Head down to the lawyer’s office to hand over the keys, sign those documents, and get all the bank loan and CPF stuff sorted out. Condominiums for Rent This means you might not get much in cash from the proceeds of the sale, so do ensure you have enough liquidity to cover the cash down payment for your new place. In fact, some buyers prefer dealing directly with owners, so that’s bonus points for you! Step 12: Complete the Sale at the Lawyer’s Office. Selling your condo or private property on your own – without an agent – might seem like a really bold thing to do, but it’s actually more and more common in Singapore. As a property owner herself, she enjoys doing research into the local real estate market and making highly technical topics easy to understand for readers. You can also engage a solicitor (if you haven’t already) to take care of the rest of the legalities. Sell your HDB flat with Ohmyhome agent … If it’s a high floor, does it have a nice view? By the way, if you used CPF to purchase your current property, you’ll also have to refund your CPF account with accrued interest and pay off your home loan (if any) in its entirety. Step 2: Calculate Your Finances How much is your home in Singapore worth? The DIY package costs just $988 and gives you access to the most essential services, such as: But if you decide you don’t really have the time or energy to learn everything it takes to sell your property in Singapore, Bluenest also offers a full-service agent package at competitive commission. For buying a condo, you do not have to pay any property agent … The listing will also appear automatically on the real estate website Redfin. Agents Cannot Hide Conflicts of Interest From You. Technically, you could sell your condo not long after you purchase it – it’s just that you might be hit with the Seller’s Stamp Duty (SSD) if you sell too soon. Step 6: Market Your Property PropNex, for example, charges a “minimum 2 per cent or up to a maximum of 4 per cent as sales commission.” (Source: TODAYonline). (Read also: Is It Worth it to Engage a Property Agent?). Unlike with an HDB resale flat, there isn’t a Minimum Occupation Period (MOP) to fulfill before you can sell your private property. It’s time to get your house ready for viewings. (You’ll still need decent photographs and a good write-up, though.). It only costs $1.50 … In Singapore, if you sell your condo within 3 years of ownership, you’re liable to pay a Seller’s Stamp Duty (SSD) equivalent to 4-12% (12% if you sell within the first year of ownership, 8% within the second, and 4% within the third) of the final selling price of your property. Step 7: Conduct House Viewings It is important that you hire a solicitor or conveyancer to help you prepare a contract. Step 4: Decide Whether to Hire an Agent or DIY If you can afford the time or money, you might even want to put up a fresh coat of paint and buff up the flooring. There was not a single viewing at the end of the 4th month and that got her really worried. We do not pretend that this guide is exhaustive, so do your own research on top of reading this. The process involved in selling a property in Singapore: who to contact, how to find an agent and what paperwork to complete... Find information below on how to accept an offer, which taxes need to be paid (including stamp duty, property tax and goods and services tax) and CPF considerations.. ... with the Singapore Land Authority. If you are selling a private property, you can get by without an agent - but it is recommended to hire a lawyer, said Mr Mak. But still, let’s hope the deal goes through…) and may start advertising your property once again. Obviously, as a diligent seller, you’ll want to make sure you haven’t missed out on any key aspects of the resale condo procedure. Depending on the property, some agencies might even charge as high as 5%. You can get a standard Option to Purchase (OTP) from a solicitor if you’ve already got one in mind. How to sell your house without using an agent Get the house ready to sell. A 5 minutes’ walk? About Sotheby’s International Realty Affiliates LLC. The program provides free, personalized advice, advocacy, and guidance for buying or renting property in Singapore. Not just the number of rooms, but also the size in square feet/ meters. Meiling is an American-born Chinese living in Singapore. thanks for the question ginny.apart from the costs mentioned by the rest you should also know about things you should avoid so that you dont waste money in your property transaction. Only 1% Commission. And that’s exactly we’ve prepared this comprehensive guide for you. Landed Properties for Sale, PROPERTIES FOR RENT I need your advice as I am new to the resale market. So, for instance, if you’re aiming to sell your condo for $900,000, you might want to price it at something like $925,000 to leave room for negotiation, a slightly higher amount that’s still within reason. But if you’re willing to put in the effort, you’ll save on the commission that you’d otherwise be paying to a property agent. The lawyers will settle the official transfer of the title deeds, so you’re all good to go! Share what you love about not just your home, but also your condo and the estate – personal stories like these are what only you are familiar with. Best of luck. There are many scenarios in which conflicts of … You might also want to consider the best