Step 1: EC Sales Launch
Process:
- The property developer announces the project launch through various channels.
- Contact the property developer for detailed information on preliminary designs, available EC units, and indicative prices.
Payments:
- No payments at this stage.
Preparation:
- Ensure eligibility to buy an EC unit from a property developer.
- Confirm ability to secure a housing loan from a financial institution.
- Assess readiness to pay the option fee, downpayment, and other associated costs (legal fees, resale levy, renovation expenses).
Step 2: Submit Application
Process:
- Submit an application to the property developer.
- Property developer may opt for computer balloting or walk-in selection.
Payments:
- Check with the property developer for any applicable fees.
Step 3: Receive Outcome of Application
Process:
- The property developer informs you of the application outcome.
Payments:
- No payments at this stage.
Step 4: Book EC Unit
Process:
- If eligible, the property developer invites you to book an EC unit and provides the Option to Purchase (OTP).
Payments:
- 5% option fee via Cashier’s Order, cheque, or electronic payment within the stipulated timeframe.
Preparation:
- For CPF Housing Grant applicants, submit completed EC application and grant forms to the property developer.
- Submit the CPF application form to the CPF Board for processing.
Step 5: Sign Sale and Purchase Agreement
Process:
- The property developer invites you to sign the Sale and Purchase Agreement.
- Engage a solicitor for conveyancing matters, arrange financing with a financial institution, and coordinate with CPF Board for CPF savings use.
Payments:
- 15% of the purchase price plus 1-3% legal and stamp fees paid within 9 weeks from OTP or signing the Sale and Purchase Agreement. Payment can be made using CPF OA savings or cash.
Preparation:
- For CPF Housing Grant recipients, the grant forms part of CPF funds, offsetting the balance downpayment.
Step 6: Collect Keys to EC Unit
Process:
- The property developer invites you to collect the keys upon completion of the EC project.
Payments:
- Check with the property developer for any outstanding payments.
Conditions After Buying:
- Familiarize yourself with the post-purchase conditions outlined by the property developer. Ensure compliance with any additional requirements or guidelines.