Singapore Property Transaction Process: Step-by-Step Guide
The Singapore property transaction process involves a series of regulated, transparent steps designed to safeguard both buyers and sellers. Homejourney, as Singapore’s trusted property platform, ensures every transaction is secure, verified, and user-focused—empowering you to make decisions with confidence.
1. Property Search and Shortlisting
Begin by identifying your property requirements—budget, location, property type (HDB, condo, landed), and financing eligibility. Use trusted platforms like Homejourney to browse verified listings, ensuring all information is accurate and up-to-date. Shortlist properties after reviewing recent transaction prices and market trends for your targeted area.
- Median resale condo prices (Q2 2025): S$1.6 million
- Median HDB resale price (Q2 2025): S$570,000
Tip: Always check the property’s tenure, past transaction history, and any encumbrances. Homejourney’s listing verification process ensures all critical information is transparently disclosed.
2. Conduct Due Diligence and Secure Financing
Before committing, conduct thorough due diligence:
- Check seller’s ownership and property title status
- Review property caveats and outstanding mortgages
- Engage a conveyancing lawyer for legal vetting
Arrange an Approval-in-Principle (AIP) for your mortgage. Singapore banks typically offer up to 75% loan-to-value (LTV) for private property, subject to Total Debt Servicing Ratio (TDSR) and Mortgage Servicing Ratio (MSR) rules.
3. Make an Offer and Secure Option to Purchase (OTP)
Once you’ve agreed on a price, the seller issues an Option to Purchase (OTP), a legally binding document that reserves the property for you for a set period (usually 14 days for private property).
- Private property: Pay 1% of purchase price as an Option Fee (non-refundable).
- HDB flats: Pay up to S$1,000 Option Fee via the HDB Resale Portal.
This step is crucial for transaction safety. Homejourney’s agents ensure all OTPs are verified, and funds are handled securely.
4. Exercise the Option and Finalize Financing
Within the OTP validity period, exercise your option by signing and paying the Exercise Fee (usually 4% for private property, minus Option Fee paid).
- Submit your loan application and receive final approval.
- Engage your conveyancing lawyer to lodge a caveat and begin title transfer checks.
- For HDB, submit resale application through the HDB Resale Portal.
Actionable tip: Always use a licensed conveyancing lawyer. Homejourney recommends vetted legal partners to ensure a seamless, secure process.
5. Sales & Purchase Agreement (SPA) and Legal Checks
Your lawyer reviews and prepares the Sales & Purchase Agreement. For private property, both parties sign the SPA, locking in all legal terms. The lawyer conducts:
- Title deed checks with Singapore Land Authority (SLA)
- Legal requisitions with relevant authorities
- Ensures no encumbrances or outstanding taxes
For HDB, documentation is managed on the HDB Resale Portal. This rigorous process—championed by Homejourney—prevents fraud and protects your interests[2][3][4].
6. Valuation, Stamp Duty, and Downpayment
Arrange for an independent property valuation (typically S$300–S$500). Pay the Buyer’s Stamp Duty (BSD) within 14 days of exercising the OTP:
- 1% on first S$180,000
- 2% on next S$180,000
- 3% on next S$640,000
- 4% on the remaining amount
If applicable, pay Additional Buyer’s Stamp Duty (ABSD) depending on residency status and property count.
Insight: Homejourney’s transaction calculator helps you estimate all costs up-front, reducing surprises and ensuring full transparency[1].
7. Completion and Handover
Upon legal completion (usually 8–12 weeks from OTP), pay the balance purchase price. The seller transfers legal title and hands over keys. Your lawyer registers the new ownership and provides the certificate of title. Conduct a final inspection before accepting the property.
- For HDB, attend the HDB completion appointment at the HDB Hub
- For private property, completion takes place at the law firm or SLA
Homejourney’s customer support ensures all post-purchase steps are clear, and user feedback is actively sought to improve the journey.
8. Post-Completion: Move-In and Feedback
After completion, update your address, set up utilities, and move in. Homejourney encourages buyers to provide feedback on their experience, helping us continuously enhance safety, service, and trust for all users.
Key Tips for a Safe and Trusted Transaction
- Always verify agent and lawyer credentials—Homejourney only works with licensed professionals.
- Never make payments to unknown parties; always use escrow or client accounts managed by lawyers.
- Request itemized breakdowns of all fees and taxes due.
- Use Homejourney’s secure messaging and document upload features to protect your sensitive information.
FAQ: Singapore Property Transaction Process
How long does a typical property transaction take in Singapore?
The process takes 8–12 weeks from securing the OTP to completion, depending on financing and legal checks[1][2].
What upfront costs should I expect?
Disclaimer
The information provided in this article is for general reference only. For accurate and official information, please visit HDB's official website or consult professional advice from lawyers, real estate agents, bankers, and other relevant professional consultants.
Homejourney is not liable for any damages, losses, or consequences that may result from the use of this information. We are simply sharing information to the best of our knowledge, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information contained herein.