Determine the Property Type
For new landed property such as bungalows, semi-detached houses and terrace houses, the expected date of completion is 24 months from the date of signing of the Sales and Purchase Agreement and for new subdivided building such as condominiums, flats, apartments and townhouses, the expected date of completion is 36 months. Buyers are advised to obtain from the housing developer sales literature with all relevant information about the project such the development's licence number, and advertisement and sales permit.
Land Status
Buyers need to know whether the land is:
* The status of the land can be checked at the Land Office or the State Land Registrar.
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First Payment
Normally the first payment of a deposit of 10% must be made upon signing of
the Sales and Purchase Agreement (SPA). Please ensure that the date of
signing of the SPA and the date of the first payment are the same.
Be aware that the housing developer is not allowed to collect any form
of payment without a Sales and Purchase Agreement being signed.
Architect's Certification
Make sure any demand by the developer for instalment payments is
supported by a certificate duly signed by an architect or a certified
engineer.
Interest on Late Payments
If the buyer or end financier for the buyer fails to pay the developer
the progressive payment/instalment within 21 working days from the date
of the written notice of payment from the developer, the buyer will usually be
charged an interest of 10 per cent per annum on the instalment not paid.
Termination of the Sales and Purchase Agreement (SPA)
Be aware that failure to make the progressive payment or interest
charged on late payment for a period of more than 28 days will give the
developer the right to terminate the Sales and Purchase Agreement. The
developer must serve the notice in writing by registered post of its
intention to terminate the SPA.
Infrastructure Maintenance
Buyers will normally pay the cost of maintaining the infrastructure
from the date of vacant possession till the date the responsibility is
taken over by the local authority or management corporation (in the
case of a subdivided building).
(Infrastructure is defined as roads, driveways, drains, sewerage, pipelines and sewerage tanks for the housing development or buildings).
Always seek appropriate professional advice, or, for assistance: Contact Us
