Our higher productivity and effectiveness allow us to charge sellers lower commissions. (Read also: 7 Myths About Property Agents Everyone Thinks Are True). Step 10: Pay Seller’s Stamp Duty If Necessary 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. Once this is confirmed, you’re ready to enter the legal bits of selling your condo! 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)! 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. Not just the number of rooms, but also the size in square feet/ meters. 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. (Read also: 10+ Tips to Increase Your Property’s Value — and Sell It FAST). Bear in mind, though, that these prices might have been negotiated down from their initial asking price. Which floor is your unit on? ... Information on selling … 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. 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). ... with the Singapore Land Authority. Step 3: Chart Out Your Timeline Once you’ve moved all your stuff out, invite the buyer over to conduct a final inspection to confirm vacant possession before the close of the sale. So you’ve found a buyer – congratulations! Step 6: Market Your Property Moreover, why do you need to engage an agent when DirectHome advertises on all Top 5 property … After the 3-month exclusive agreement with the first property agent had expired, she decided to change to a second property agent. It’s the day you’ve long been waiting for: you get to collect the other 95% of the payment! Best Property Agents experienced to sell your HDB Flat at Fixed Fees from $2888. There was not a single viewing at the end of the 4th month and that got her really worried. What are the duties of an estate agent in Singapore? Step 12: Complete the Sale at the Lawyer’s Office. Meaning to say, that your title to the property is not defective due to issues such as a mortgage. where you can list your condo for sale for free. There are many scenarios in which conflicts of … 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. For step 12, which lawyer’s office – buyer or seller are you referring to? Conveyancing is the legal process of transferring property from one owner to another. I think all of us should learn to sell our own house and not use any agent at all. Paint the … Condos for Sale ), 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. What is “en bloc potential” (and does your house have any)? You could save up to €11,621. Conventionally, we’re probably more used to property agents being involved in the process. The conveyance lawyer will conduct a title search to confirm that you, as a seller, have the good root of title. ECs for Sale The broad steps involved in selling your property without an agent are as follows: have your property … For instance, you’ll get: The best way to start pricing your home is to get a CMA for your property. Like!! Or are you buying first so you don’t miss out on that great deal? After all that prep work, it’s time to actually advertise your property! i recently wrote an article on the 3 biggest mistakes that singapore home owners make when selling their property … 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.. Office For Rent. Some prospective owners might be looking for a unit that requires minimal renovation. Win-win! 10+ Traps to Avoid When Upgrading from an HDB [2019 Edition], What Kind of Property Can You Buy in Singapore? Eligibility: Under the Residential Property Act, only Singaporeans are allowed to purchase landed residential property. The Urban Redevelopment Authority (URA) website also keeps a record of recent transactions of other units in your condo or condos in your area. Foreign agencies who do not have a CEA licence can similarly partner a licensed local property … 4.8 . That said, it definitely has its own share of hiccups, so you may still want to consider getting an agent. I like the point” Complete the sale at the lawyers office. 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. i want to sell my house but i have no experience in this business but to read this blog now i am able to sell my property in a easy way by keep these steps in my mind . SERVICES. Fees from 0.9% for private property and 1.5% for HDB. Even if you don’t have a salesperson’s gift of the gab, remember: You’re the best ambassador of your own home. (Read also: 2 Easy Steps to Get a Precise Valuation On Your Next Property). WEBSITE.… 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. Ready? 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. We cover the valuation process in more detail in our guide on how to value and price your property for sale. Not making your home attractive enough for property listings / house viewings. Unlike with an HDB resale flat, there isn’t a Minimum Occupation Period (MOP) to fulfill before you can sell your private property. A 5 minutes’ walk? PROPERTIES FOR SALE In exchange, they’ll give you 1% of the purchase price as the Option Fee. But still, let’s hope the deal goes through…) and may start advertising your property once again. 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. 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]. Here’s our concise condo-selling guide! Step 11: Invite Buyer to Inspect the Unit Keep writing. Here are all the calculators to find out. i like this blog very much because it inspire me by telling such an important points that can help us in our property business. 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. If the buyer backs out, you get to keep the Option Fee, but you’ll have to put your house back on the market. 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. HDB resale average prices: How much is your HDB worth in Q2 2019? iv. The lawyers will settle the official transfer of the title deeds, so you’re all good to go! Buy/Sell/Rent Properties, Overseas Properties, and Consultancy Services. 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? SRX Concierge is a consumer advocacy service administered by SRX. When doing this, try to identify gaps in price points, so you’re not lumped in with the rest of the competition. If a property agent … And that’s exactly we’ve prepared this comprehensive guide for you. You might also want to consider the best time of year to start selling your property. 