About Guide to Obtaining A New Launch Condominium | Here we would discuss the steps needed in buying a new launch condo in Singapore.
1. Get your finances sorted
This is the most important step in buying a new launch condo in Singapore. It is beneficial if you evaluate your finances and get to know how much you can pay for your home. You can save a lot of money when you know the amount of money you can pay for your home.
2. Look around
After sorting out your budget, start searching around for new condominium developments. You can engage the service of a property agent if you feel you don’t have the time to search for a new launch condo.
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3. Visit showflats
You can endeavour to visit the preview of the condominium launches to better know if it will be great for you. About a week or two before the official launch date of the new condo, buyers are allowed to visit the developer showflats to preview the condo.
4. Book your flat
After going through the flat you will have to submit a ballot number. Once your number is called, you will be asked to the counter to book for the unit. Once you have secured a unit, you will be given a form called the PDI (Property Details Information) by the developer. This will disclose the rules, plans, and regulations, as well as other information relating to your unit.
5. Hire Lawyers and Get Loan
After obtaining your Option to Purchase in hand, go to the bank to get your mortgage loan for your new house. The bank will issue a letter of offer for you to read through and to sign. You can also hire a lawyer to help you in the transaction and take care of the other matters.
6. Sign the S&P (Sales and Purchase Agreement)
Within two weeks of getting the Option in hand, the developer will send the S&P via courier service or registered mail which you will have three weeks to have signed. After signing in you will have to pay a 15% exercise fee.
If you are upgrading from a HDB to an Executive Condominium, you may like to read on Parc Greenwich. If you are keen in condominiums, you may visit The Watergardens or The Commodore, both situated in District 27. Alternatively, there will be another launch in District 19, the Bartley Vue.