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I have a few general qns about the procedure of purchasing uncompleted private residential properties and am interested in answers concerning the market practice.

1. When does the buyer usually appoint lawyer? Eg. after receiving OTP & paying booking fee? after receiving S&P?

2. Does the buyer usually appoint own lawyer? Or referred to by developer?

3. How's the financing procedure like? (not the progressive payment) Eg. Does lawyer assist to apply for CPF savings withdrawal first? If not enough, apply for bank loan?

When does valuation come into play? And what kind of approval should Buyer await (eg. Letter of Offer from bank, from CPF?)

I'm more interested in the step-by-step procedure prior to exercising the OTP. Would appreciate if anyone here can help. Thanks!
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1 Answer

Ivan Ng
Replied
Hi Ms. Atikah,

I will be glad to illustrate the full step-by-step procedure and how the financial timeline is going to pan out. Have assisted with a buyer for The Glades and I'm grateful she recognizes my clarity in explanation so to ensure a smooth purchase. You can refer to it below.

To provide more accurate info, I will need more details such as the project you are considering and the finances on how you prefer to approach this. How should I get in touch to share more with you? Thanks and let's discuss further.

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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