Executive Condominium is a housing type introduced in Singapore in the year 1996. It is a public-private housing scheme that caters to the needs of Singaporeans who are unable to afford private housing and do not qualify for HDB housing.
The process of buying an Executive Condominium is not very different from that of buying a private property. However, there are some key differences that one must be aware of before making a purchase.
Here is a step-by-step 10 guides to help you understand the process of buying an Executive Condominium in Singapore:
1. Research:
The first step is to do your research and shortlist a few potential properties that you are interested in. Make sure to consider all the important factors such as location, amenities, price, etc. before making your decision.
2. Engage a real estate agent:
Once you have shortlisted a few properties, the next step is to engage a real estate agent. They will be able to provide you with more information about the Tengah Plantation Loop EC and help you finalize the purchase.
3. Arrange for financing:
The next step is to arrange for financing. You can either take out a loan from a bank or apply for a housing grant from the government.
4. Make an offer:
Once you have finalized the property, the next step is to make an offer to the seller. Make sure to include all the important details such as the price, down payment, etc.
5. Negotiate:
The seller will then review your offer and may counter-offer with a different price. This is where negotiation skills come in handy. Try to reach an agreement that is acceptable to both parties. The purchase agreement is a contract between the buyer and the seller. This contract will include information about the property, the parties involved, the purchase price, and the terms of the sale. You will also be required to sign a mortgage and loan agreement.
6. Sign the sale and purchase agreement:
Once you have reached an agreement, the next step is to sign the sale and purchase agreement. This is a legally binding document that must be signed by both parties.
7. Pay the down payment:
After signing the agreement, the next step is to pay the down payment. This is typically 10% of the purchase price. The remaining amount will be due after the sale.
8. Complete the sale:
Once the down payment has been paid, the next step is to complete the sale. This involves transferring the ownership of the property from the seller to the buyer.
9. Obtain the keys:
After the sale is completed, the next step is to obtain the keys from the seller. This is typically done on the day of completion. If the seller has already moved out, the keys will be left with the agent. The agent will then arrange for the keys to be picked up by the buyer’s solicitor.
10. Move in:
The final step is to move into your new home and start enjoying your new life. It is important to be aware that there are stepping-stone rules which need to be followed to overcome any legal issues.
