When should I appoint a lawyer for a resale purchase?
As soon as you have the Option to Purchase, and before you exercise it. We check the title and the Option, and confirm your stamp duty and CPF position before you commit.
How long do I have to exercise a new launch Option?
Generally 3 weeks from when the developer's solicitors send you the Sale & Purchase Agreement. If you need more time, for example because you're still selling your current home, an extension may be possible. See the COH extension question below.
Can I pay the 15% on a new launch with CPF?
Yes, ordinarily you can, if your CPF Ordinary Account has enough and your bank consents. Any cash portion has to be paid first. We'll work out the split with you.
Do I pay ABSD if I'm buying with my spouse who is a PR or foreigner?
For a married couple buying their first home together where one spouse is a Singapore Citizen, ABSD can generally be remitted, so none is payable, if the conditions are met. We'll confirm whether it applies to you.
I'm buying and selling at the same time. How does the timing work?
Your property agent usually coordinates the timeline between your sale and your purchase, and we make sure it runs through on the legal side. Allow a gap of at least 3 weeks between your sale completing and your purchase completing, so that the CPF refund from your sale can be credited back to your account. If the dates don't line up, we can help manage the timeline, for example by adjusting the completion date for the sale, the purchase, or both.
What is a COH extension on a new launch?
COH is the Controller of Housing, the authority that regulates new launch sales by developers. You normally have 3 weeks from receiving the S&P Agreement to sign it. If you need more time, we can apply to the COH to extend that period, usually up to a maximum of 12 weeks from the Option date.
Common reasons include:
- Your existing home is still being sold, and you're waiting for the sale proceeds or CPF refund
- You're overseas or travelling and can't sign within the 3 weeks
- Your loan approval is pending, for example while the bank waits for your latest payslips or income documents
- Other extenuating circumstances, such as illness or a family emergency
Every extension is subject to the COH's approval and isn't guaranteed, though most of the extensions we apply for are granted. The developer's solicitors must also agree, and where you're relying on a sale, the COH usually expects that sale to have been exercised first. If an extension is granted, you'll generally need to sign and pay the 15% on the same day.
What is an extension of time (EOT) for the 15%?
On a new launch, the balance 15% of the price is normally due within 8 weeks of the Option date. If your funds or CPF refund won't arrive in time, we can ask the developer's solicitors to extend the payment date. Many developers agree to this interest-free, but it's at the developer's discretion, and some charge interest for the extended period.
Do I need a COH extension and an EOT together?
Often, yes. If you need more time to sign, you'll usually need more time to pay as well. We first obtain the COH's approval, then write to the developer's solicitors to confirm they have no objection and to agree the extended payment date. We'll tell you early if your dates need both.
What happens if I decide not to exercise my resale Option?
It's your right not to go ahead with the purchase. If you let the Option lapse, the Option fee (usually 1% of the price) is forfeited to the seller, and neither side has any further claim against the other.
What if I don't proceed with a new launch purchase?
You can choose not to sign the S&P Agreement. If the Option lapses, 25% of your 5% booking fee is forfeited to the developer and the remaining 75% is refunded to you. In effect, you lose about 1.25% of the purchase price.
Can I use my CPF to pay stamp duty?
Yes, in most cases. CPF can pay the stamp duty directly, or reimburse you after you've paid it in cash, subject to CPF Board approval and your bank's consent where you're taking a loan. As stamp duty is due within 14 days, we'll tell you early which route fits your timeline.
Do I need a lawyer to refinance?
Yes. A lawyer acts on the new mortgage and the discharge of the old one, and handles any CPF arrangements. Banks often give a legal subsidy for this.
I'm overseas. Can you still act for me?
In many cases, yes. Documents can be signed overseas*, and payments arranged on your behalf. Tell us where you are and we'll explain the options.
*Before a notary public, or a consular officer at a Singapore overseas mission.