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Hi,
could someone please explain how long an estimated process it is to purchase a house once we have received the option to purchase?

Understand it takes 2-3 working days to get the letter of offer from the bank. Thereafter, how long does the lawyer take to exercise the option before the option expires?

What happens after that?

Thanks.
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8 Answers

Hi,

Are you referring to purchase from Developer or from resale open market? Both are slightly different. For the former, you can exercise within 21 days after S&P is sent to the law firm, for the latter its private treaty, meaning its all up for negotiation. But typically option period is 14 days to exercise OTP.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
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YT Tan (陈永达)
Good afternoon buyer,

May I know you are referring to resale HDB or private purchase (resale or developer unit)?

HDB: exercise with $4k within 21 days from OTP grant date. Completion will be around 3 to 4 months depending on appointment dates.

Private:
resale: exercise with 4% within 14 days. Completion will be 10 to 12 weeks from exercise date.

developer: S&P will be issued anytime within 2 weeks of option period. Exercise sale and purchase agreement within 21 days. Completion will be 8 weeks from OTP grant date.

Hope I had provided you the answers you are looking for.

How can I value add further in your property purchase?

- One of well-earned Star Performers under the category of Top Private Property Transactors in Jan 2017-

"Your Freehold Ally, Leasehold Tactician"

YT TAN 陈永达 | ACCA Graduate, RES
Associate Group Director
R043025D
Propnex Realty Pte Ltd
Blk 480 Lorong 6 Toa Payoh, #11-95 HDB Hub East Wing, Singapore 310480

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Hi, it is advisable for you to appoint an agent to assist you further since you have so many questions and also to prevent you from making mistakes or wrong action along the way. For purchasing of private property, a buyer does not need to pay any commission at all.

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Robbie Chen Chee Howe
Hi,

Are you referring to a HDB purchase? Or a resale condo purchase? Or a new launch?

It seems to me that you're unaware of the procedures, and I think you should engage a professional to assist you in your purchase.

For your info, if you're purchasing a private property, you may not need to pay any commission as usually it's the Seller/Developers that are paying out the commission.

Should you need any further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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Dear Sir/Mdm,

The time line for a private purchase is slightly different from a time line for a HDB. For private purchase, the buyer and seller can decide on a completion period, typically 8 to 10 weeks.

For HDB, you will need to adhere to the standard waiting time for 1st appointment. Between 1st appointment and completion, its another 6-8 weeks.

Please feel free to contact me so that I can understand your concerns better and provide you with further assistance!

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
(W) www.nick-tan.com

Testimonial from Satisfied Clients (2016)
“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefitted a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer)

“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitations and advantages that we wouldn’t have known. I think this is the most important virtue to be successful in this line. I will surely recommend him to anyone who needs his service because I trust that they will be equally satisfied!!”
Mr and Mrs Chan (Sold and Bought a property through Nick)

“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)

“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations.
We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House) Read More
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HDB (Housing and Development Board) Transactions:
Exercise: You’ll need to pay $4,000 within 21 days from the Option to Purchase (OTP) grant date.
Completion: The entire process typically takes around 3 to 4 months, depending on appointment dates.
Private Resale Transactions:
Exercise: You’ll need to pay 4% of the purchase price within 14 days to exercise the OTP.
Completion: The entire process usually takes 10 to 12 weeks from the exercise date.
Developer Transactions (New Condos):
S&P (Sales and Purchase) Agreement: This will be issued anytime within 2 weeks of the option period.
Exercise: You’ll need to sign the sale and purchase agreement within 21 days.
Completion: The entire process typically takes 8 weeks from the OTP grant date.
Remember that these timelines can vary based on specific circumstances, but this provides a general overview. If you have any more questions or need further clarification, feel free to ask! Read More
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"If you need more assistance with property matters:
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WhatsApp me at: ABLE Toh (65) 9856-9255  or through this link.:https://wa.me/6598569255
----------------------------888--------------------------------888--------------------------->>>
"If you need more assistance with property matters:
like renting / selling, buying / or investing, I'm here to help!
WhatsApp me at: ABLE Toh (65) 9856*9255 or through this link.:https://wa.me/6598569255
(Unfortunately, this platform doesn't allow direct contact, but you can easily reach me )

(***) You can check out my reviews here: https://www.propertyguru.com.sg/agent/able-s-k-toh-61591.

For buyers, I offer solutions for sourcing resale and new private homes at no charge.

I can connect you with reputable bankers for private housing loans free of charge and with no obligation.

I also have partners to assist with mortgage home insurance matters.

Let's seal this affinity by technology; please PM me your contact for assistance with your real estate needs. So, I believe in Affinity (Chinese word: 缘份) :), let's SEAL this AFFINITY Not by blood but by Technology > Please PM, Private Message your contact so that I CAN BE (EXTRA) PAIR OF HANDS / BRAIN and LEGS to Assist you NOW or FUTURE REAL ESTATE NEEDS!

*** You can reach me at my Singapore mobile: (65) 9856 9255  or email me at Able.selling@gmail.com.

From: ABLE Toh- Your Property ASSISTANT : )
“ i am ABLE to Help As Much As You are ABLE To PM (Private Message) me ” Read More
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