Answer
Buying a Resale Condo — Process & Timeline (Step by Step)
No balloting, no HDB approval, no queue. Buying a resale condo is a private transaction — faster and more straightforward than HDB. Here's the full process.
Answer: A resale condo purchase takes 8–12 weeks from OTP to completion. Key steps: viewings → OTP (14 days, 1% option fee) → exercise OTP (pay 4%) → engage lawyer → loan approval → stamp duty → completion (balance 20% + loan disbursement). No HDB approval needed — it's a direct private transaction.
Step-by-Step Timeline
Step 1: Viewings & Due Diligence (1–4 weeks)
View units, check remaining lease (affects CPF usage and loan tenure), review condo financials (sinking fund, maintenance fees), and get an Approval-in-Principle (AIP) from your bank so you know your budget.
Step 2: Option to Purchase — OTP (Day 1)
Negotiate the price. Once agreed, the seller grants you an OTP. You pay 1% option fee ($10,000 on a $1,000,000 condo). This gives you 14 calendar days to decide. The option fee is non-refundable if you walk away.
Step 3: Exercise OTP (Day 14)
If you proceed, sign and exercise the OTP. Pay the exercise fee of 4% ($40,000 on a $1,000,000 condo). Total commitment is now 5%. Engage your lawyer at this point if you haven't already.
Step 4: Stamp Duty (Within 14 days of exercise)
Pay BSD (and ABSD if applicable) within 14 days. Your lawyer handles the computation and IRAS submission. BSD on a $1,000,000 condo: $24,600. You can pay stamp duty from CPF OA.
Step 5: Loan Processing (2–3 weeks)
Submit formal loan application (if you haven't during AIP stage). Bank arranges valuation ($300–$500). Bank issues Letter of Offer. Review and accept. This runs in parallel with your lawyer's work.
Step 6: Lawyer Conveyancing (4–6 weeks)
Your lawyer conducts title searches, checks for caveats or encumbrances, prepares the Transfer Instrument, and coordinates with the seller's lawyer and your bank. Legal fees: $2,500–$4,000.
Step 7: Completion (Week 8–12)
On completion day, you pay the remaining 20% down payment (from cash/CPF) and the bank disburses the 75% loan. Seller's lawyer receives full payment, you get the keys. Ownership transfers at SLA.
Costs at Each Stage ($1,000,000 Condo Example)
| Stage | Amount | Payable From |
|---|---|---|
| Option fee (1%) | $10,000 | Cash only |
| Exercise fee (4%) | $40,000 | Cash or CPF |
| BSD | $24,600 | Cash or CPF |
| Balance down payment (20%) | $200,000 | Cash (5%) + CPF (15%) |
| Legal fees | $3,000 | Cash |
| Valuation | $500 | Cash |
| Total upfront | ~$278,100 | Mix of cash + CPF |
Minimum 5% of purchase price must be in cash ($50,000 on $1,000,000). The remaining 20% can come from CPF OA.
Resale Condo vs Resale HDB Process
| Resale Condo | Resale HDB | |
|---|---|---|
| Government approval | Not needed | HDB approval required |
| OTP validity | 14 days | 21 days |
| Option fee | 1% | 1% (max $1,000 for HDB) |
| Exercise fee | 4% | 4% (inclusive of option fee = 5% total) |
| Timeline (OTP to keys) | 8–12 weeks | 8–10 weeks (after HDB approval) |
| Valuation | Bank arranges | HDB arranges (mandatory) |
| Grants | None | Up to $160,000 |
| Loan option | Bank only | HDB loan or bank loan |
Planning your condo purchase?
Know exactly what you'll pay in stamp duty and whether your income qualifies for the loan.
FAQ
How long does it take to buy a resale condo from start to finish?
About 8-12 weeks from OTP to completion, plus however long you spend viewing units. The 14-day OTP period, loan processing (2-3 weeks), and lawyer conveyancing (4-6 weeks) run partly in parallel. If you need to sell an existing property first, add 3-6 months.
What is the option fee and exercise fee?
The option fee is 1% of the purchase price, paid when the seller grants you the OTP. This gives you 14 calendar days to decide. If you exercise the OTP, you pay a further 4% (exercise fee). If you walk away, you forfeit only the 1% option fee.
Do I need HDB approval to buy a resale condo?
No. Unlike resale HDB purchases, there's no government approval process for private condo transactions. It's a private contract between buyer and seller, with lawyers handling the conveyancing. This is one reason the condo process is faster.
When do I pay stamp duty?
BSD (and ABSD if applicable) must be paid within 14 days of exercising the OTP. Your lawyer will compute the exact amount and arrange payment. For a $1M condo, BSD is $24,600. If you're a Singapore Citizen buying your first property, there's no ABSD.
Can I use CPF to pay for a resale condo?
Yes. You can use CPF OA funds for the down payment (up to 20% of purchase price or valuation, whichever is lower), stamp duty, and monthly mortgage payments. The property must have at least 20 years of remaining lease at the time of purchase. CPF usage is subject to the Valuation Limit (VL) and Withdrawal Limit (WL).
What happens between exercising OTP and completion?
Your lawyer conducts title searches, checks for encumbrances, and prepares the transfer documents. The bank processes your loan and issues a Letter of Offer. You pay stamp duty. On completion day, your lawyer releases the balance purchase price to the seller's lawyer, and you receive the keys.
Related
- Option to Purchase (OTP) Guide — what it is and how it works
- Down Payment for First Condo — 25% breakdown
- Legal Fees for Property Purchase — what lawyers charge
- Total Cost of Buying a Condo — full cash outlay breakdown
Last updated Feb 2026. Timelines are typical — actual duration depends on lawyer, bank, and seller. This is informational, not legal advice.