Steps to a Property purchase

* Before making an offer ensure that you have gotten an indicative valuation from a bank and an in-principle approval for a mortgage.
- approach the different banks yourself or use a mortgage broker to save time.
- if already have outstanding housing loan, LTV limit is now set at 60% (else LTV is 80%)
- if purchase of flat with HDB loan, a HLE letter must be obtained before committing to the sale

* Once you get the indicative valuations and at least 1 pre-approved mortgage from the banks, you can then make an offer

* If deal is strucked, usual practise is to put down a 1% deposit to get the Option To Purchase (OTP), and have 14 days to exercise it, by which time you will have to pay another 4% of the purchase price
- This 5% must be cash payment

* Once OTP is exercised, liaise with conveyancing lawyer and mortgage banker to settle the remaining procedures
- typical conveyancing fee ~$2k

* Before the completion date, do an inspection of the home to confirm that all agreed on fixtures/items are still around.

* On transaction date itself, collect complete set keys from seller.


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