stepwise guide on how to purchase a property in Singapore
10 step guide to buying a property in Singapore
Buying a property in Singapore can be a very challenging job if a proper decision is not taken.
Buying a home involves extra responsibilities and maintenance cost that occurs being the owner
of a home. Take into accounts this 10 step to make this process easy.
1. Start with basic research
The first step makes the very important decision. This will affect the whole process of buying the
property. The first step includes locating the perfect area from where communication can be
hassle-free. Shortlisting the things that are necessary for the home and then matching it with the
available property are mandatory. Other things that are required to check are the number of
bedrooms required and facilitates and amenities that comes along with the property.
2. Figuring out the types of property one can buy
When someone is looking for a house for purchase in Singapore, one needs to understand the
different types of property that are available in the city.
a) HDB or Public Housing: HDB or the Housing Development Board of Singapore
denotes the government housing for Singapore. These HDBflats are not available for a
foreigner to purchase.
b) Public-private Hybrid: Under Public-private Hybrid, there are executivecondominiums
which the foreigners can purchase after 10 years of completion of the project. The
executivecondominiums come with a 5 years minimum occupancy period before one can
sell it in the open market
c) Condominiumapartment: these are the most popularpropertytypes in Singapore
for property These are more luxurious than HDBapartments and are a very common
choice for expats looking to buy a condo in Singapore.
d) Landed properties: this includes bungalows, clusterhouses, shophouse and
requires more maintenance cost. A resident of Singapore can buy a landed property
without any restrictions but a foreigner will have more restriction while buying such landed
After the research, part is over and the location is decided, the next part is how much one can
afford to buy a particular property. These include various factors like government taxation, stamp
duty, bank interest (in case one has opted for bank finance) etc. Calculation of various such
factors affects the total valuation of the property in Singapore.
Mane property owner applies for a mortgage before making the final deal. There arises the point
of the amount of interest one needs to pay. Using the mortgage calculator may help to figure out
the interest rates.
Finding a good real estate agent
Most propertyseekers look for a realestateagent to take care of the propertytransactions.
Hiring a realestateagent smoothen the whole process as the agent will take care of the whole
paper works, bank approval and tracking the property appropriate for the buyer.
Negations with the property owner
The buyer then proceeds to negotiate with the seller of the property. If the buyer has hired a
real estate agent, he will do this negotiate part with the seller. The real estate agent
represents the buyer in this case.
Conducting homeinspections very important before making the down payment, much time this
step is ignored or not fully monitored. After finding the appropriate house or Condosforsale
the real estate agent will organize a day for the home inspection. If the property has any
material damage the buyer may opt out his choice without giving any penalty or may go for
Option to purchase
Before the purchase of the property proceeds, the propertyowner or developer provides a
form “Option to purchase” to the prospective buyer to incorporate the certificate of title that
gives the right to ownership. This option to purchase lasts for a specific period, within which the
buyer needs to deposit the rest of the amount of the owner of the property.
Buyer’s Stamp Duty and Additional Buyer’s Stamp Duty are the payment levied to the buyer of the
property. This stamp duty must be paid in full amount within 14 days after submitting the Option
to purchase form.
Certificate of title
The last step that denotes the change of ownership and the title of the property to the new
owner is the transfer of the certificate of title from the seller to the buyer. This Certificate of title
is issued by the SingaporeLandAuthority.
Once the whole process is done, the buyer has got the right to the new property and can start the
The rest of the deal and formalities are left to the solicitor who will take care of the agreement
between the vendor and the purchaser, also he will coordinate with the respective financial
institutions and government authority to complete the whole process.
Property and real estate agents Singapore