Anyone who has bought a property in singapore

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bamtol's mom

Anyone who has bought a property in singapore

Post by bamtol's mom » Tue, 12 Jul 2005 11:52 pm

hi,
i am relocating to singapore within the next few weeks. i've been on an apartment search trip to singapore last week and found a condo that i would like to purchase. i would like to move in as soon as possible, but someone told me that it takes almost three months from the time that the price is negotiated to the actual closing date. is that true?

considering the fact that i am purchasing a brand new unit from the developer, could the whole process (title search, etc) be expedited at all?

i really need to move in sooner, and if it really takes that long, i need to consider the option of renting instead of buying. i need to make the decision within the next few days so please help!

Singapore Property Search

 

NNM

Post by NNM » Wed, 13 Jul 2005 8:56 pm

We have just bought a place in Singapore. The processing time will take about 10 weeks from the date that you sign option to purchase. You might be able to bring it forward a bit more if there's no legal issue....ie...PR buying landed property. However, you have to ask your lawyer to make a request to all parties involved and get their concensus. I heard that you can prob. complete the process within 1 month if you have all financial ready.

If you really like to buy the place and move in...you might want to consider moving to service apt. for few months while waiting for all the paper work to complete.

You might want to check whether the place you interested in have all lighting and decor ready for moving in. In our case, we are spending another 4 wks. to renovate the place.

Good luck

yoongf
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Post by yoongf » Thu, 14 Jul 2005 12:32 pm

If the development has already been completed, I don't see why the developer won't allow u to move in immediately, while the paperwork is being done. Especially so if u are paying the full amount in cash upfront, without any bank loan. At most, both parties can consider it as a rental while the paperwork is being done.

Usual seller concerns about handing over keys before paperwork completion, is that assuming the sale is not completed,

Reno work in progress and subsequently abandoned may have destroyed the place.

Illegal activities on site, which can easily be resolved by a short term rental agreement.

I suggest.. if u are really committed, use the same lawyer as the developer, pay in cash full, (as a form of security). Treat as short term rental agreement while paperwork done. Give undertaking to restore to original condition if sale is not completed.

If there are bank mortgages involved, then, that's a different issue cos banks tend to be very conservative regarding paperwork.

bamtol's mom

thanks!

Post by bamtol's mom » Thu, 14 Jul 2005 9:13 pm

thanks to you all.
it was very helpful!

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