TL;DR
Step-by-step visual guide to the condo buying process in Singapore, from financial planning to collecting keys.
Key Takeaways
- The condo buying process has 7 key steps from financial planning to collecting keys.
- Resale purchases take approximately 3-6 months; new launches take 3-4 years (progressive payment).
- Always get an In-Principle Approval (IPA) from your bank before committing to an OTP.
Condo Buying Process: Step by Step
A visual timeline of the condo buying process in Singapore, from financial planning to collecting keys.
1
Financial Planning
Assess budget, check TDSR/MSR limits, get In-Principle Approval (IPA) from bank.
Timeline: 1-2 weeks2
Property Search
View properties, compare PSF, check transaction history on ShiokNest.
Timeline: 2-8 weeks3
Option to Purchase (OTP)
Pay option fee (usually 1% of price). You have 21 days (resale) or 3 weeks (new) to decide.
Timeline: 1-3 weeks4
Exercise OTP
Pay exercise fee (4% of price, minus option fee). Engage conveyancing lawyer.
Timeline: Day 05
6
Loan Approval
Finalise mortgage, bank issues Letter of Offer, pay valuation fee.
Timeline: 2-4 weeks7
Completion
Lawyer handles transfer, pay balance (cash/CPF), receive keys.
Timeline: 8-12 weeks (resale)Total timeline: approximately 3-6 months from search to keys for resale; 3-4 years for new launches (BUC progressive payment).
Use our calculators to plan each step.
Frequently Asked Questions
What is an Option to Purchase (OTP)?
An OTP is a legal document granting the buyer the exclusive right to purchase the property within a specified period. The buyer pays an option fee (typically 1% of the price) and has 21 days (resale) to decide whether to exercise the option.
Can I use CPF to buy a condo?
Yes, you can use CPF Ordinary Account (OA) funds for the down payment (up to 20% of purchase price), stamp duties, and monthly mortgage instalments for private condos with remaining lease of at least 20 years at the time of purchase.
Do I need a lawyer to buy a condo?
Yes, a conveyancing lawyer is required to handle the legal transfer of property ownership. They manage the sale and purchase agreement, title search, CPF withdrawal, mortgage documentation, and stamp duty filing. Budget $2,500-$3,500 for legal fees.
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