The condo timeline runs on two separate clocks, the option period and the completion window, and understanding both is what lets you plan a moving date with any confidence.
The two clocks: option period and completion
Once a seller grants you the OTP, you pay a 1% option fee and have 14 calendar days to exercise it, paying a further 4% and making the contract binding. Completion, the point of full payment and key handover, is then typically scheduled 8 to 12 weeks after exercise. Together, that is roughly 10 to 14 weeks from OTP grant to keys in a normal transaction.
What happens in the 14 day option period
This window is for confirming financing, ideally you already hold an in principle approval before paying the option fee, engaging a conveyancing lawyer, and checking CPF OA availability for the 4% exercise payment, since CPF Board processing can take 2 to 5 working days. It is 14 calendar days including weekends, not 14 business days.
What happens after exercise
Exercising the OTP makes the Sale and Purchase Agreement binding. Buyer's Stamp Duty, and ABSD if applicable, falls due within 14 days, in cash or CPF, never from the loan. Your lawyer then runs title searches, raises legal requisitions, lodges a caveat, and coordinates with the bank and CPF Board so the loan and CPF withdrawal are ready by the completion date.
What can push completion later
The most common causes of delay are a CPF shortfall discovered late rather than confirmed in week two, slow return of signed loan documents to the bank, and unresolved title or requisition issues, such as an undischarged charge on the seller's side. None of these are typical, but all are avoidable by returning paperwork the day you receive it.
Frequently asked questions
Can I back out after exercising the OTP?
Exercising the OTP creates a binding contract. Backing out after that point typically means forfeiting your 5% deposit and may expose you to a claim for the seller's further losses, so treat exercising as your final commitment point.
Is the completion date fixed at 8 to 12 weeks, or negotiable?
It is set in the Sale and Purchase Agreement and is negotiable between buyer and seller, but 8 to 12 weeks after exercise is the typical range for a private resale, giving time for loan disbursement and legal completion.
Do I pay the full balance at once at completion?
Yes, for a resale purchase. After the 5% deposit paid at option grant and exercise, the remaining 95% is paid at completion, drawn from your bank loan, CPF, and cash as applicable.
Planning your move around a condo completion date?
Winfred maps your OTP to keys timeline backward from your target move date, so financing, CPF and legal work all land on time.
Book a free 30 minute callWinfred Quek is an Associate Marketing Consultant at Crestbrick Pte Ltd (CEA Licence No. L31010886H). CEA R073319H. This page is for general information only and does not constitute financial, investment, or legal advice. Rates and rules reflect the position as at 5 Aug 2026; verify current figures with IRAS, HDB, or MAS before making any decision.