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. You don’t want buyers to feel like they’re walking into a giant oven. 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. Ohmyhome is Singapore’s leading property transaction ecosystem. Because of this regulation, it’s advisable to only sell after the 3-year mark. Kinda sorta a huge purchase, yes? How to sell your house without using an agent Get the house ready to sell. Declutter and clean, clean, clean. Property Management. 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. How big is it? Shophouses for Rent The idea is to depersonalise your home to allow the prospective buyers to imagine. Foreigners who wish to do so will first have to obtain approval from the Controller of Residential Property. I need your advice as I am new to the resale market. Is your condo near the MRT or any shopping mall? In Singapore today, owning private property has evolved from being more than just a symbol of financial stability. If you’re buying an HDB flat, fire insurance is compulsory. 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. Step 2: Calculate Your Finances Typically, agent commissions for the sale of private property are about 2%. Depending on the property, some agencies might even charge as high as 5%. Be patient with this part of the selling journey. Sell with a Top Property Agent. 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. On a million-dollar property, that’s a whopping $50,000 in commission fees. 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. 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. 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 … About Sotheby’s International Realty Affiliates LLC. Write CSS OR LESS and hit save. This was because both the first and second property agent said her property … Clearing out all your clutter now also means you’ll have an easier time moving. Meiling is an American-born Chinese living in Singapore. Your Space, Your Rules. Thankfully, many online sources provide incredibly transparent information about how much a condo costs in Singapore. 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. You might not need an agent, but you’ll need a conveyance lawyer (find one here). For selling your HDB, an agent will typically charge you 2% of the HDB’s selling price (this is the standard market practice). CTRL + SPACE for auto-complete. Use this for your research if you’re planning to buy a new home after selling your condo! You can: No harm being a little nosy and checking what’s currently being advertised in the property market, and for how much. Only 1% Commission. people searching for their next home could be more familiar with either unit of measurement. Interested buyers might request to view your house for the second, third or even fourth time – it’s a house they’re buying, after all. 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. (Read also: How to Calculate and Avoid Paying Seller Stamp Duty). The Exercise Fee is usually held by the buyer’s lawyer pending completion of the sale. If you’re not in a rush to sell your property but are not living in it, you can consider renting it out in the meantime. Assuming your buyer has the means and commitment to follow through, it’s largely a waiting game until the sale is closed in 12 weeks. Good article, I hope you can continue to publish more of this same topic further. Some will even give out the OTP for free, since they want your business during conveyancing and all. 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. Are you looking to sell your private property first so you have the money to purchase that grand new condo? This is an extremely crucial part of selling your condo – set the price too high, and you might not even find yourself any interested buyers; set it too low, and you stand to lose money. 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. So I agreed by your opinion.Thanks for sharing with your unique opinion with us. [Updated 2019], Buyer fails to get Approval in Principle (AIP) from their bank. Great! In addition, if you are purchasing an HDB flat, bear in mind the ethnic inte… Houses for Rent Do buyer needs to engage a lawyer at all? Price of the property: The Option Fee already paid, details of how and when the remainder of the payment should reach you. 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. The Housing & Development Board (HDB) provides a step-by-step guide for HDB flats here. thanks for sharing it. On EdgeProp, you will be able to … We’d recommend holding your property for at least 3 years if you’re not in a hurry to sell. Tip: This can also double up as a complete list of condominiums in Singapore. 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 will be valid for 14 days, during which you must stop advertising your property or accepting offers from any other interested buyers. The buyer now has 14 calendar days to decide whether they want to move forward with the sale. What Happens to the HDB Flat If My Parents Pass Away Without a Will? As a private homeowner, there are actually many free platforms (like Carousell!) Include all important information: Unlike HDB flats, there are no restrictions on who can buy your condo. If it’s a high floor, does it have a nice view? Studies show that over 80% of property searches today begin online, so a good property website like Private Property can help make selling … Yes you can, DirectHome does not interfere with your arrangements with your property agents as long as it is not an exclusive agent. 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). A good property agent more than deserves his or her commission, but many buyers and sellers are often unsure about how much to pay. For buying a condo, you do not have to pay any property agent … Agents Cannot Hide Conflicts of Interest From You. Apartments for Rent Why say no to passive income? Otherwise, you can try the free alternatives available for property listings. Condominiums for Rent We’d say that’s well worth it. ... with the Singapore Land Authority. 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