First-Time Buyer's Complete Checklist: From Viewing to Keys

Step by step

1. Calculate your true budget before viewing a single property. Run the affordability calculator using your gross income, existing monthly debts, and a stressed rate of 4%. Note the maximum loan quantum, then add your available CPF OA and cash savings to arrive at your maximum purchase price. Factor in BSD, legal fees, and a realistic renovation budget — not just the headline price. If buying with a partner, model both single-income and dual-income scenarios to understand your risk if one income is interrupted.
2. Secure financing pre-approval before shortlisting. For bank loans, obtain an In-Principle Approval (IPA) from at least two banks. An IPA is typically valid for 30 days and confirms the loan quantum a bank is prepared to offer subject to valuation. For HDB flats, apply for an HDB Loan Eligibility (HLE) letter through the HDB portal. An HLE is valid for six months. Do not make offers without one of these documents in hand — a bank's verbal estimate is not binding.
3. Shortlist and conduct structured viewings. At each viewing, check the following systematically: (a) Orientation and facing — north-south orientation reduces direct afternoon sun; note proximity to MRT lines or expressways for noise; (b) Natural light and ventilation in every room, including bathrooms; (c) Structural condition — cracks at window and door frames, stains on ceilings indicating water ingress, warping floors; (d) Remaining lease — for leasehold properties below 70 years, banks will reduce LTV and CPF OA usage is restricted after the property lease falls below 30 years beyond the youngest buyer's age of 95; (e) Floor level and en-bloc potential — older estates with lower plot ratios and fragmented ownership are higher-risk candidates for collective sales; (f) For new launches, inspect the show flat for ceiling height, cabinet quality, and appliance brands, then verify against the specifications in the sales brochure, which is a legally binding document. Visit at different times of day and, where possible, on a weekday to gauge neighbourhood activity and traffic.
4. Negotiate price and inspect the title. Before making a formal offer, ask your conveyancing lawyer to run a title search to confirm there are no outstanding mortgages, caveats, or encumbrances on the property. Check URA or the price heatmap for recent transacted prices of comparable units in the same development or street to anchor your negotiation.
5. Grant the Option to Purchase (OTP) and pay the option fee. For private residential property, the OTP option fee is typically 1% of the agreed purchase price. This grants you an exclusive period — usually 14 days for private property — to decide whether to exercise the option. For HDB resale flats, the option fee is S$1,000 (5-room and larger) or S$500 (4-room and smaller), and the option period is 21 calendar days. During this window, instruct your bank to conduct a formal valuation. If the valuation comes in below the agreed price, you will need to fund the shortfall in cash — this is the "cash over valuation" (COV) risk. You may walk away within the option period, but you forfeit the option fee.
6. Exercise the option and pay the option exercise fee. For private property, the exercise fee is typically 4% of the purchase price (bringing your total deposit to 5%). For HDB, the exercise fee is S$4,000 (5-room and larger) or S$4,500 (3-room and below). Once the option is exercised, the Sales and Purchase Agreement (S&P) is legally binding. Your conveyancing lawyer will lodge a caveat with the Singapore Land Authority to protect your interest in the property.
7. Pay Buyer's Stamp Duty and Additional Buyer's Stamp Duty. BSD must be paid within 14 days of signing the S&P Agreement (or within 30 days if the agreement is executed overseas). ABSD, where applicable, is due on the same timeline. Late payment attracts penalties from IRAS. The BSD rate structure (as of 2026-06) is: 1% on first S$180,000; 2% on next S$180,000; 3% on next S$640,000; 4% on the next S$500,000; 5% on the next S$1.5 million; 6% above S$3 million. Full rate tables are published on the IRAS stamp duty page. Payment can be made via IRAS e-Stamping.
8. Complete conveyancing and mortgage drawdown. Your lawyer will coordinate with the CPF Board to withdraw CPF OA funds, with your bank to drawdown the mortgage, and with the seller's lawyer to transfer title. You will sign the mortgage documents (including a Mortgage in Escrow if using CPF funds) and pay the balance of the purchase price less deposits already paid. Legal fees and bank processing fees are paid at this stage. The entire completion process typically takes 8 to 12 weeks from the date the option is exercised for resale properties. For new launches, completion coincides with the issuance of the Temporary Occupation Permit (TOP) or Certificate of Statutory Completion (CSC).
9. Final inspection and key collection. Before handing over any remaining payment, conduct a thorough final inspection of the unit. For resale properties, compare the condition against what was agreed in the S&P — check that all included fixtures and fittings remain (refrigerators, air-conditioning units, wardrobes, if specified) and that no new damage has occurred. For new launches, you are entitled to a defects liability period of typically 12 months from the date of vacant possession. Walk every room with a punch list: check tiles for hollow spots (tap with a key), inspect all taps and shower heads for water pressure, test every socket and light switch, and confirm that all windows and doors open and close without sticking. Lodge defects in writing with the developer's customer service team on the same day. Carry a phone charger, a torch, and a measuring tape on this visit. Once you are satisfied, sign the handover documents and collect your keys.
10. Post-purchase actions. Notify the relevant authorities of the change in ownership for property tax purposes — IRAS automatically reassesses annual value, but confirm your owner-occupier status to qualify for the lower owner-occupier property tax rate. Set up fire insurance (mandatory for bank loans) and consider a comprehensive home contents policy. If you intend to rent out the property, register with the Urban Redevelopment Authority (URA) for condo units or HDB for public housing — short-term rentals below three months are prohibited for private residential and six months for HDB. Review your CPF OA balance: CPF accrued interest on funds used for the property accrues at 2.5% per annum and must be refunded upon sale, reducing your eventual cash proceeds.