Condo and Landed Buy, Sell and Rent Guide
28 Districts Guides · Private Homes
Condo and Landed Buy, Sell and Rent Guide
Step-by-step process and checklists for buying, selling and renting out condominiums and landed homes in Singapore.
How to buy a condo or landed home
Typical timeline: About 3 to 4 months
- 1
Check your budget and loan
Before you startUse our Affordability and Stamp Duty calculators, then get an In-Principle Approval (IPA) from a bank so you know your loan amount.
- 2
Shortlist and view
Weeks 1 to 6Compare recent transactions, tenure, maintenance fees and any upcoming developments around the property.
- 3
Get the Option to Purchase
Day 0Pay an option fee, usually 1% of the price, for an Option to Purchase that is normally valid for 14 days.
- 4
Secure the bank loan
Within the option periodSubmit the OTP to your bank, receive the Letter of Offer and sign it.
- 5
Exercise the OTP
Within the option periodSign the OTP and pay the exercise fee, usually 4%, to the seller’s lawyer before the option expires.
- 6
Pay stamp duty
Within 14 days of exercisePay Buyer’s Stamp Duty, and ABSD if it applies, within 14 days. Your lawyer lodges a caveat to protect your purchase.
- 7
Completion
About 8 to 12 weeks after exerciseOn completion the balance is paid from your loan and CPF, and you collect the keys.
How to sell a condo or landed home
Typical timeline: About 3 to 4 months
- 1
Know your numbers
Before you startCheck your outstanding loan, CPF to refund, any Seller’s Stamp Duty (SSD) and early repayment penalties.
- 2
Price and prepare
Weeks 1 to 2Set an asking price from recent transactions and prepare the home for photos and viewings.
- 3
Market and negotiate
Weeks 2 to 8List the property, hold viewings and negotiate offers.
- 4
Grant the Option to Purchase
Day 0Grant the OTP and receive the option fee, usually 1%. Appoint your conveyancing lawyer.
- 5
Buyer exercises the OTP
Within the option periodThe buyer exercises the OTP and pays the exercise fee, usually 4%.
- 6
Completion
About 8 to 12 weeks after exerciseYour loan and CPF are repaid from the sale proceeds, keys are handed over and the cash balance is paid to you.
How to rent out a condo or landed home
Typical timeline: About 2 to 6 weeks
- 1
Check the rules
Before you startThe minimum rental period for private homes is 3 consecutive months. Homes under 90 sqm can have up to 6 unrelated occupants; larger homes can register for up to 8 under URA’s temporary relaxation.
- 2
Set the rent and market
Weeks 1 to 3Price the rent from recent rental contracts in the development and list the unit.
- 3
Check the tenant
Before signingCheck the tenant’s identity, pass validity and employment.
- 4
Sign and stamp the tenancy
At signingSign the tenancy agreement and pay stamp duty to IRAS within 14 days. Usually the tenant pays the stamp duty.
- 5
During the tenancy
OngoingKeep records of repairs and declare the rental income in your tax return.
Want us to handle it for you? Our consultants guide you through every step, from pricing to completion.
This guide is general information for planning only and is not legal or financial advice. Rules change from time to time; please check with HDB, URA, JTC, IRAS, CPF and your bank or lawyer. Your ticks are saved on this device only.