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Aug
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The Flow of Buying an Executive Condominium (EC) – 12 Aug 2015

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Sea Horizon Executive Condominium

If you are a first time buyer of an Executive Condominium and feel intimidated by the procedure, don’t fret. This post will guide you through the main phases. For the details, you can understand it here or leave it to us to guide you through when we help you with the transaction. Feel free to drop us a message at the text box or contact us at 93366835

To FIND YOUR DREAM EXECUTIVE CONDOMINIUM (EC) on Empower-Property Website, click here

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PHASE 1 (Check for Eligibility and Financing Ability)

  • Check your eligibility
  • Check your financing ability to confirm your budget. (Get your In-Principal Approval from a bank of your choice – We will get the bankers to contact you and do an assessment for you in minutes, hassle free.)

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PHASE 2 (Register your Interest)

  • Submit E-Application Form and Authorization forms

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PHASE 3 (Balloting)

  • Get Ballot Number.
  • Take part in the Balloting. Prepare lots of alternative choices so that you can still get a choice unit when others are taken by those ahead of you in the ballot queue
  • If you really can’t select a unit to your liking, you can withdraw with no penalty.

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PHASE 4 (Post-Balloting/Selection of Unit)

  • Once you have selected your choice Executive Condominium unit, present a cheque payable to the developer project account with an amount equivalent to 5% of the selling price. This is the booking fee. (Sometimes you are to submit a blank cheque to the developer prior to the balloting date to indicate that you are a serious buyer. Should you withdraw from the balloting, the cheque will be returned to you with no penalty)
  • A set of Particulars, Documents and Information “PDI” documents will be given to you. This PDI documents pertain to the unit you have chosen, its floor plan, site plans, rules and regulations, offered items etc. You are required to read through this to confirm that you understand what you are buying. You have to sign on the form and initial on every page on the form.
  • Upon submission of the duly signed PDI Form, Expression of Interest Form – where applicable, Purchaser’s Particulars (PP) Form – where applicable, NRIC copy and 5% cheque, the developer will proceed to issue the Option To Purchase (OTP) to you.

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PHASE 5 (Wrap-up Payment and Legal Paperwork)

  • You now have to exercise the OTP by signing the Sales and Purchase (S&P) Agreement to make the sales binding. If you withdraw your purchase after the OTP has been issued to you, the developer has the right to forfeit 25% of the 5% booking fee paid earlier from you.
  • While waiting for the S&P to be issued to you (Up to 2 weeks wait time), appoint a lawyer to do the paperwork for you. Again, we’ll refer a competent law firm to do it for you. The law firm will write to the developer to send the S&P to them.
  • In the meantime, get the bank to generate an official letter of offer for the loan. (Give the bank up to a week or two to generate the letter of offer after you have submitted to the bank all relevant income and other supporting documentation including the OTP). Once it’s ready, you can sign the letter of offer.
  • Once the S&P agreement is sent to your appointed lawyer, you will be informed accordingly. This is when the S&P Agreement is ready to be signed. The lawyer will walk you through the S&P Agreement before you sign it. Once it is signed, the bank will be informed that the OTP has been exercised. The lawyer will also arrange for you to pay the stamp duty and other related fees.
  • If you are using CPF to pay for a portion of the purchase price, the lawyer will inform the CPF Board on your behalf to release your CPF funds accordingly.
  • The rest of the conveyancing work will be done by the lawyers so just let them do the necessary.

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PHASE 6 (Completion)

  • That’s it. That wraps up the whole process in a nutshell. Now that wasn’t too tough, right?
  • Look forward to moving into your Executive Condominium when it’s ready in 3 to 4 years time.

To FIND YOUR DREAM EXECUTIVE CONDOMINIUM (EC) on Empower-Property Website, click here

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To read The Advantage of Buying Executive Condominiums, click here!

To read The Ultimate Guide to the Purchase of Executive Condominiums (ECs), click here!

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