Buying or selling a resale condo in Singapore follows a seven-stage process: eligibility checks, property search and financing, Option to Purchase (OTP) grant and exercise, stamp duty payment, mortgage drawdown, completion, and key handover — typically spanning 10 to 16 weeks end-to-end (as of 2026-05). Sellers face a four-year Seller’s Stamp Duty (SSD) window on properties purchased from 4 July 2025 onwards, while buyers must pay BSD within 14 days of exercising the OTP and engage a licensed conveyancing lawyer throughout.
You’ve found the condo you want. The seller has agreed on a price. What happens next is where most deals either glide to completion — or quietly unravel. The Singapore resale condo process is well-defined by law, but the sequencing of deposits, stamp duties, CPF drawdowns, mortgage letters, and legal deadlines is precise enough that a missed step or a misunderstood timeline can cost buyers tens of thousands of dollars or sellers a buyer altogether.
This guide walks both sides of the transaction through every stage, quoting current rates and deadlines (as of 2026-05), so that neither buyer nor seller is caught off guard by paperwork, a liquidity shortfall, or a regulatory change they hadn’t heard about.
The regulatory landscape (as of 2026-05)
Singapore’s condo resale market is governed by several overlapping frameworks:
- The Conveyancing and Law of Property Act and the Council for Estate Agencies (CEA) regulate how OTPs are issued and agents must behave. From 2026, the Singapore Land Authority’s Digital Conveyancing Portal (DCP) is rolling out to replace paper-based OTPs for resale private properties in its first phase, making end-to-end digital transactions possible for the first time.
- Stamp duties are administered by the Inland Revenue Authority of Singapore (IRAS) and include Buyer’s Stamp Duty (BSD), Additional Buyer’s Stamp Duty (ABSD), and Seller’s Stamp Duty (SSD). All three apply to private condo transactions depending on buyer profile and seller holding period.
- Mortgage financing is subject to the Monetary Authority of Singapore’s (MAS) Total Debt Servicing Ratio (TDSR) cap of 55% and a Loan-to-Value (LTV) limit of 75% on the first property loan for borrowers with no outstanding mortgages.
- CPF usage is governed by the CPF Board, which applies a Valuation Limit (VL) and a Withdrawal Limit (WL) based on remaining lease and age at the time of purchase. See CPF for Property in Singapore for full detail.
These four frameworks interact at almost every stage of the transaction. Understanding them in order prevents the most common mid-transaction surprises.
Resale Timeline Overview
Editorial analysis for this section is being prepared.
Buyer's Step-by-Step Process
Editorial analysis for this section is being prepared.
Seller's Step-by-Step Process
Editorial analysis for this section is being prepared.
Option to Purchase (OTP) Mechanics
Editorial analysis for this section is being prepared.
Conveyancing & Legal Completion
Editorial analysis for this section is being prepared.
CPF & Loan Disbursement
Editorial analysis for this section is being prepared.
Stamp Duty & Costs Breakdown
Editorial analysis for this section is being prepared.
Common Pitfalls & How to Avoid Them
Editorial analysis for this section is being prepared.
Stage-by-stage process for buyers and sellers
Stage 1 — Eligibility and financial pre-work
Before viewing a single condo, both parties benefit from completing their financial pre-work. For buyers, this means obtaining an In-Principle Approval (IPA) from a bank, verifying CPF Ordinary Account (OA) balances, and computing the maximum loan under the TDSR framework. For sellers, it means confirming the SSD liability (if any), checking the CPF refund amount including accrued interest, and estimating net sale proceeds. See the complete condo purchase cost breakdown and how much you can afford under TDSR for worked calculations.
Stage 2 — Negotiation and agreeing on a price
Both buyer and seller are typically represented by CEA-registered estate agents. Under CEA guidelines, agents must disclose any conflict of interest when representing both parties (co-broking). The agreed price is not binding until the OTP is issued — verbal agreements carry no legal weight. Check agent credentials at the CEA Public Register before engaging.
Stage 3 — Option to Purchase (OTP): grant and exercise
Once a price is agreed, the seller grants an OTP upon receipt of the option fee, usually 1% of the purchase price (negotiable, but industry convention is 1%). This document gives the buyer the exclusive right to purchase the property within a stated option period, typically 14 days for private properties (as of 2026-05). Buyers consult the OTP glossary for full terms. To exercise the OTP, the buyer signs and returns it with a further 4% of the purchase price (the “exercise fee”), bringing the total deposit to 5%. The signed OTP is sent by the buyer’s lawyer to the seller’s lawyer. Both parties appoint separate conveyancing lawyers at this point; fees for a resale private property typically range from S$2,300 to S$3,500 plus 9% GST per side, covering the conveyancing, title searches, CPF withdrawal, and mortgage stamp duties (as of 2026-05).
Stage 4 — Stamp duties
Within 14 days of exercising the OTP, the buyer must pay Buyer’s Stamp Duty (BSD) to IRAS. BSD rates (from 15 February 2023) are: 1% on the first S$180,000; 2% on the next S$180,000; 3% on the next S$640,000; 4% on the next S$500,000; 5% on S$1.5M–S$3M; and 6% above S$3M. See the complete stamp duty guide and the stamp duty calculator. Applicable Additional Buyer’s Stamp Duty (ABSD) is payable at the same time: Singapore Citizens buying their second property pay 20%; their third, 30%; Permanent Residents buying their first property pay 5%; and foreigners pay 60% regardless of ownership count (as of 2026-05, per IRAS ABSD rates). For sellers: Seller’s Stamp Duty (SSD) applies if the property is sold within four years of purchase (for properties purchased on or after 4 July 2025). For that cohort, rates are: year 1 — 16%; year 2 — 12%; year 3 — 8%; year 4 — 4%; beyond four years — 0%. Consult IRAS SSD guidance and the SSD glossary entry for rates on earlier purchase cohorts.
