Timeline Of Resale Transaction (Private Residential Property)

 

Recently we posted on Timeline Of a New Launch Sales Transaction for newly released Singapore condos that are uncompleted, now let us share with you the different stages of payment for a resale transaction. It is definitely less complicated than staggered payments of a new launch condo.

 

Payment for Completed/Resale Developments

TimeframeStagePayment
Day 1Present Offer to Purchase in exchange for an Option1% Booking Fee
Both Buyer & Seller : Engagement of Solicitors
Buyer : Selection of Mortgage Loan
Within 2 weeks from Day 1Buyer to exercise Option & sign Sales & Purchase at solicitor's law firm 4% Exercise Fee
Within 2 weeks from
Exercising Option
Buyer to pay Stamp Duty BSD (3% - $5,400) + ABSD
Within 8-10 weeks
from exercising Option
Completion of Sales & Purchase at Law FirmRemaining Payment
(Cash/CPF/Bank Loan)