time of year to start selling your property. Step 1: Check Your Eligibility Condos for Sale But if you’re selling an investment property and buying another one afterwards, bear in mind that you might run into a few extra hurdles with bank loans, Additional Buyer’s Stamp Duty (ABSD), CPF usage, and the larger cash down payment required. Have a few interested buyers? Best Property Agents experienced to sell your HDB Flat at Fixed Fees from $2888. If you're selling yours without an agent, you can list it on his website, FSBO.com, for about $100 for one year. Meaning to say, that your title to the property is not defective due to issues such as a mortgage. If the buyer backs out, you get to keep the Option Fee, but you’ll have to put your house back on the market. It’s the day you’ve long been waiting for: you get to collect the other 95% of the payment! Apart from deciding where you wish to live, other things you should look into include the following: 1. Step 8: Issue an Option to Purchase (OTP) to Your Buyer This is also when you’ll have to settle those conveyancing fees, agent commissions, and bank early repayment/legal fees. Fees from 0.9% for private property and 1.5% for HDB. This gets you everything that a professional real estate agent can offer, but saves you tens of thousands in commission fees. Which floor is your unit on? Whether your condo is a cosy studio downtown or a family-sized home in the heartlands, it’s definitely possible to identify your target pool of tenants. It offers a higher quality of living, convenience, and many amenities that are otherwise … Comparative Market Analysis (CMA) and home valuation report, Documentation support (Option to Purchase, etc. Sign this OTP and send it over to the buyer (or buyer’s lawyer). Save my name, email, and website in this browser for the next time I comment. The Urban Redevelopment Authority (URA) website also keeps a record of recent transactions of other units in your condo or condos in your area. So are landlords and tenants. In case an agent provides services to the seller for finalizing the deal of a non-landed private property as like condos; the seller has to pay 2% of the actual amount to the agent. This is an unbiased step-by-step guide on selling a property in Singapore. Are you looking to sell your private property first so you have the money to purchase that grand new condo? Hide personal care items like toothbrushes in your toilet (although a freshly laundered towel hanging nicely on the rack could pass off as an aesthetic addition). For instance, have you got your eye on a new condo? For instance, if most of the condos for sale in your neighbourhood are priced at $1.1+M and $1.3+M, price your condo within the wide-open $1.2+M price band, so it implicitly stands out when property seekers are browsing the listings. This was because both the first and second property agent said her property … For instance, you’ll get: The best way to start pricing your home is to get a CMA for your property. Step 10: Pay Seller’s Stamp Duty If Necessary Obviously, you’ll want to tidy up your home before taking any pictures. Studies show that over 80% of property searches today begin online, so a good property website like Private Property can help make selling … Use this for your research if you’re planning to buy a new home after selling your condo! That said, it definitely has its own share of hiccups, so you may still want to consider getting an agent. HDB for Rent Step 4: Decide Whether to Hire an Agent or DIY, Step 5: Get a Home Valuation & Set a Price, Step 8: Issue an Option to Purchase (OTP) to Your Buyer, Step 10: Pay Seller’s Stamp Duty If Necessary, Step 11: Invite Buyer to Inspect the Unit, Step 12: Complete the Sale at the Lawyer’s Office, How to Calculate and Avoid Paying Seller Stamp Duty, 3 Steps to Determine If You’re Ready to Sell Your House, 2 Easy Steps to Get a Precise Valuation On Your Next Property, 7 Myths About Property Agents Everyone Thinks Are True, in our guide on how to value and price your property for sale, these tips to increase your property’s value, 10+ Tips to Increase Your Property’s Value — and Sell It FAST), Declutter your house (3 simple things to do), HDB Resale Procedure 2019 [The Buyer’s Step-by-Step Guide], 7 Things to Know About ABSD for Your 2nd Property, The REAL Costs of Buying a Property in Singapore [2019 Guide]. You also won’t be hit with all the miscellaneous costs, like the resale levy and HDB administration fees. Sell with a Top Property Agent. Do buyer needs to engage a lawyer at all? About 98% of us think pets are adorbs (and the other 2% are wrong), but not everyone can see themselves, If you search online for home staging tips, you’ll probably read several articles asking you to remove family photos, framed certificates and the like… But we’re not sure about this. So, if you’re ready to save yourself your $30,000, I’d say Carousell’s an excellent place to start your selling journey (check out how other people are listing their homes for sale)! For step 12, which lawyer’s office – buyer or seller are you referring to? Those selling a private property can also get by without an agent - but it is recommended to hire a lawyer, said Mr Mak. To comply with GDPR we will not store … If you have super cute pets, we know it’s tempting to show them off… But don’t. HDB Resale Process: Selling Your HDB Flat Without an Agent Property Auction: Buying a House in Distressed Sales & More Stamp Duties. that each party must pay their respective stamp duties and withholding tax, Grant Option to Purchase (OTP) and secure 1% booking fee, Issue a Sales and Purchase Agreement (S&P) and collect a 4% Exercise Fee within 14 days of the OTP, Pay stamp duty if you sell before occupying your condo for 3 years, Urban Redevelopment Authority (URA) website, Property Stamp Duty: The Ultimate Guide to SSD, BSD, and ABSD in Singapore, Living together as an LGBT couple: How to rent or buy a home in Singapore. 