SECURE THE PROPERTY
HOW TO OWN PROPERTY IN SINGAPORE
Secure the property by signing the “Option to Purchase” which an estate agent will assist you with. Option to Purchase (involving your payment of 1 to 5 % cash to the Seller, which reserves the property exclusively for you as the buyer), and then exercising the option (typically within two weeks) by way of parties entering into the Sale and Purchase Agreement. This involves your payment of a deposit, and the setting in place of deadlines for payment of other fees (such as stamp duties).
Prepare your AIP for many sellers will not accept your Option to Purchase (OTP) without it. AIPs expire after six months and can be renewed when necessary.
Proceed with the “Sale and Purchase Agreement” and pay necessary dues such as agreed deposit, taxes, stamp duties, etc.