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When buying an uncompleted private residential property, you need to consider certain factors before committing to a purchase. This Home Buyer’s Guide will take you through the five stages of buying a private uncompleted residential property. Click to download the full Home Buyer’s Guide.
This guide is for general information purposes only and does not constitute advice, be it legal, financial or otherwise*. Please read the terms of access before proceeding to use this guide.
Basic Checks
Before committing to a purchase, you should do some basic checks on the developer of the housing project and consider the costs involved in purchasing a private residential property. Click here to download a checklist.
Visiting A Show Flat
At the show flat, review the information on the housing project and specific unit(s) carefully before committing to a purchase. Developers have to ensure that the plans and models displayed, and show units erected are accurate and in accordance with the approved building plans as required under the Housing Developers (Show Unit) Rules.
Booking Your Unit
The developer is required to provide you with a set of mandatory information on the housing project and unit before accepting the booking fee from you. If you decide to proceed with the purchase of the unit after reviewing the information, you will then pay a booking fee for the issue of an Option to Purchase (OTP). Click here to download mandatory information and more details on Option to Purchase (OTP).
Signing the Agreement
The S&P is a private contract between the developer and the purchaser for the sale and purchase of a unit. Licensed housing developers are required to use the standard form of S&PA in the sale of the units in a housing project. No amendment to the S&PA can be made except with the prior approval of the Controller of Housing. You should review the terms in the S&PA before signing it. Click here to download important information about the Sale and Purchase Agreement.
Collecting Your Keys
Once Temporary Occupation Permit (TOP) is issued and you have paid the progress payment due upon TOP, the developer will inform you of the procedure to collect the key to your unit. After collecting the key, you can inspect your unit and report any defects in your unit and housing project to the developer to carry out rectification works within the 1 year defects liability period. Click here to download detailed information on key collection and completion of sale procedures.
Well, you have Ping Property in Singapore!
Buying a home without a realtor is a big task, especially if you’re inexperienced. If you want to get the best deal on your home, it may be wise to partner with a suitable property agent.
Ping Property realizes that DIY might not be suitable for everyone. If you require assistance from our experienced property agents for any step of the process, just contact our trusted agents if you need more help.
Check out some of our services here:
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