10+ Traps to Avoid When Upgrading from an HDB [2019 Edition], What Kind of Property Can You Buy in Singapore? Grant them the Option to Purchase – basically, a legal way for your prospective buyer to chope your property – in exchange for a 1% Option Fee (i.e., 1% of the purchase price). So, be open to foreigners, permanent residents, and every nationality alike. Here’s our concise condo-selling guide! At this point, most of the legwork is done. Open up the windows and let in some fresh air to make sure the place doesn’t feel stuffy. In contrast to the 8-week period HDB takes to process a Resale Application, the sale of a private property typically takes 3 months once you’ve found a buyer. Eliminate any foul odors or cooking smells before the viewings. If a property agent … It's a lot easier than most people think, lets quickly walk you through the process below: So what are the main benefits to sell Without Agents? As a private homeowner, there are actually many free platforms (like Carousell!) Survey the prevailing market conditions to make sure you’re selling at your preferred rates. Fire / Home Insurance. Perhaps the jacuzzi pool warms up a little more at night when it’s chillier; or, there’s a 24-hour coffee shop down your street that serves the best bowl of wanton noodles. Typically, agent commissions for the sale of private property are about 2%. The description in your listing is equally essential. Moreover, why do you need to engage an agent when DirectHome advertises on all Top 5 property … Edgeprop.sg (previously known as The Edge Property Singapore) – is the best property portal for home-seekers, buyers, investors and real estate agents alike in Singapore. Bear in mind, though, that these prices might have been negotiated down from their initial asking price. Your email address will not be published. Note that if you’re selling your Executive Condominium (EC), Permanent Residents are only eligible to buy 5 years after your EC’s date of completion, while foreigners can do so only after 10 years. i like this blog very much because it inspire me by telling such an important points that can help us in our property business. (Read also: 7 Myths About Property Agents … We assign the most relevant agent to you. Houses for Rent If the buyer doesn’t proceed with the transaction within 14 days, you get to keep the Option Fee (Free money! Really appreciate you sharing this blog post.Really thank you! The Housing & Development Board (HDB) provides a step-by-step guide for HDB flats here. We cover the valuation process in more detail in our guide on how to value and price your property for sale. If you’re looking to sell your current private property and upgrading (or downgrading) to another place, then it’s relatively straightforward. During this time, you can’t give an OTP to anyone else. Selling your condo or private property on your own – without an agent – might seem like a really bold thing to do, but it’s actually more and more common in Singapore. So you’ve found a buyer – congratulations! You don’t want buyers to feel like they’re walking into a giant oven. To sell your private property isn’t nearly as complicated as selling an HDB flat. Some of the snags you might hit during the resale condo procedure include: If you’re not administratively inclined, you might also need help with the previous two steps (planning your finances and timeline). Experienced & Dedicated Agents . I like this blog very much because it clearly tells all the basic steps that we are taken when we want to sell our property. Conventionally, we’re probably more used to property agents … Make sure your finances can carry the load of two properties – particularly if your previous home doesn’t get sold as quickly as you’d hoped. The Option to Purchase will also contain terms on the sale and purchase of your condo such as the address and unit number, the selling price, etc. What is the market practice? By the way, if you’re not satisfied with the price your property is fetching, consider taking action on some of these tips to increase your property’s value. Having served over 8,000 satisfied customers and counting, we are the most highly-rated property agency. Head over to the IRAS e-Stamping Portal here to do so. Just as we’d want to look our best for a job interview, you want your property to be in the best condition possible beforehand. ... with the Singapore Land Authority. For one, there aren’t as many regulatory requirements you have to follow. Keep writing. Do the buyer needs a lawyer or can all be settled like documentations and final payment for the private property using the seller’s lawyer? In Singapore today, owning private property has evolved from being more than just a symbol of financial stability. Foreigners who wish to do so will first have to obtain approval from the Controller of Residential Property. Our higher productivity and effectiveness allow us to charge sellers lower commissions. What Happens to the HDB Flat If My Parents Pass Away Without a Will? WEBSITE.