Buying a condo in Singapore involves a structured process with legal, financial, and regulatory milestones. Understanding this timeline helps you plan your finances and avoid costly mistakes.
Step 1: Option to Purchase (OTP)
The OTP is the first legally binding document. You pay an option fee (typically 1% of the purchase price) to secure the property for 14-21 days. This gives you time to arrange financing and conduct due diligence.
Important: the OTP should only be issued by a licensed CEA property agent. Verify the agent’s credentials before proceeding.
Step 2: Exercise OTP
Within the OTP period, you must decide whether to exercise the option. If you proceed, you pay another 4% of the purchase price (total 5% down payment). If you withdraw, you lose only the initial 1% option fee.
Step 3: Sign Sale & Purchase Agreement
Your lawyer reviews and finalises the S&P agreement. This typically happens within 8-10 weeks of exercising the OTP. At this stage, you pay the remaining 20% down payment (the balance of the 25% minimum).
Step 4: Pay Stamp Duties
BSD and ABSD (if applicable) must be paid within 14 days of exercising the OTP. This is a critical deadline — missing it incurs late payment penalties. Ensure your CPF and cash are ready.
Step 5: Secure Loan
Finalise your home loan. The bank will disburse the loan amount to the seller’s lawyer upon completion. Get your In-Principle Approval (IPA) early — ideally before making an offer.
Step 6: Completion
Completion is typically 8-12 weeks after the S&P is signed for new launches, or 8-10 weeks for resale properties. This is when ownership officially transfers. Your lawyer handles the paperwork and funds transfer.
Key Timeline Summary
Day 1: Pay option fee (1%) and secure OTP
Day 14-21: Exercise OTP (pay another 4%)
Day 14: Stamp duties deadline
Week 10-12: Sign S&P, pay balance down payment
Week 18-22: Completion and key collection
Bottom Line
A smooth condo purchase requires organisation and the right professional team. If you want guidance through the process, book a consultation with a property strategist.