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FAQ - General (Property)

General Issues relating to Buying and Selling a Property in Singapore

I will be away from Singapore for an indefinite period, can I authorize a relative or friend to buy, sell or manage my property

You should engage a Lawyer to draft and prepare a Power of Attorneyi to grant your attorney such powers in accordance with your wishes to act on your behalf in respect of your real estate transactions.

What are "joint tenants" and "tenants in common" (Co-ownership of property)?

A property held by 2 or more persons as joint tenants means that upon the death of one joint owner, his interest in the property is taken over by the surviving owner(s). A joint owner may not will away his interest in the property to others in his Willi.

Is there a "standard" Option to Purchase or Sale & Purchase Agreement?

There is no "standard" Option or Agreement, except for purchase of properties direct from licensed developers using Option prescribed by law and/or approved by the Controller of Housing. The terms and conditions of an Option or Agreement is usually negotiated between the parties and mutually agreed.

Nevertheless, there are certain "norms" in property transactions which are relied on by Lawyers and Property Agents, but these are still subject to mutual agreement. Some of them include the following:-

What are the ways of entering into a sale and purchase of a Property?

The most common methods of entering into a property transaction is by way of an Option to Purchase and Sale & Purchase Agreement.

An Option is usually granted by the seller to the buyer to purchase his property in consideration for an Option Fee (usually 1% of the sale price). During the Option period, usually 2 to 3 weeks, the buyer will consider whether he wishes to enter into a contract to purchase the property by "exercising" the Option.

Should I purchase a property at developers' property launches without seeking advice from my Lawyer?

The frequent practice of buyers concluding their purchases at "licensed" developers' residential property launches is relatively "safe" as the Options to Purchase are prescribed by the Housing Developers' Rules (or if there are amendments, will be subject to the prior written approval of the Controller of Housing). The Rules contain the standard conditions of sale which constitute a fair bargain as deemed by the Government, and provide sufficient protection for the purchasers.

Should I consult a lawyer when I buy or sell a Property?

You should always consult your Lawyer first as he or she will advise you on the terms of the draft Option to Purchase or Sale & Purchase Agreement. Your Lawyer will conduct the requisite title searches on the property and/or solvency searches (such as bankruptcy) on the seller (in the case of a purchase). It is always advisable to leave the negotiation of the terms of the Option or Agreement to your Lawyer.