A Step-by-Step Guide to Buying
A condo Under construction
Updated May 2024
Building Under Construction (BUC) - Condos that have been launched and are currently under construction, with balanced units available for sale.
Characteristics:
Following is a ste-by-step guide outlining the purchasing process to help you understand what to anticipate.
If you find yourself confused during your buying process, feel free to revisit this guide. Remember, stick to the fundamentals! 😊
Step 1. Get an In-Principal Approval
Step 1. from a bank
Step 2. Make an Appointment to
Step 2. Visit Show Flat
Step 3. Book Your Unit & Receive OTP
Step 4. Hire Conveyance Lawyer &
Step 4 . & Hire ConSecure Home Loan
Step 5. & Pay Buyer’s Stamp Duty
Step 6. Progressive Payment Starts
Step 7. TOP, Key Collection
Step 1: Get an In-Principal Approval (IPA)
from a Bank
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.
Step 2: Make an Appointment to Visit the
Show Flat
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.
Step 3: Book Your Unit & Receive the Option to Purchase (OTP)
Note that this 5% contributes to your downpayment, it is not a cost in addition to the purchase price.
Step 4: Hire a Conveyance Lawyer &
Secure your Home Loan
Step 5: Sign S&P Agreement, Exercise OTP,
Pay Buyer’s Stamp Duty
Step 6: Progressive Payment Starts
Example of a progressive payment schedule
Step 7: TOP & Key Collection
Congratulations on your new property!