For First-Time Buyers
Property Guide
Buying property comes with its own language. This is a plain-English walkthrough of how a purchase actually goes from viewing to keys-in-hand, and the terms you'll likely hear along the way — so you can ask Kim the right questions with confidence.
The Process
From Viewing to Keys-in-Hand
- 1
Enquire & View
Browse listings, shortlist a few, and arrange viewings. This is also when you'd ask Kim anything about the unit, the area, or the numbers.
- 2
Make an Offer
You submit an offer price. If the seller accepts, you pay a booking fee (usually 2–3% of the price) to take the unit off the market.
- 3
Sign the SPA
The Sale & Purchase Agreement is signed, typically within 14 days of booking, along with the balance of the deposit.
- 4
Apply for a Loan
Your loan application goes to the bank(s). First-time buyers can often borrow up to 90% of the price (the "loan margin").
- 5
Loan Approval & Disbursement
Once approved, the bank issues a Letter of Offer and releases funds — in stages for new launches, or in full for sub-sale.
- 6
Transfer of Ownership (MOT)
The Memorandum of Transfer is lodged with the Land Office and stamp duty is paid. This is what legally puts the property in your name.
- 7
Handover
You collect the keys — at Vacant Possession for a new launch, or on completion for a sub-sale property.
Good to Know
Key Terms, Explained
Freehold vs Leasehold
Freehold means you own the land indefinitely. Leasehold means the state owns the land and grants a lease (commonly 99 years) — it's renewable, but worth checking the remaining tenure before you buy.
Sub-sale vs New Launch
Sub-sale is a resale from an existing owner — you can view the actual unit and move faster. New launch is bought directly from a developer, often off-plan, with payments staged over the construction period.
SPA (Sale & Purchase Agreement)
The legally binding contract between buyer and seller that sets out the price, timeline and conditions of the sale.
Booking Fee / Earnest Deposit
A small deposit (usually 2–3% of the price) paid to secure the property once your offer is accepted, before the SPA is signed.
Loan Margin
The percentage of the property price a bank is willing to lend you. The rest is your down payment, due in cash.
Legal Fees
Fees paid to a lawyer for preparing the SPA and the loan agreement. These follow a regulated fee scale based on the property price.
Stamp Duty (MOT)
A government tax on the transfer of ownership, calculated on a sliding scale against the property price. First-time buyers may qualify for exemptions.
RPGT (Real Property Gains Tax)
A tax on the profit made when you sell a property, at a rate that decreases the longer you've held it.
Built-up vs Land Area
Built-up area is the floor space inside the unit (what "SqFt" usually refers to on a listing). Land area is the size of the plot itself — only relevant for landed homes.
Maintenance Fee & Sinking Fund
Monthly charges for condos and gated communities: maintenance covers day-to-day upkeep, the sinking fund is a reserve for major repairs.
REN (Real Estate Negotiator)
A licensed individual registered with the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEP), authorised to negotiate property deals under a registered real estate agency.
Vacant Possession (VP)
The point at which a new-launch developer hands over a completed, habitable unit to the buyer — typically the date your loan repayment in full begins.