When buying a resale private property in Singapore with full cash payment, the completion timeline can indeed be shorter than the typical 8-12 weeks, but it will still involve a few necessary steps and checks. Here’s what to expect:
### 1. **Standard Completion Timeline**
- For resale private properties, the standard timeline for completion is typically 8-12 weeks, even for cash purchases, as it allows sufficient time for necessary administrative procedures such as legal checks, property title transfers, and regulatory compliance.
### 2. **Potential for Faster Completion with Cash Payment**
- Since you’re paying in cash, the transaction could potentially be completed faster because it eliminates the need for mortgage processing and loan approval, which can often extend the timeline.
- However, several mandatory steps will still need to be completed regardless of the payment method, such as:
- **Option to Purchase (OTP)**: After signing the OTP, a standard 2-week period is typically given for acceptance (although it can be negotiated).
- **Legal Conveyancing**: This involves title searches, document preparation, and liaising with the Singapore Land Authority (SLA). Most of these processes require time, although a cash payment can speed up certain checks.
- **Stamp Duty**: The Buyer’s Stamp Duty (BSD) must be paid within 14 days of signing the OTP or Sale and Purchase Agreement.
### 3. **How to Expedite the Process**
- To complete the purchase faster, you can discuss an expedited timeline with your lawyer and the seller. Both parties must agree to this shorter timeline, especially if the seller has specific moving or financial arrangements.
- Choose a conveyancing lawyer experienced with cash transactions and motivated to expedite the conveyancing process.
- File the required documents and pay the BSD as soon as possible to avoid unnecessary delays.
In summary, while cash payments can streamline parts of the process, the completion timeline will still depend on administrative and legal steps. An expedited timeline may be possible if both parties and your conveyancer prioritize the transaction.
For PRIVATE Home Buyers, I offer solutions for sourcing resale and new PRIVATE homes at ZERO charge (Because Most PRIVATE seller Agent are willing to share commission with Buyer Agent)
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