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How to Buy a Resale Condo in Singapore (2026 Guide)

Published 10 June 2025

How to Buy a Resale Condo in Singapore (2026 Guide)

TL;DR / Key Summary:

– Buying a resale condo in Singaporetakes 10 to 12 weeks from OTP to completion.
– Budget for more than just the purchase price — BSD, ABSD (if applicable), legal fees, and valuation costs all apply.
– You have 14 days to exercise the OTP after paying the 1% Option Fee — missing this window forfeits your fee
– Stamp duties are due within 14 days of exercising the OTP. Late payment triggers IRAS penalties.

Buying a resale condo in Singapore involves getting your finances in order, obtaining an In-Principle Approval (IPA), viewing units, engaging a conveyancing lawyer, negotiating, and meeting a series of legally binding deadlines. From the 1% Option Fee and 14-day OTP exercise window, to BSD payment and final completion, the full process from offer to keys typically wraps up within 10 to 12 weeks.

Sounds like a lot? It can be, especially if it’s your first time buying private property. But most of the complexity comes from not knowing what to expect — and that’s exactly what this guide is for.

You can also consult Ohmyhome property agents on WhatsApp for professional help navigating the process.

The Full Process of Buying a Resale Condo in Singapore:

Timeline and Payment Stages for Buying a Resale Condo in Singapore

Use this table below as your at-a-glance reference for every stage of the resale condo buying transaction — what’s happening, when, and what it’ll cost you:

Stage

Timeline

Description

Payment

Secure Option to Purchase (OTP)

Week 1

Seller grants you the option to buy the property.

1% of the purchase price (Option Fee)

Exercise Option

Within 14 days of Option to Purchase (OTP)

You confirm your intention to purchase by signing the OTP.

4% of the purchase price (Exercise Fee), minus the 1% Option Fee already paid

Apply for Bank Loan

Within 2 to 4 weeks

Submit necessary documents to secure a loan for the property.

Loan application fee (varies by bank)

Sign Sales and Purchase Agreement

Within 8 to 10 weeks

Formal contract prepared by lawyers to finalize the purchase.

Legal fees (varies by law firm)

Accurate Home Valuation

Within 2 to 4 weeks

Independent valuation of the property’s worth.

Valuation fee (approximately $300 to $500)

Pay Buyers’ Stamp Duty

Within 14 days of Exercise Option

Government tax on property transactions.

Buyer’s Stamp Duty (BSD):

1% on first $180,000
2% on next $180,000
3% on next $640,000
4% on next $500,000
5% on next $1,500,000
6% on remaining amount

Make Final Payment

Completion (within 10 to 12 weeks)

Pay the remaining balance of the purchase price.

Balance amount after deducting Option Fee, Exercise Fee, and loan amount

Attend Completion Appointment

10 to 12 weeks from OTP

Final meeting with seller to transfer ownership and collect keys.

Miscellaneous fees (e.g., administrative, handling fees)

Step 1: Start Financial Planning

The first step to buying a resale condo in Singapore is knowing your numbers. Work out your maximum loan amount based on your income, age, and existing commitments, and factor in the upfront costs below, which vary depending on your buyer profile and the property’s value.

Buyer’s Stamp Duty (BSD)

Buyer’s Stamp Duty (BSD) is a mandatory tax payable on all property purchases in Singapore, calculated based on the purchase price or market value of the property, whichever is higher. It applies to all buyers regardless of nationality or residency status.

Here’s how BSD is calculated based on the property’s purchase price or market value:

Purchase Price or Market Value

BSD Rate (%)

First $180,000

1%

Next $180,000

2%

Next $640,000

3%

Next $500,000

4%

Next $1,500,000

5%

Remaining amount

6%

Additional Buyers Stamp Duty (ABSD)

Singapore Citizens are exempt from Additional Buyers Stamp Duty (ABSD) on their first home, but the rate applies from the second property onwards — 20% on the second and 30% on the third and beyond.

Singapore Permanent Residents, meanwhile, are subject to ABSD from their very first purchase at 5%, with rates increasing to 30% on the second property and 35% on the third and beyond. Foreigners pay 60% ABSD on any residential property purchase in Singapore, regardless of how many properties they own.

Your ABSD rate depends on your residency status and the number of residential properties you own at the time of purchase:

Buyer Profile

No. of Residential Properties Owned

ABSD Rate (%)

Singapore Citizen (SC)

1

N/A

Singapore Citizen (SC)

2

20%

Singapore Citizen (SC)

3 or more

30%

Singapore Permanent Resident (SPR)

1

5%

Singapore Permanent Resident (SPR)

2

30%

Singapore Permanent Resident (SPR)

3 or more

35%

Foreigner

Any

60%

Entities

Any

65%

Total Debt Servicing Ratio (TDSR)

Total Debt Servicing Ratio (TDSR) is a regulatory limit set by the Monetary Authority of Singapore (MAS) on how much you can borrow from a financial institution. It requires that your total monthly debt repayments, including your mortgage, credit card bills, car loans, and personal loans, do not exceed 55% of your gross monthly income. This applies to all property loans in Singapore.

Loan-to-Value Ratio (LTV)

Loan-to-Value Ratio (LTV) determines how much a bank can lend you relative to the property’s value. For your first housing loan, the LTV limit is up to 75%, meaning you’ll need to cover at least 25% as a downpayment. If you purchase a unit above its assessed valuation, the difference must be paid in cash and cannot be funded by your loan or CPF.

Let us secure the best home loan rates from banks across Singapore and assist you with obtaining the in-principle approval (IPA).

Step 2: Begin Your Home Search

Do research on property platforms by shortlisting the units that match your preferences and needs, including location, budget, and property size. Ohmyhome’s free listing platform offers detailed filters for you to find exactly what you’re looking for.

