Buying a Second-Hand Condo: Steps and What to Prepare

Buying a second-hand condo is a great option for those looking for convenient, fully-equipped housing that suits a modern lifestyle. However, buyers need to understand the process and prepare the necessary documents to ensure a smooth and secure transaction.

1. Searching for a Second-Hand Condo

• Look for listings on real estate websites or other channels for second-hand condos.

• Choose a condo that meets your needs in terms of location, size, and price.

• Research the project, the condition of the unit, and the surrounding environment.

2. Signing the Sale Agreement

• This is the most important first step after selecting the condo you want.

• Sign a sale agreement with the current owner, specifying the price, deposit, and the transaction timeline.

• The agreement protects the buyer from the unit being sold to someone else while the purchase process is underway.

• The typical timeframe is 1–3 months, depending on whether you are applying for a loan or paying in cash.

3. Applying for a Mortgage (if not paying in cash)

Buyers applying for a bank loan must prepare the following documents:

• ID card and a copy of the ID of both buyer and seller

• House registration and a copy for both buyer and seller

• Copy of the condo title deed or ownership certificate

• Salary certificate and payslips for the past 6 months

• Documents detailing the property

The bank will review all documents and proceed with loan approval.