What is the typical timeline for purchasing a resale condo?

For a typical resale condominium purchase in Singapore, the overall timeline is usually about ten to fifteen weeks from granting the option to completion.

A common sequence looks like this:

1. Unit search and offer
- View units, negotiate price and conditions.
- Once both parties agree, seller’s lawyer or agent prepares the Option to Purchase.

2. Option to Purchase (OTP) granted
- Buyer pays an option fee (commonly 1 percent of purchase price) to the seller.
- Seller grants OTP and cannot issue another OTP to someone else during the option period.
- Standard option period is usually about two to three weeks.

3. Arrange financing and checks during option period
- Secure or confirm bank loan approval.
- Appoint a lawyer.
- Do necessary CPF arrangements and conduct legal checks on the property.

4. Exercise the OTP
- Within the agreed option period, buyer goes to the law firm to exercise the OTP.
- Buyer pays the balance deposit (commonly about 4 percent, making total 5 percent).
- The Sale and Purchase becomes binding.

5. Completion period
- From exercise to completion is usually about eight to twelve weeks, depending on what buyer and seller agreed in the OTP.
- Lawyers handle bank loan drawdown, CPF usage, redemption of seller’s existing loan, and apportionment of property tax and maintenance fees.
- Buyer must pay Buyer’s Stamp Duty (and Additional Buyer’s Stamp Duty if applicable) within the required IRAS deadline, typically soon after exercising.

6. Completion and key collection
- On completion day, the balance purchase price is paid through the lawyers.
- Title is transferred and the buyer collects keys, unless there is a separately agreed post-completion stay or tenancy.

If you share your target purchase price, financing plan and whether there are any special conditions (like seller’s extension of stay), I can help you map out a more precise timeline and cash or CPF outlay using EdgeProp Singapore’s tools.