### Purchasing a Condo Unit in Rosewood or Casablanca
#### **Budget Feasibility**
- **Current Market Prices**: As of recent market trends, 2+1 or 3-bedroom units in Rosewood or Casablanca condos in Woodlands typically range between $550,000 to $700,000, depending on the unit size, floor level, and condition. It is possible to find units within your budget of $580,000.
- **Market Research**: Check property listing websites like PropertyGuru, 99.co, and SRX for current listings and recent transaction prices to verify if there are suitable units within your budget.
#### **Transaction Process**
1. **Determine Eligibility**:
- Ensure you are eligible to purchase a private property if you currently own an HDB flat.
- If you are upgrading from an HDB to a private property, check if you need to fulfill any Minimum Occupation Period (MOP) for your HDB flat before selling it.
2. **Engage a Real Estate Agent**:
- A property agent can assist you in finding units that match your criteria and budget.
- They will arrange viewings and help negotiate the price.
3. **Financing**:
- **Assess Your Finances**: Calculate the proceeds from the sale of your HDB flat, including any outstanding HDB loans and CPF used.
- **Home Loan**: Apply for a bank loan if you require financing for the purchase. Pre-approval from a bank can help determine your borrowing capacity.
4. **Sale of HDB Flat**:
- List your HDB flat for sale and engage an agent to expedite the process.
- Use the proceeds from the sale to fund the purchase of your new condo unit. You can use CPF funds and cash proceeds.
5. **Offer to Purchase**:
- Once you find a suitable unit, submit an offer to purchase (OTP). This document outlines the terms of the sale, including the purchase price and conditions.
- Pay an option fee (typically 1% of the purchase price).
6. **Exercise the Option**:
- Upon agreement on the OTP, you have a stipulated period (usually 14 days) to exercise the option by paying an additional exercise fee (typically 4% of the purchase price).
- Sign the sale and purchase agreement.
7. **Completion**:
- The transaction will be completed in about 8 to 12 weeks, during which the legal work and transfer of ownership are finalized.
- You will need to pay the remaining balance of the purchase price.
8. **Stamp Duties**:
- **Buyer's Stamp Duty (BSD)**: Payable on all property purchases.
- **Additional Buyer's Stamp Duty (ABSD)**: Check if you are subject to ABSD based on your residency status and number of properties owned.
#### **Using HDB Sale Proceeds**
- **Sale Proceeds Utilization**: The proceeds from the sale of your HDB flat can be used for the down payment and other related expenses for purchasing the condo unit.
- **CPF Funds**: You can use the refunded CPF funds from the sale of your HDB flat for the condo purchase.
#### **Conclusion**
It is possible to purchase a 2+1 or 3-room unit in Rosewood or Casablanca within your budget of $580,000. Engage a property agent to assist in finding a suitable unit, ensure your finances are in order, and proceed with the transaction steps outlined above. Utilizing the proceeds from your HDB sale, including CPF funds, can help facilitate the purchase.
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