Guide to Buying Resale Residential Property

By
/ The Edge Property
|
June 10, 2016 12:00 PM SGT
Pre-purchase checks
  • Singapore citizens who own a HDB flat, DBSS flat or Executive Condominium must fulfill the minimum occupation period of 5 years before they can purchase private residential properties
  • A foreign person will require approval from the Land Dealings Approval Unit of Singapore Land Authority before they can purchase the following types of residential properties:
o Vacant residential land
o Terrace house
o Semi-detached house
o Bungalow/detached house
o Strata landed house which is not within an approved condominium development under the Planning Act (eg. townhouse or cluster house)
o Shophouse (for non-commercial use)
  • A foreign person can purchase the following types of residential properties without special approval:
o Condominium unit
o Flat unit
o Strata landed house in an approved condominium development
o A leasehold estate in a landed residential property for a term not exceeding 7 years, including any further term which may be granted by way of an option for renewal
o Executive condominium unit, HDB flat and HDB shophouse
  • Estimate your budget by using a TDSR and mortgage calculator
Selecting your dream home
  • Consider the qualities your dream home should possess, such as location, amenities, facilities and design
  • Shortlist the developments and available listings that fit your requirements. Consider engaging a real estate salesperson (property agent) who can assist you in making your selection and handling the paperwork
  • Check that the salesperson is registered with the Council for Estate Agencies (CEA)
  • According to market practice, the buyer does not need to pay commission to his salesperson. Buyer’s salesperson will share the commission paid by the seller to his salesperson.
  • Visit the shortlisted units to learn more and zoom in on your dream home
  • Take a look at the common areas and facilities to check on maintenance
  • Talk to the neighbours if you have the chance. They can give a more unbiased view compared to the seller and salesperson
  • Take advantage of this Council for Estate Agencies guideline in the Professional Service Manual- “When asked by a buyer or through his salesperson, the seller’s salesperson must find out from the seller and convey to the buyer...