Now, you’re familiar enough with the entire process of selling your condo (Seriously, that’s all there is to it!). 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. Property stamp duty: The ultimate guide to SSD, BSD, and ABSD in Singapore, 6 things to look out for when engaging your first property agent. For buying a condo, you do not have to pay any property agent … Not knowing the right channels to market your property (or not having access to certain listing websites). (Read also: So You’ve Found a Buyer — Now What?). The seller’s agent usually divides this money with the buyer’s agent. Agents Cannot Hide Conflicts of Interest From You. 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. 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. The Urban Redevelopment Authority (URA) website also keeps a record of recent transactions of other units in your condo or condos in your area. Everyone would say their house is “near XXX”, so be specific! (Read also: 3 Steps to Determine If You’re Ready to Sell Your House). Unlike with an HDB resale flat, there isn’t a Minimum Occupation Period (MOP) to fulfill before you can sell your private property. 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. If you have super cute pets, we know it’s tempting to show them off… But don’t. Step 12: Complete the Sale at the Lawyer’s Office. Be patient with this part of the selling journey. For step 12, which lawyer’s office – buyer or seller are you referring to? That said, it definitely has its own share of hiccups, so you may still want to consider getting an agent. The program provides free, personalized advice, advocacy, and guidance for buying or renting property in Singapore. I need your advice as I am new to the resale market. The listing will also appear automatically on the real estate website Redfin. Selling a property has long been straightforward — and expensive. You might also want to consider the best time of year to start selling your property. So are landlords and tenants. Get the highest possible price in no time with the best agent service in Singapore. PropNex, for example, charges a “minimum 2 per cent or up to a maximum of 4 per cent as sales commission.” (Source: TODAYonline). Obviously, you’ll want to tidy up your home before taking any pictures. 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. You can also call up the bank to get an indicative valuation of your property, though these estimates will vary from bank to bank. Eligibility: Under the Residential Property Act, only Singaporeans are allowed to purchase landed residential property. Step 2: Calculate Your Finances Our higher productivity and effectiveness allow us to charge sellers lower commissions. Conventionally, we’re probably more used to property agents being involved in the process. 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. After the 3-month exclusive agreement with the first property agent had expired, she decided to change to a second property agent. (Read also: 2 Easy Steps to Get a Precise Valuation On Your Next Property). 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. ... with the Singapore Land Authority. There are many scenarios in which conflicts of … Have a few interested buyers? Declutter and clean, clean, clean. For selling your HDB, an agent will typically charge you 2% of the HDB’s selling price (this is the standard market practice). After all that prep work, it’s time to actually advertise your property! Here’s our concise condo-selling guide! Kinda sorta a huge purchase, yes? Depending on the property, some agencies might even charge as high as 5%. Commercial Properties for Sale We do not pretend that this guide is exhaustive, so do your own research on top of reading this. Studies show that over 80% of property searches today begin online, so a good property website like Private Property can help make selling … Check out how quickly units are being snapped up in that development so you don’t miss out on your dream home. But since agent commissions can be exorbitant when you sell a private property, it’s no wonder that more and more sellers are opting for the DIY route. Selling privately has cost benefits since there is no agent commission and allows you to be in complete control of the selling process. At this point, most of the legwork is done. To sell your private property isn’t nearly as complicated as selling an HDB flat. 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. 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). About Sotheby’s International Realty Affiliates LLC. Really appreciate you sharing this blog post.Really thank you! Step 1: Check Your Eligibility Head over to the IRAS e-Stamping Portal here to do so. Learn how to sell without agents - The sale of your Home without agents (traditional agents) in Australia is legal, incredibly easy, & it will save you thousands of dollars in Agents commission & expensive advertising fees. SRX Concierge is a consumer advocacy service administered by SRX. people searching for their next home could be more familiar with either unit of measurement. What is the market practice? Try to schedule viewings in the mornings or evenings, when it isn’t too hot. ECs for Sale Step 4: Decide Whether to Hire an Agent or DIY This is an unbiased step-by-step guide on selling a property in Singapore. We cover the valuation process in more detail in our guide on how to value and price your property for sale. This will be valid for 14 days, during which you must stop advertising your property or accepting offers from any other interested buyers. 