04/07/2025
So now you are ready to buy your dream home🏡 But wait. What do I need to do before I get the keys. Don’t worry — here’s a quick rundown of the legal steps to keep things smooth and stress-free. Whether it’s a cozy house or your dream condo, knowing the right steps can save you a lot of time, money, and headaches.
1️⃣ 💰 Get your financing sorted
Before you fall in love with a place, make sure you’re financially ready. Check your loan eligibility, compare mortgage rates, and get a loan pre-approval from a bank. This gives you a clear budget and stronger negotiating power!
2️⃣ 📜 Hire a trusted lawyer
A good property lawyer is essential. They’ll handle the Sales and Purchase Agreement (SPA) and ensure the legal process is done right. Feel free to ask for a good recommendation.
3️⃣ 📝 Sign the Letter of Offer
Once you’ve decided on which bank you will take a loan form, that bank will prepare a Letter of Offer. Read it carefully before signing, and make sure to ask if you have any questions.
4️⃣ 🏦 Pay the deposit & sign the SPA
You’ll typically pay a 10% deposit when signing the SPA. The lawyer will help draft or review the agreement to make sure your rights are protected.
5️⃣ 📑 Transfer title and pay the stamp duty
After the SPA is signed and stamped, the lawyer will help with the transfer of ownership and filing legal documents. Don’t forget stamp duty — it’s a must for official ownership!
For under-construction units, understand the completion timeline and progress billing, so that you don’t get caught off guard with your financial planning.
Ready to dive into homeownership or just starting to explore? What’s your biggest question or concern about buying your first home? Drop it below 👇
