Buyer’s Guide

Whether you’re a first-time homebuyer or an investor looking to expand your real estate portfolio, there are numerous factors to consider before taking the plunge. This guide will walk you through everything you need to know before making what could be your most important purchase.


The first step involves establishing what your budget is and verifying that amount with a bank or lender. It is imperative that you work with an attorney during the contract and closing processes of a home purchase.

The Search

Next, you need to create a list of the top 2 or 3 neighbourhoods which you want to live in. During this stage, your agent will assist you in making decisions and schedule viewings of homes that meet your criteria. Once you’ve found a home that you love, you’re ready to make an offer.

Offers are typically made in writing, and your agent will relay your offer to the seller or their agent. In your offer, you should include a copy of your pre-approval letter, a REBNY form showing your assets and liabilities and your attorney information. When your agent submits an offer on your behalf, keep in mind that not everything is negotiable. The seller may respond with a counteroffer, resulting in a back-and-forth process until both parties reach an agreement.

Contract & Board

From this point on, it generally takes between 2 to 4 months to complete the purchase of your home. During a sales transaction, the seller’s attorney will draw up a contract for the buyer’s attorney. The latter will then conduct due diligence by reading building minutes, financial statements and other documents to determine whether the building is in good standing. Once due diligence has been completed and a 10% deposit has been paid, the buyers sign the contract. Upon countersigning, the sellers hold the money in escrow until closing. If the seller is engaged in contract negotiations, they can entertain other offers but will not be able to do so after the contract has been signed.

Mortgage & Approval

If you are financing, it is likely that your mortgage banker has already provided you with a pre-approval letter. Note that a contract must be signed to process mortgage applications. A board approval is issued if the board package has been reviewed and approved. As part of your board package, you will need to provide financial statements, 3 years of tax returns, bank statements as well as personal and professional references.

Closing & Move-In

Following board approval, managing clients typically set a closing date, and buyer and seller attorney’s coordinate with the appropriate banks to arrange suitable dates and times. Now that you’ve closed on your new home, it’s time to celebrate!

Renowned for her extensive market knowledge and innovative approach, ShiQi ranks among Singapore’s most trusted and favoured real estate agents. Using her experience in the real estate industry, together with her vast knowledge and impressive skills, ShiQi has established a team of experts that provides high-quality one-stop services that are completely customized for her clients’ needs. ShiQi is dedicated to providing an open and transparent process from start to finish, responsible delivery of results and consistent customer-centric care.

If you are thinking about purchasing or investing in property, send us your inquiry and we look forward to connecting with you.