Payment Schedule for Resale Condo

The Payment Schedule for Resale Condo deals with private residential resale and sub-sale property transactions. It is quite straightforward and easy to understand.

Order of Payment Progress of Payment % of Payment
1st Option Fee

  • Upon presentation of Offer To Purchase in exchange for an Option To Purchase (OTP)
  • By Cash
  • The option fee reserves the property for the interested buyer, exclusively for a short period of time. It is usually 2 weeks.
  • The option fee will be forfeited if the buyer do not exercise the Option To Purchase
 1%
  • Both Seller and Buyer to engage lawyer
  • Buyer to obtain Mortgage Loan
2nd

Exercise Fee

  • Buyer needs to exercise the Option To Purchase and sign the Sales & Purchase Agreement at law firm.
  • Within the mutually agreed option exercise period
  • By Cash
 4%
3rd Buyer’s Stamp Duty

  • Within 14 days upon exercising the Option To Purchase
  • By Cash or CPF OA
    • 3% – $5400

Additional Buyer’s Stamp Duty

  • Within 14 days upon exercising the Option To Purchase
  • By Cash or CPF OA
    • SC buying 2nd residential property – 7%
    • SC buying 3rd and subsequent residential property – 10%
    • SPR buying 1st residential property – 5%
    • SPR buying 2nd and subsequent residential property – 10%
    • Foreigner or Entity buying any residential property – 15%
4th Remaining Payment

  • Upon completion. The seller hands over the keys to the buyer.
  • Within 8 to 10 weeks from obtaining the Option To Purchase.
  • By Cash / CPF / Bank Loan
 95%

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