Property Sale and Purchase Procedures in Singapore
Sale and Purchase of Property in Singapore. How to Buy Property in Singapore?
Want to buy a property in Singapore or for your own stay? How do you buy a property in Singapore?
First, decide on the segment of Singapore Property Market you want, and the geographical location or area you desire (see Property Districts in Singapore). Also check out New Singapore Condo for Sale.
Next, you would need to place a deposit (known as the Option Money) and submit a Letter of Intent to the Property Owner to indicate your interest and proposed purchase price. The deposit is usually 1% of the purchase price for an existing property (Resale or Secondary Market) or 5% of the purchase price for a newly built property (Primary Market).
To complete the purchase, you would need to sign the Sale and Purchase Agreement with the Property Owner or Developer.
It is recommended that you engage a Professional Accredited Singapore Property Agent (Real Estate Salesperson) to help you through the entire property selection and purchase process. Your property agent can also assist you to engage a lawyer and banker to facilitate your property purchase.