What is the timeline for enbloc

When considering the purchase of a resale condominium in Singapore, the timeline can vary depending on several factors, including the complexity of the transaction and the efficiency of the parties involved. Here is a general outline of the key steps and their typical durations:

Viewing and Selection

• This can take anywhere from a few days to several weeks, depending on how quickly you find a suitable property.

Offer and Acceptance

• Once you find a property, you will need to make an offer, which can take a few days to a week to be accepted or negotiated.

Option to Purchase (OTP)

• After your offer is accepted, the seller will issue an OTP, which is usually valid for 14 days. During this period, you will need to decide whether to exercise the option.

Exercise of Option

• If you decide to proceed, you will exercise the OTP by paying the option fee (usually 1% of the purchase price) and signing the Sale and Purchase Agreement.

Due Diligence and Financing

• This can take about 4-6 weeks. You will need to conduct due diligence on the property, secure a mortgage if necessary, and ensure all financial arrangements are in place.

Completion of Sale

• After exercising the OTP, you have about 8-12 weeks to complete the sale. This involves paying the balance of the purchase price, stamp duties, and other fees.

Handover and Keys Collection

• Once the sale is completed, you can collect the keys to the property.

In total, the process from viewing to completion can take around 3 to 6 months, depending on the efficiency of all parties involved and the complexity of the transaction.

For more detailed information and tools to help with your property purchase, you can use EdgeProp's various resources, such as the affordability calculator and market trends tracker.