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
| Timeframe | Stage | Payment |
|---|---|---|
| Day 1 | Present Offer to Purchase in exchange for an Option | 1% Booking Fee |
| Both Buyer & Seller : Engagement of Solicitors | ||
| Buyer : Selection of Mortgage Loan | ||
| Within 2 weeks from Day 1 | Buyer 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 if applicable or BSD (4% - $15,400) + ABSD if applicable |
| Within 8-10 weeks from exercising Option | Completion of Sales & Purchase at Law Firm | Remaining Payment (Cash/CPF/Bank Loan) |