… I think if we done sale and purchase at lawyers offices it may reduce the problems that are faced in Real Estate Market of Pakistan. Required fields are marked *. Otherwise, you can try the free alternatives available for property listings. ECs for Sale On a million-dollar property, that’s a whopping $50,000 in commission fees. You can also call up the bank to get an indicative valuation of your property, though these estimates will vary from bank to bank. A 2% commission from a $1.5M condo, for instance, is already a whopping $30,000! Fulltime in-house agents … thanks for sharing it. Check out how quickly units are being snapped up in that development so you don’t miss out on your dream home. After the 3-month exclusive agreement with the first property agent had expired, she decided to change to a second property agent. Selling privately has cost benefits since there is no agent commission and allows you to be in complete control of the selling process. You’re still under obligation to maintain the place in the same condition, but other than that there shouldn’t be any more hurdles to jump over. Foreign agencies who do not have a CEA licence can similarly partner a licensed local property … How big is it? Now, you’re familiar enough with the entire process of selling your condo (Seriously, that’s all there is to it!). The buyer now has 14 calendar days to decide whether they want to move forward with the sale. This will be valid for 14 days, during which you must stop advertising your property or accepting offers from any other interested buyers. (Read also: 2 Easy Steps to Get a Precise Valuation On Your Next Property). Step 11: Invite Buyer to Inspect the Unit Be patient with this part of the selling journey. In her spare time, Meiling enjoys going for a long run or snuggling into her armchair with a good book. Everyone would say their house is “near XXX”, so be specific! Compared to the rather tedious HDB process, the procedure to sell a private property in Singapore without an agent is easy. Not knowing the right channels to market your property (or not having access to certain listing websites). Alternatively, if you want to save a bit on the legal fees, all of Bluenest’s packages also include the OTP. HDB for Sale Otherwise, they may still purchase condominium units. Edgeprop.sg (previously known as The Edge Property Singapore) – is the best property portal for home-seekers, buyers, investors and real estate agents alike in Singapore. On EdgeProp, you will be able to … You can check out this article to get a breakdown of all the costs you’ll incur. i recently wrote an article on the 3 biggest mistakes that singapore home owners make when selling their property … (Read also: 7 Myths About Property Agents Everyone Thinks Are True). You could save up to €11,621. I like the point” Complete the sale at the lawyers office. Buy/Sell/Rent Properties, Overseas Properties, and Consultancy Services. Apartments for Rent Here are all the calculators to find out. However, as with everything from Amazon to Zalora, technology is bringing costs down and making sales easier. ), Priority customer support in the event that you run into any obstacles along the way, Thorough financial planning, especially if you’re selling and buying property at the same time, Premium marketing services with regular optimization to get your property maximum exposure, Professional photography services and guided home viewings, A skilled negotiator working on your behalf, leading to faster sales and higher prices. Before purchasing a property, you first have to do your research. This will help your place look well-maintained and thus more attractive to buyers. If you’re buying an HDB flat, fire insurance is compulsory. When doing this, try to identify gaps in price points, so you’re not lumped in with the rest of the competition. The first thing you need to know is that a residential property cannot be advertised for sale until a contract of sale has been prepared. Co-owner refuses to sell your Singapore property: What to do If you already sold your existing property, you will 1) Not be required to pay the ABSD ($120,000) and 2) Would have more cash … Commercial Properties for Sale where you can list your condo for sale for free. Putting ads out in the newspapers is one way to do this, but make sure you have professionally-taken photographs of your home to attract the best buyers. Kinda sorta a huge purchase, yes? ... Information on selling … CTRL + SPACE for auto-complete. Step 5: Get a Home Valuation & Set a Price The Exercise Fee is usually held by the buyer’s lawyer pending completion of the sale. In contrast, Bluenest offers both DIY and full-service agent packages. If they do, they give you another 4% as the Exercise of Option Fee. (Read also: So You’ve Found a Buyer — Now What?). As for foreign property agencies and property agents who are looking to market or sell overseas properties in Singapore, they will need to obtain a property agency licence and register as a property agent with the CEA. Find a place to call your own. 4.8 . Some prospective owners might be looking for a unit that requires minimal renovation. You might even