Singapore Property | The coronavirus outbreak has brought a lot of uncertainties among sellers and buyers. The outbreak has also made a lot of offices shut down and restrictions in movement. COVID-19 may cause issues during property transactions, example, meeting up with property agents is also not possible within this period because the government has ordered all physical property viewings to be suspended.
However, key collection and completion can still occur. The only drawback to this is that your agent cannot be present. Below is a list of key questions on property transactions that can occur during this period.
More on COVID-19 may cause issues during property transactions
Question 1: Can I urgently buy / sell / rent and are viewings allowed?
Answer: The best option for viewing properties this period is to live-stream them. This can be done until the end of the outbreak. Property agents can also collaborate with sellers on how to transact the sale of a property and also how the video viewing will be done.
Question 2: How will I sign documents like (OTP) Option to Purchase?
Answer: If you have decided to choose a home and ready to sign the OTP (Option to Purchase), you can sign it digitally. This can be only be done if the other party is willing to do so. Digital document is valid and well-accepted for executing property transactions. This digitally signed document is also valuable for documentation according to the Council for Estate Agencies (CEA).
Question 3: Can I get a valuation on my property?
Answer: Property valuation might not be possible during this period because property valuers are a non-essential service. But you can get a loan for the property you want to buy. For new launches, certain banks will accept the developer’s price as fair value and this may include BTO (Build to Order) flats by HDB. For resale properties including older properties with low transaction volume, some banks might turn down the application until the valuations are presented.