The typical timeframe for purchasing a private resale property in Singapore from booking to completion is around **15 weeks**. Here's a breakdown of the process and the usual payment schedule:
**Stages and Payment Schedule:**
1. **Option to Purchase (OTP):**
* **Time:** Within a few days of selecting your unit.
* **Payment:** 1% of the purchase price (payable by cheque or cashier's order). This secures the unit for you while you conduct necessary checks and finalize loan arrangements.
2. **Exercise of Option (EO):**
* **Time:** Within 3 weeks of signing the OTP. This period allows you to conduct due diligence (e.g., property inspection, valuation).
* **Payment:**
* 4% of the purchase price (payable by cheque or cashier's order).
* Buyer's Stamp Duty (BSD): Calculated based on the property price and payable within 14 days of exercising the option. You can use CPF funds for BSD payment (subject to eligibility).
3. **Agreement for Sale and Purchase (S&P):**
* **Time:** Within 4-8 weeks of exercising the option. The lawyer prepares the S&P document outlining the sale details.
* **Payment:** No additional downpayment is typically required at this stage.
4. **Completion:**
* **Time:** 1-2 weeks before the official handover of keys.
* **Payment:** The remaining balance of the purchase price, minus any downpayment already made and CPF used (payable by bank transfer or cashier's order).
**Important Note:**
* This is a general timeframe, and the actual timeline might vary depending on the complexity of the transaction, lawyer's workload, and other factors.
* **Downpayment:** While there's no additional downpayment at the S&P stage, some buyers might choose to make a further downpayment at this point to reduce the outstanding amount payable at completion.
**Additional Costs to Consider:**
* **Legal Fees:** Buyer pays lawyer's fees for conveyancing (transferring ownership).
* **Agent's Commission:** If you used a property agent, their commission fee is typically payable upon successful completion.
**Tips:**
* **Negotiate OTP Validity:** You can negotiate a slightly longer validity period for the OTP (beyond the standard 3 weeks) if you need more time for loan approvals or other checks.
* **Clear Communication:** Maintain clear communication with your lawyer and the seller's agent throughout the process to avoid delays.
By understanding the timeframe and payment schedule, you can be better prepared financially and manage your expectations when purchasing a private resale property in Singapore.
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