How Do I Buy a Resale Condo? Is There a Procedure to Follow?

A reader asks:

How do I buy a resale condo? Is there a procedure to follow?

Dave Yong, theAsianparent property expert, replies:

This is a question a lot of potential property buyers ponder about. I am glad you have brought this up. There are a few easy steps to follow and a number of things to take note of when it comes to buying a resale condo.

1) The first step is to find resale condo listings. To find a variety of listings, refer to the advertisements in the Classified section of the newspapers and property websites. Another way to know what resale condos are being listed is to pick up the phone and call up real estate agencies. In addition to providing you with the listings, real estate agents will offer you prudent advice and personal opinion.

2) Things get slightly complicated once you have decided on a resale unit. The important procedure of  issuing a document called  'Offer to Purchase' comes in now. This document states your intention to purchase the resale condo unit. A deposit cheque of 1% of the sale price of the resale condo unit should also be issued to the vendor's name. However, I advise you to obtain a proof of ownership first before issuing the deposit cheque.

3) When your offer is accepted (congratulations!), the vendor will deliver a document called  'Option to Purchase' (OTP). You will be given 14 days from the date of OTP to exercise this option.  Please sign the OTP, attach a cheque of 4%  of the sale price and deliver the OTP to the vendor.

4) The completion of the purchase usually takes 10 to 12 weeks from the date of exercising the option.

I wish you great luck on your pursuit of a resale condo and hope the procedures mentioned above are of help.

Answered By Dave Yong.

Dave is a senior team director certified in CEHA with ERA Realty Network Pte Ltd. As a full-time professional realtor who mentors a group of associates under his team, his success stories includes winning numerous awards such as Asia Pacific Elite award, Top Achievers awards, Million Dollar Club Producer awards, Top Manager awards and multiple testimonial letters!

Dave exemplifies great service. His transparency and dedication to his job has resulted in many satisfied local & foreign clients who continue engaging him for all their property needs. As a consultant to theAsianparent.com Dave is excited to assist Singapore parents on property trends and update them on polices related to the property market. Dave is a peoples’ person and enjoys communicating on a wide range of topics. He also  enjoy sports and spending quality time with his  friends and family.

If you have any property questions, please direct it to Dave Yong at [email protected]or [email protected]

You can also vistit his site at www.sinproperty.com