Stage 5 — Mortgage drawdown and CPF withdrawal
After exercising the OTP, the buyer’s lawyer requests the Letter of Offer from the bank and files the CPF withdrawal request with the CPF Board. The bank conducts a property valuation (cost borne by buyer: typically S$300–S$500). The LTV limit is 75% for borrowers with no outstanding property loans; the loan quantum is the lower of the purchase price and the bank’s valuation. CPF OA funds can cover up to the Valuation Limit (equal to the purchase price or market value, whichever is lower at time of purchase) for properties with sufficient remaining lease. See the CPF OA condo guide for the full withdrawal framework.
Stage 6 — Pre-completion legal work (weeks 2–11)
Between exercising the OTP and completion, lawyers for both sides handle: title searches and caveat lodgement; discharge of existing mortgage (seller); redemption statements from the seller’s bank; Central Provident Fund Board approvals; HDB consent (if applicable for properties acquired under the HUDC or similar schemes); and preparation of the Transfer document. From 2026, much of this is progressively migrating to the SLA’s Digital Conveyancing Portal, reducing turnaround on some steps. Check what a caveat and title search involve.
Stage 7 — Completion, balance payment, and key handover
Completion typically occurs 10 to 12 weeks after the OTP is exercised (as of 2026-05), though 8–14 weeks is contractually common. On the completion date, the buyer pays the remaining balance (purchase price minus the 5% deposit minus CPF and loan drawdown) via cashier’s order. The bank simultaneously disburses the loan directly to the seller’s lawyer. CPF Board releases OA funds to the seller’s lawyer. The Transfer is registered with the Singapore Land Authority. Keys are handed over, and the buyer takes legal ownership. The seller receives net sale proceeds after discharging their mortgage and refunding CPF OA monies with accrued interest to their own CPF account.
The full timeline for a typical resale transaction looks like this:
| Week | Milestone | Who acts |
|---|---|---|
| 0 | OTP granted; 1% option fee paid | Seller issues, buyer pays |
| 0–2 | OTP exercised; 4% exercise fee paid | Buyer, buyer’s lawyer |
| 0–2 | BSD / ABSD paid to IRAS (within 14 days of exercise) | Buyer |
| 1–4 | Bank valuation, Letter of Offer, CPF withdrawal request | Buyer’s bank, CPF Board |
| 2–8 | Title searches, caveat lodgement, mortgage discharge by seller | Both lawyers |
| 8–12 | Transfer documents prepared; HDB / CPF approvals completed | Both lawyers |
| 10–12 | Completion: balance payment, loan drawdown, CPF release, key handover | Both parties and banks |
What to do before, during, and after the transaction
For buyers — before granting OTP:
- Obtain a bank In-Principle Approval (IPA) so you know your maximum loan before negotiating price — see maximum home loan guide.
- Calculate your total upfront cash requirement: 5% deposit (1% option fee + 4% exercise fee) plus BSD/ABSD within 14 days, plus valuation and legal fees. Run the numbers using the stamp duty calculator and total cost calculator.
- Check CPF OA balance and confirm the Valuation Limit applies to your target property, especially for older leasehold developments (consult LTV and CPF limits by age).
- Verify the seller’s title is clear of encumbrances (your lawyer will lodge a caveat and run a title search — budget S$200 for searches).
- Engage a conveyancing lawyer before exercising the OTP, not after, so there is no gap between exercise and BSD payment deadline.
For sellers — before granting OTP:
- Calculate your SSD liability. If you purchased on or after 4 July 2025 and are selling within four years, the SSD rates of 4%–16% apply (as of 2026-05). Factor this into your minimum acceptable price.
- Request a redemption statement from your bank showing the outstanding loan balance — this determines your cash-out at completion.
- Contact CPF Board to get your accrued interest refund amount; this must go back into your CPF OA account at completion and cannot be kept as cash proceeds (see CPF refund when selling property).
- Agree on a completion timeline with the buyer that allows your bank sufficient time to discharge the mortgage. Allow 10–12 weeks minimum.
For both parties — during transaction:
- Communicate only through lawyers once the OTP is exercised; direct negotiation after this point can inadvertently vary the contract.
- Ensure your lawyer registers your interest (caveat) promptly after exercise to protect against the seller granting another OTP.
- Monitor the DCP portal status of your transaction as SLA’s digital system phases in during 2026 — it may change notification and document-delivery workflows.
Frequently Asked Questions
How long does a condo resale take?
What is the OTP exercise period?
Who pays for the conveyancing lawyer?
What is the SSD rate for a condo purchased after 4 July 2025 and sold within two years?
Under rules effective from 4 July 2025, if you purchased a private residential property on or after that date and sell it within two years, the SSD rate is 12% of the sale price or market value (whichever is higher). Within year one the rate is 16%, year two is 12%, year three is 8%, and year four is 4%. No SSD applies if you hold beyond four years. Refer to IRAS SSD guidance for properties purchased before that date, which follow the old three-year regime at lower rates.
Best suited for
Loading quiz...