You’ve been scrolling property listings every night. That resale condo with the unblocked view? It’s calling your name. But where do you even begin? This guide breaks down the full process of buying a resale condo so you can go from window shopper to homeowner — confidently.
The full process of buying a resale condo in Singapore
- Timeline and payment stages for buying a resale condo in Singapore
- Step 1: Start financial planning
- Step 2: Begin your home search
- Step 3: Contact a lawyer
- Step 4: Make an offer
- Step 5: Get the Option to Purchase (OTP) and pay Option fee
- Step 6: Exercise Option
- Step 7: Make payment for stamp duties and legal fees
- Step 8: Completion and key collection
- Speed up your home search on HomerAI with exclusive listings for sale
- FAQs about buying a resale condo in Singapore
- Should you buy a property now?
Timeline and payment stages for buying a resale condo in Singapore
| Stage | Timeline | Description | Payment |
|---|---|---|---|
| Secure Option to Purchase (OTP) | Week 1 | Seller grants you the option to buy the property. | 1% of the purchase price (Option Fee) |
| Exercise Option | Within 14 days of OTP | You confirm your intention to purchase by signing the OTP. | 4% of the purchase price (Exercise Fee), minus the 1% Option Fee already paid |
| Apply for Bank Loan | Within 2-4 weeks | Submit necessary documents to secure a loan for the property. | Loan application fee (varies by bank) |
| Sign Sales and Purchase Agreement | Within 8-10 weeks | Formal contract prepared by lawyers to finalize the purchase. | Legal fees (varies by law firm) |
| Accurate Home Valuation | Within 2-4 weeks | Independent valuation of the property’s worth. | Valuation fee (approximately $300 to $500) |
| Pay Buyers’ Stamp Duty | Within 14 days of Exercise Option | Government tax on property transactions. | Buyer’s Stamp Duty (BSD): 1% on first $180,000 2% on next $180,000 3% on next $640,000 4% on remaining amount |
| Make Final Payment | Completion (within 10-12 weeks) | Pay the remaining balance of the purchase price. | Balance amount after deducting Option Fee, Exercise Fee, and loan amount |
| Attend Completion Appointment | 10-12 weeks from OTP | Final meeting with seller to transfer ownership and collect keys. | Miscellaneous fees (e.g., administrative, handling fees) |
Step 1: Start financial planning
Check the maximum home loan amount and property purchase price you can afford based on your income, age, and loan commitments.
Some financial costs to note:
- Buyer’s Stamp Duty (BSD): It’s computed based on the purchase price or valuation of the property, whichever is higher.
Current BSD Rates
| Purchase Price or Market Value | BSD Rate (%) |
|---|---|
| First $180,000 | 1 |
| Next $180,000 | 2 |
| Next $640,000 | 3 |
| Remaining amount | 4 |
- Additional Buyers Stamp Duty (ABSD): If you’re a Singapore Citizen buying your first home, this does not apply to you. Permanent Residents and foreigners, however, are liable to pay 5% and 30% in ABSD, respectively.
Current ABSD Rates
| Buyer Profile | No. of Residential Properties Owned | ABSD Rate (%) |
|---|---|---|
| Singapore Citizen (SC) | 1 | N/A |
| Singapore Citizen (SC) | 2 or more | 20% |
| Singapore Permanent Resident (SPR) | 1 | 5% |
| Singapore Permanent Resident (SPR) | 2 | 30% |
| Singapore Permanent Resident (SPR) | 3 or more | 35% |
| Foreigner | Any | 60% |
| Entities | Any | 65% |
- Total Debt Servicing Ratio (TDSR): This sets a limit on how much you can borrow from financial institutions (FI), who must ensure your monthly repayment for all debts (including mortgage, credit card bills, car loans and personal loans) does not exceed 55% of your gross monthly income.
- Loan-to-Value Ratio (LTV): Your LTV limit is up to 75% for your first housing loan. If you purchase a unit above valuation, you’d need to cover the difference out of your own pocket.
Let us secure the best home loan rates from banks across Singapore, and assist you with obtaining the in-principle approval (IPA).
Step 2: Begin your home search
Do research on property platforms by shortlisting the units that match your preferences and needs, from location, budget and property size. Ohmyhome’s free listing platform offers detailed filters for you to find exactly what you’re looking for. Simply download the Ohmyhome app on the Play Store or App Store:
- Once you log in to our app as a buyer, you’ll find all the available listings immediately on the home page.
- To filter your search, inputt an address, MRT station, nearby school, budget or desired number of rooms on the search bar.
- You’ll be pleased to know that there are no duplicate listings on the Ohmyhome app as each address can only be used once.