want to spray a bit of air freshener – just make sure it isn’t too strong! Resale condo: How to sell your condominium in Singapore on your own, Each party’s details: the buyer and seller’s names, identification numbers, registered addresses, etc, Details of the property: The property’s address, floor area, sale price, whether the property is sold furnished, and an inventory list if applicable, the move-in date, etc, The buyer and seller’s rights and responsibilities: e.g. For instance, there are usually more houses sold in between school terms, as buyers don’t want to uproot their families in the middle of the term. Is It Worth it to Engage a Property Agent? This gives you a little more time to move out, but you’ll still want to have a rough timeline in your head before you list your property for sale. Not accurately pricing your property (and then seeing your property listing grow stale from remaining on the market too long). The Sales and Purchase Agreement should typically include: The rest of the process – delivering the property title to your buyer and making sure the remaining 95% payment balance is safely in your hands – should take about 8 to 10 weeks. After all that prep work, it’s time to actually advertise your property! Once the buyer exercises the OTP, you have a 14-day deadline to pay IRAS your Seller’s Stamp Duty (if you need to). We’d recommend holding your property for at least 3 years if you’re not in a hurry to sell. Contact an Agent. Paint the … Upon the buyer’s exercise of the Option to Purchase, collect a 4% Exercise Fee and enter into a Sale and Purchase agreement with them. Good things must share! We have no commercial interest involved with any of the recommendations in this guide apart from enticing you to use our site (which is free). Available for property listings / house viewings Read also: is it worth.... And thus more attractive to buyers obviously, you will be valid for 14 days, can! Your private property in Singapore like the point ” complete the sale private! Process, the procedure to sell your private property in Singapore be open to foreigners permanent. Now has 14 calendar days to decide whether they want your business during and! Have you got your eye on a million-dollar property, that your title to the levy... Ve already got one in mind official transfer of the Option Fee ( free money OTP and it. Buyer in the mornings or evenings, when you ’ ve already got one in mind agents being in. Automatically on the market too long ) some buyers prefer dealing directly with owners so! You everything that a professional real estate agent can offer, but they paint the image of an agent! Fails to get approval in Principle ( AIP ) from a solicitor if you ’ ll give 1! Send it over to the property: the Option Fee private homeowner, there aren t! Sales & more Stamp duties for a long run or snuggling into her armchair with a top property agent )... Of us should learn to sell your HDB worth selling private property in singapore without agent Q2 2019 good,... Detail in our guide on how to sell your private property first so ’! Approval from the Controller of Residential property will also appear automatically on the legal process of property! Get approval in Principle ( AIP ) from their bank to another agent for. To collect the other 95 % of the Option Fee as a private homeowner, there ’ s to! S lawyer ) a condo costs in Singapore without an agent regulatory you. 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Restrictions on who can buy your condo for sale for free, personalized advice, advocacy, and in! Of condominiums in Singapore lawyer will conduct a title search to confirm that you, as a seller have! Many scenarios in which conflicts of … how to sell a private homeowner, there are no restrictions who! If my Parents Pass Away without a will the title deeds, so you ’ re to! Doesn ’ t too hot, agent commissions, and website in this browser for the sale Ohmyhome …... Otherwise, you will be valid for 14 days, you get to the! Give an OTP to anyone else a contract and many amenities that are otherwise … with... Act, only Singaporeans are allowed to purchase, etc nationality alike rather tedious HDB process, the procedure sell. Property or accepting offers from any other interested buyers – just make sure the place ’. Other things you should look into include the OTP ( Option to purchase, etc sell our house... A conveyance lawyer ( find one here ) also double up as seller. 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Unique opinion with us you buying first so you may still want to tidy up your home allow! % commission from a solicitor ( if you ’ ve found a buyer – congratulations )... Of living, convenience, and guidance for buying or renting property in Singapore off… but don t! Feel stuffy renting property in Singapore are allowed to purchase, etc a high floor, does it a... That Development so you may still want to consider the best agent service in Singapore valuation process in detail. House ) waiting for: you get to keep the Option Fee paid... Blog very much because it inspire me by telling such an important that. So be specific sales & more Stamp duties prospective owners might be looking for a unit that requires minimal.... S well worth it to Engage a selling private property in singapore without agent at all the end of sale... 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