Simply download the Ohmyhome app on the Play Store or App Store to get started. Once logged in as a buyer, you can:

  • Browse all available listings directly from the home page.
  • Filter by address, MRT station, nearby school, budget, or number of rooms.
  • Post a ‘ShoutOut’ to publicly share the exact type of home you’re looking for. This can be seen by buyers, who may suggest their listing directly with you if it matches.
  • Click ‘Chat’ to make an appointment or enquire with the sellers or our agents.

If browsing through thousands of listings is an issue due to time constraints, you can submit your preferences to Ohmyhome’s MATCH algorithm to get yourself a curated list of suitable units and home-buying content that will be sent directly to your phone.

Step 3: Contact a Lawyer

Engaging a conveyancing lawyer early is one of the most important steps in buying a resale condo, and it’s best done before you even make an offer. Your lawyer handles the legal transfer of homeownership from the seller to you, and plays a key role in ensuring you exercise the Option to Purchase (OTP) correctly and on time.

If you’re using CPF funds or taking a home loan to finance your purchase, appoint a law firm that sits on both CPF’s panel and your financial institution’s panel. Doing so means a single lawyer can handle both, saving you the cost and hassle of engaging two separate firms.

💡 Pro-tip: Settle all your legal conveyancing needs with Ohmyhome’s legal partners. A great consideration if you’re looking for a seamless end-to-end engagement, where everything can be settled at a single touchpoint!

Step 4: Make An Offer

Before making an offer, do your research. Check recent transactions and current market prices on HomerAI to get a clear sense of what the unit is actually worth. This gives you a stronger footing when it comes to negotiating the price with the seller.

Once you’ve found the right home at the right price, you can make an offer!

After negotiating and agreeing on the property price, the seller will issue the Option to Purchase (OTP).

Step 5: Get the Option to Purchase (OTP) and Pay the Option Fee

The Option to Purchase (OTP) is a legally binding document that gives you the exclusive right to buy the property within a specified period. Once the seller grants the OTP, you’ll need to pay the Option Fee, typically 1% of the purchase price, to secure it.

From this point, the seller is legally prevented from issuing the OTP to any other buyer, effectively taking the property off the market while you decide whether to proceed.

Step 6: Exercise Option

Once you’ve decided to proceed, you have 14 days from the date the OTP is granted to exercise it. Exercising the OTP means signing it and paying the remaining 4% of the purchase price via cashier’s order — your conveyancing lawyer handles this and sends it to the seller’s lawyer on your behalf.

To avoid any last-minute delays, hand the 4% cashier’s order to your lawyer at least a day before the exercise date, not on the day itself.

If you decide not to proceed, inform the seller and simply let the OTP lapse. Note that the 1% Option Fee you paid in Step 5 will be forfeited.

Step 7: Make Payment for Stamp Duties and Legal fees

Stamp duties become payable after you exercise the OTP. This includes Buyer’s Stamp Duty for all buyers, and Additional Buyer’s Stamp Duty if applicable to your profile, both calculated based on the purchase price or market value of the property, whichever is higher.

Your legal representative will advise you on when to make the payment. Usually, it is within 14 days of exercising the OTP. If payment is not made on time, you will incur penalties and face enforcement actions from the Inland Revenue Authority of Singapore.

Step 8: Completion and Key Collection

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Once you’ve completed the final payment and your home loan has been disbursed, it’s time for the moment you’ve been waiting for – collecting the keys to your new home.

The completion date will be approximately 8-12 weeks (depending on your agreement with the seller from the date you exercised the Option). Your lawyer will inform you to collect the keys on this date.

Speed Up Your Home Search On HomerAI With Exclusive Listings for Sale

HomerAI is our home ownership management & e-Valuation tool which gives you an accurate estimation of your home value, updated every month, and lets you browse thousands of listings for sale or rent, all verified so there won’t be any fake or duplicate listings. Try HomerAI today!

Buy a Resale Condo With Professional Help From Ohmyhome Agents

Your property and financial situation are unique, and we’d love to advise you with tailored strategies that will maximise your goals. Partner with Ohmyhome and you’ll get the support of Top 1% property agents, dedicated relationship managers, data specialists, and marketing experts.

With over 18,000 happy customers served and 5-star ratings on Google and Facebook, we’re proud to be the most highly-rated agency in Singapore.

Drop us a message on WhatsApp or schedule a meeting with our Super Agents to get started.

Frequently Asked Questions About Buying a Resale Condo in Singapore

1. When is a good time to buy a condominium?

The best time to buy a resale condo depends more on your financial readiness than on market conditions alone. If your finances are in order: loan approved, downpayment ready, and stamp duties accounted for, there is generally an opportunity to buy in any market. Waiting for the “perfect” time often means missing out on good units.

2. What are the costs involved when buying a new condo in Singapore?

Beyond the purchase price, budget for Buyer’s Stamp Duty (BSD), Additional Buyer’s Stamp Duty (ABSD) if applicable, legal and conveyancing fees, a home valuation fee (typically $300 to $500), and loan application fees. These costs vary depending on your buyer profile and the property’s value, so it’s worth calculating them early before committing to a budget.

3. Are foreigners allowed to buy a condo in Singapore?

Foreigners are permitted to purchase condominium units in Singapore without additional regulatory approval under the Residential Property Act. However, foreign buyers are subject to Additional Buyer’s Stamp Duty (ABSD) at 60% of the purchase price or market value, whichever is higher — a significant cost to factor in before committing to a purchase.

4. How much is the down payment for a resale condo?

The down payment for a resale condo in Singapore is typically 25% of the purchase price. At least 5% must be paid in cash, while the remaining 20% can be covered using CPF Ordinary Account savings, cash, or a combination of both.