- Post a ‘ShoutOut’ to publicly share the exact type of home you’re looking for. This can be seen by buyers, who may suggest their listing directly with you if it matches.
- Otherwise, you can also click ‘Chat’ to make an appointment or enquire with the sellers or our agents.
If browsing through thousands of listings is an issue due to time constraints, you can submit your preferences to Ohmyhome’s MATCH algorithm to get yourself a curated list of suitable units and home-buying content that will be sent directly to your phone.
Step 3: Contact a lawyer
At this stage, you’ll need to engage a lawyer to help you exercise the OTP on time, as well as with the rest of the conveyancing process. This involves the legal transfer of homeownership from the seller to you, the buyer.
If you will be using your CPF funds and/or getting a home loan to finance your home purchase, consider appointing a law firm from CPF’s panel and your FI’s panel. This will ensure that you won’t have to engage two lawyers for those two things, saving you hundreds of dollars in legal fees.
Pro-tip: Settle all your legal conveyancing needs with Ohmyhome’s legal partners. A great consideration if you’re looking for a seamless end-to-end engagement, where everything can be settled at a single touchpoint!
Step 4: Make an offer
Be sure to do your research by checking out the recent transactions and current market prices on HomerAI before making an offer through the in-app chat.
Once you’ve found the right home at the right price, you can make an offer!
After negotiating and agreeing on the property price, the seller will issue the Option to Purchase (OTP).
Step 5: Get the Option to Purchase (OTP) and pay Option fee
The OTP is a legal agreement between you, the buyer, and the seller to buy the private property.
Once the OTP has been granted by the seller, you will need to pay the Option Fee, which is usually 1% of the purchase price. After doing so, you’d have successfully expressed your interest in this private property, and the seller is not allowed to issue OTPs to other buyers.
Step 6: Exercise Option
You will have 14 days to exercise the OTP and prepare the remaining 4% downpayment in a cashier’s order. This process has to be done by your conveyance lawyer and sent to the seller’s lawyer.
We suggest handing the 4% cashier’s order to the lawyer when you exercise the OTP at least a day in advance to avoid delays.
To cancel the purchase of the resale condo, you must first inform the seller that you are not proceeding with buying the property. You may let the OTP lapse and forfeit the 1% option fee.
Step 7: Make payment for stamp duties and legal fees
The financial costs listed on Step 1, such as BSD and ABSD (if applicable), will be based on the property’s purchase price or market value, whichever is higher.
Your legal representative will advise you on when to make the payment. Usually, it is within 14 days from exercising the OTP. If payment is not made on time, you will incur penalties and face enforcement actions from the Inland Revenue Authority of Singapore.
Step 8: Completion and key collection
Once you’ve completed the final payment and your home loan has been disbursed, it’s time for the moment you’ve been waiting for – collecting the keys to your new home
The completion date will be approximately 8-12 weeks (depending on your agreement with the seller from the date you exercised the Option). Your lawyer will inform you to collect the keys on this date.
Speed up your home search on HomerAI with exclusive listings for sale
HomerAI is our home ownership management & e-Valuation tool which gives you an accurate estimation of your home value, updated every month, and lets you browse thousands of listings for sale or rent, all verified so there won’t be any fake or duplicate listings. Try HomerAI today!
FAQs about buying a resale condo in Singapore
1. When is a good time to buy a condominium?
There is always an opportunity in every market condition, such as the low-interest rates in the current market.
2. What are the costs involved when buying a new condo in Singapore?
On top of the purchase price, be prepared to set aside money for the Buyer Stamp Duty (BSD), Additional Buyer Stamp Duty (ABSD) and other legal and mortgage fees.
3. Are foreigners allowed to acquire a condo in Singapore?
Yes, foreigners can purchase a condominium unit without approval under the Residential Property Act. It is also worth taking note that this approval does not exclude them from the ABSD.
4. How much is the downpayment for a resale condo?
For a resale condo in Singapore, your downpayment is typically 25% of the purchase price. You need to pay at least 5% in cash, while the remaining 20% can be paid using your CPF savings and/or cash.
Should you buy a property now?
Your property and financial situation is unique, and we’d love to advise you with tailored strategies that will maximise your goals. Partner with us and you’ll get the support of Top 1% property agents, dedicated relationship managers, data specialists, and marketing experts.
With over 8,000 happy customers served and 5-star ratings on Google and Facebook, we’re proud to be the most highly-rated agency in Singapore.
Drop us a message on WhatsApp or schedule a meeting with our Super Agents to get started.
+65 9755 9283 
hello@ohmyhome.com 
