Procedure to Purchase a Property
Strata landed housing development guidelines fine-tuned for more space and greenery
- A Licensed Housing Developer can only sell the building project before construction after they have obtained the following:
- Building Plan Approval from Commissioner of Building Control
- Developer’s Sale Licence from Controller of Housing.
- A Licensed Housing Developer is required to use the standard ‘Option to Purchase’ and ‘Sale & Purchase Agreement’ forms prescribed under the Housing Developers’ Rules for the sale of uncompleted housing units.
- Once buyer has entered into an agreement, buyer’s lawyer will prepare and lodge a caveat with SLA on their behalf.
- A Licensed Housing Developer is required to open and maintain a Project Account for the building project with a bank or financial institution. It is required to:
- deposit forthwith upon receipt all instalments of purchase money (including the booking fee) payable by a purchaser towards the purchase of a unit in a building project prior to the grant of the temporary occupation permit by the competent authority for the unit, including any instalment of purchase money payable by the purchaser towards the purchase of the unit upon the grant of the temporary occupation permit, into the Project Account of the building project.
- deposit any loan for the construction of a building project into the Project Account of the building project.
- A Licensed Housing Developer can withdraw monies from the Project Account related to the building project only.
- Buyers can move to their new homes after Temporary Occupation Permit (TOP) is obtained by Commissioner of Building Control. There is a defect liability period of 12-month warranty period from the date of notice is served for you to take possession of the property.