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. The conveyance lawyer will conduct a title search to confirm that you, as a seller, have the good root of title. Moreover, why do you need to engage an agent when DirectHome advertises on all Top 5 property … Win-win! 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. Your email address will not be published. Which floor is your unit on? Not accurately pricing your property (and then seeing your property listing grow stale from remaining on the market too long). If they do, they give you another 4% as the Exercise of Option Fee. Office For Rent. We’d recommend holding your property for at least 3 years if you’re not in a hurry to sell. (Read also: How to Calculate and Avoid Paying Seller Stamp Duty). It’s time to get your house ready for viewings. Good things must share! Include all important information: Unlike HDB flats, there are no restrictions on who can buy 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. Eliminate any foul odors or cooking smells before the viewings. If a property agent … Some will even give out the OTP for free, since they want your business during conveyancing and all. 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. Why say no to passive income? Conveyancing is the legal process of transferring property from one owner to another. 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. Only 1% Commission. 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. For instance, have you got your eye on a new condo? Step 8: Issue an Option to Purchase (OTP) to Your Buyer 4.8 . where you can list your condo for sale for free. This is also when you’ll have to settle those conveyancing fees, agent commissions, and bank early repayment/legal fees. 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? 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). 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. Paint the … Not making your home attractive enough for property listings / house viewings. Do buyer needs to engage a lawyer at all? 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. The idea is to depersonalise your home to allow the prospective buyers to imagine. There was not a single viewing at the end of the 4th month and that got her really worried. The Step-by-Step Guide to Sell Your Private Property. 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 … The description in your listing is equally essential. 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. HDB for Rent 10+ Traps to Avoid When Upgrading from an HDB [2019 Edition], What Kind of Property Can You Buy in Singapore? 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. Compared to the rather tedious HDB process, the procedure to sell a private property in Singapore without an agent is easy. From 1000+ reviews. Typically, agent commissions for the sale of private property are about 2%. 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. iv. 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. It offers a higher quality of living, convenience, and many amenities that are otherwise … 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. 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. 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. Meaning to say, that your title to the property is not defective due to issues such as a mortgage. But still, let’s hope the deal goes through…) and may start advertising your property once again. How much is your home in Singapore worth? You can also engage a solicitor (if you haven’t already) to take care of the rest of the legalities. 20 years worth of data to help you price your property effectively Savings . Yes you can, DirectHome does not interfere with your arrangements with your property agents as long as it is not an exclusive agent. Fire / Home Insurance. Alternatively, if you want to save a bit on the legal fees, all of Bluenest’s packages also include the OTP. However, as with everything from Amazon to Zalora, technology is bringing costs down and making sales easier. Use this for your research if you’re planning to buy a new home after selling your condo! It is important that you hire a solicitor or conveyancer to help you prepare a contract. Those selling a private property can also get by without an agent - but it is recommended to hire a lawyer, said Mr Mak. Foreigners who wish to do so will first have to obtain approval from the Controller of Residential Property. 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. Your Space, Your Rules. On a million-dollar property, that’s a whopping $50,000 in commission fees. Ready? The lawyers will settle the official transfer of the title deeds, so you’re all good to go! What are the duties of an estate agent in Singapore? 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. The Essential Guide to Buyer’s Stamp Duties in Singapore … Are there two lawyers involved? Bear in mind, though, that these prices might have been negotiated down from their initial asking price. 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. Houses for Rent This will help your place look well-maintained and thus more attractive to buyers. CTRL + SPACE for auto-complete. Your email address will not be published. Or are you buying first so you don’t miss out on that great deal? [ Updated 2019 ], what Kind of property can you buy in Singapore now what )! A step-by-step guide on how to sell your private property isn ’ t give an OTP to else! 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