will receive your ​queue number before the booking day.
  

Placement

• For condo launches that are more ​exclusive or expecting a smaller crowd, ​the developer may use the placement ​method instead.

• A buyer will simply indicate the ​preferred unit and submit an unsigned ​blank cheque.

• The unit will be sold to the buyer unless ​another buyer has also selected the ​same unit. In this case, balloting will be ​conducted.
  

This is also known as the launch day when ​the actual prices are released.

• It is advisable to create a shortlist of ​several units to broaden your options.
  

• Once you book a unit, you will receive a ​document detailing the Property Details ​Information (PDI).
  

• Upon endorsing this PDI, you will be ​given the Option to Purchase (OTP) ​document.
  

• Your blank cheque will be used for the ​5% Option Fee, which contributes to ​your downpayment.
  

• Choose a law firm that is on the panel ​of the bank from which you are ​obtaining your home loan.

• With a copy of the OTP, you can ​proceed to secure the home loan ​whereby the bank will issue you the ​Letter of Offer.

• The Sales & Purchase (S&P) agreement ​will be sent to your lawyer’s office by ​the developer.

• You will have 3 weeks to sign the S&P, ​and exercise your Option to Purchase ​(OTP).

• Make the payment for the Option ​Exercise Fee ( 15% of the purchase ​price, by cash or CPF ). This also ​contributes to your downpayment.

• Pay the Buyer’s Stamp Duty (BSD).
  

• The progressive payment starts usually ​6 to 9 months after the project is ​launched.

• The developer will inform your lawyer ​when the payment is due for each ​stage.
  

• If you have taken a home loan, your ​bank will disburse the payment to the ​developer, while you pay the bank in ​instalments.
  

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