WHAT YOU SHOULD KNOW ABOUT SALE & PURCHASE OF A PROPERTY?

1）How long is the entire process of sale & purchase?

 - Ans: Generally, the standard time for a sale & purchase transaction is three months, and subjected to one month extension with interests.

2) What is sale & purchase of a property without title?

- Ans: The developer of the property will be involved in the sale & purchase transaction, such as letter of confirmation from the developer will be required to ascertain the details of the property. A deed of assignment will be used to assign rights and interests in the property from one to another, and the property would be transfered to new purchaser. Generally, the whole process takes around three months.

3) What are the documentations needed for sale & purchase of a property?

- Ans:
 The documents required are as below: 
 a. Copy of identity card (IC) of both seller and buyer.
 b. Copy of original title of the property.
 c. Copy of quit rent and assessment receipt of the property.
 d. (If any) Copy of previous sale & purchase agreement (SPA) and loan documents, or tenancy agreement of existing tenant.

4）When should pay for initial deposit or down payment?

- Ans: The initial deposit or down payment should be paid at the time when signing of the sale & purchase agreement (SPA).

5) Am I allow to visit or inspect the property before signing the sale & purchase agreement (SPA)?

- Ans: YES, definitely. Buyer is allowed to visit or inspect the property before entering into a sale & purchase agreement (SPA). This is to protect the rights of buyer as the property would be sold as "what it is and where it is" on the date of the sale & purchase agreement. In general, once the agreement is agreed and signed, the seller has no further obligations to repair any defects or refurnish the condition of the property.