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Legal Issues in Buying a Luxury Condo in Singapore

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A luxury condominium purchase in Singapore is not without legal issues. It is crucial that you understand these issues so you can make the right decisions and prepare for the future. Below are some important actions you need to take in order to avoid facing any legal obstacles when purchasing a condo in Singapore. Visit our website and learn more about Dunman Grand.

HDB Approval: All purchases must be approved by the Housing & Development Board (or HDB) of Singapore. A minimum of 5% must be paid upfront when you book a condominium in Singapore. The HDB then approves the purchase. This process takes between 3-4 weeks. After conducting all necessary inquiries, HDB approves you may proceed. If the HDB declines to approve the sale, then the developer would need to return all advance payments.

A lawyer is recommended if you’re negotiating with a developer for the purchase of a condo in Singapore. If you are purchasing a condo in NorthPark Residence, with a loan from a bank, the banks will recommend some lawyers from their panel. However, you can choose to have your own lawyer represent you.

Contact the Law Firm of the Architect: After you have hired your lawyer, it is necessary that your lawyer contact the law firm of the Architect. The proceedings can begin once the interaction is initiated. The declaration will be made for the purchase by the condominium. Your lawyer should discuss each clause of the settlement agreement with you to make sure that you are receiving everything the developer promised.

The Final Payment: You will need to pay the developer the final amount once the agreement has been signed. The bank will help with the payment if you’re applying for a Singapore housing loan. The bank will require you to provide the required documents to the developer in order to clear the payment. Once the final payment has cleared, the sale and purchase agreement will be signed. You would then become the owner.