Private Home Buyers Guide
All copyrights belong to their respective owners. For educational purposes only Source:www.ura.gov.sg
This guide provides home buyers with basic information on the process of buying uncompleted private residential properties and some important considerations which they should take into account before committing to a purchase.
The Home Buyers’ Guide is organised along the key steps involved in buying uncompleted private residential properties from licensed housing developers.
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Basic Checks and Information
Before you visit a showflat or view any unit, you should familiarise yourself with some of the existing Government policies which may affect your purchase.
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Visit Showflat
At the showflat, you should review the information on the housing project and specific unit(s) carefully before paying a booking fee.
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Option to Purchase
An Option to Purchase is a right or option given by the developer of a property to an intending purchaser to buy the property.
Sale & Purchase Agreement
A Sale & Purchase Agreement is a private contract between the developer and the purchaser for the sale and purchase of a property. Licensed housing developers are required to use the standard form of Sale & Purchase Agreement in the sale of the units in a housing project.
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Taking Possession and Moving In
When the developer is ready to hand over the unit, the developer will issue a Notice of Vacant Possession to the purchaser.
Completion of Sale
Completion of the sale and purchase of a unit takes place when the developer conveys legal title of the unit to the purchaser.
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