You can also engage a solicitor (if you haven’t already) to take care of the rest of the legalities. Or are you buying first so you don’t miss out on that great deal? Tip: This can also double up as a complete list of condominiums in Singapore. Step 5: Get a Home Valuation & Set a Price How big is it? Ohmyhome in-house agents are trusted by over 8,000 happy clients, we find the right buyer in the shortest time. 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 private property … What are the duties of an estate agent in Singapore? What Happens to the HDB Flat If My Parents Pass Away Without a Will? Here’s our concise condo-selling guide! For buying a condo, you do not have to pay any property agent … Conventionally, we’re probably more used to property agents being involved in the process. SELL WITHOUT AGENTS. Some prospective owners might be looking for a unit that requires minimal renovation. Condos for Sale We’d say that’s well worth it. Bear in mind, though, that these prices might have been negotiated down from their initial asking price. Contact an Agent. You also won’t be hit with all the miscellaneous costs, like the resale levy and HDB administration fees. In her spare time, Meiling enjoys going for a long run or snuggling into her armchair with a good book. HDB for Sale On EdgeProp, you will be able to … In addition, if you are purchasing an HDB flat, bear in mind the ethnic inte… Step 2: Calculate Your Finances 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. Comparative Market Analysis (CMA) and home valuation report, Documentation support (Option to Purchase, etc. Good things must share! Kinda sorta a huge purchase, yes? 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 … In fact, some buyers prefer dealing directly with owners, so that’s bonus points for you! Are there any unique facilities within the development? Compared to the rather tedious HDB process, the procedure to sell a private property in Singapore without an agent is easy. Only 1% Commission. The conveyance lawyer will conduct a title search to confirm that you, as a seller, have the good root of title. So I agreed by your opinion.Thanks for sharing with your unique opinion with us. Apartments for Rent 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. 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]. Unlike with an HDB resale flat, there isn’t a Minimum Occupation Period (MOP) to fulfill before you can sell your private property. You can check out this article to get a breakdown of all the costs you’ll incur. (Read also: 10+ Tips to Increase Your Property’s Value — and Sell It FAST). Not making your home attractive enough for property listings / house viewings. Like!! Meiling is an American-born Chinese living in Singapore. The description in your listing is equally essential. 4.8 . Apart from deciding where you wish to live, other things you should look into include the following: 1. You could save up to €11,621. So, be open to foreigners, permanent residents, and every nationality alike. There was not a single viewing at the end of the 4th month and that got her really worried. 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. Is your condo near the MRT or any shopping mall? PropNex, for example, charges a “minimum 2 per cent or up to a maximum of 4 per cent as sales commission.” (Source: TODAYonline). 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 . 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. 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. 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. Landed Properties for Sale, PROPERTIES FOR RENT 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. 10+ Traps to Avoid When Upgrading from an HDB [2019 Edition], What Kind of Property Can You Buy in Singapore? On EdgeProp, you will be able to … 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. A good property agent more than deserves his or her commission, but many buyers and sellers are often unsure about how much to pay. 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. This is also when you’ll have to settle those conveyancing fees, agent commissions, and bank early repayment/legal fees. That said, it definitely has its own share of hiccups, so you may still want to consider getting an agent. To sell your private property isn’t nearly as complicated as selling an HDB flat. 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? For one, there aren’t as many regulatory requirements you have to follow. I need your advice as I am new to the resale market. 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. Once this is confirmed, you’re ready to enter the legal bits of selling your condo! Paint the … In contrast, Bluenest offers both DIY and full-service agent packages. Selling privately has cost benefits since there is no agent commission and allows you to be in complete control of the selling process. Step 9: Wait for Buyer to Exercise OTP Get the highest possible price in no time with the best agent service in Singapore. Are you looking to sell your private property first so you have the money to purchase that grand new condo? 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. Compared to the rather tedious HDB process, the procedure to sell a private property in Singapore without an agent is easy. We do not pretend that this guide is exhaustive, so do your own research on top of reading this. WEBSITE.… Be patient with this part of the selling journey. Step 12: Complete the Sale at the Lawyer’s Office. Property Agent Commission. In exchange, they’ll give you 1% of the purchase price as the Option Fee. 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. Which floor is your unit on? If you have super cute pets, we know it’s tempting to show them off… But don’t. Step 7: Conduct House Viewings iv. Required fields are marked *. 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. A 5 minutes’ walk? Best Property Agents experienced to sell your HDB Flat at Fixed Fees from $2888. SERVICES. I think all of us should learn to sell our own house and not use any agent at all. 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). 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. 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. If the buyer doesn’t proceed with the transaction within 14 days, you get to keep the Option Fee (Free money! 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. 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. To comply with GDPR we will not store … As a private homeowner, there are actually many free platforms (like Carousell!) There are many scenarios in which conflicts of … Everyone would say their house is “near XXX”, so be specific! It only costs $1.50 … You don’t want buyers to feel like they’re walking into a giant oven. That said, it definitely has its own share of hiccups, so you may still want to consider getting an agent. In Singapore today, owning private property has evolved from being more than just a symbol of financial stability. 20 years worth of data to help you price your property effectively Savings . Commercial Properties For Rent About Sotheby’s International Realty Affiliates LLC. 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. 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. Fees from 0.9% for private property and 1.5% for HDB. Ohmyhome is Singapore’s leading property transaction ecosystem. Why say no to passive income? Conventionally, we’re probably more used to property agents … Agents Cannot Hide Conflicts of Interest From You. Check out how quickly units are being snapped up in that development so you don’t miss out on your dream home. 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. Do buyer needs to engage a lawyer at all? A 2% commission from a $1.5M condo, for instance, is already a whopping $30,000! 2 bus stops away? (Read also: 2 Easy Steps to Get a Precise Valuation On Your Next Property). If they do, they give you another 4% as the Exercise of Option Fee. thanks for sharing it. Read Answers from Real Estate Professionals in Singapore to Can I sell my private property without an agent and where do I go to find the relevant documentation? You might even want to spray a bit of air freshener – just make sure it isn’t too strong! HDB for Rent Here are all the calculators to find out. 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? 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. Best of luck. Step 11: Invite Buyer to Inspect the Unit Foreign agencies who do not have a CEA licence can similarly partner a licensed local property … Houses for Rent Declutter and clean, clean, clean. (Read also: 7 Myths About Property Agents … 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. Those selling a private property can also get by without an agent - but it is recommended to hire a lawyer, said Mr Mak. CTRL + SPACE for auto-complete. If the buyer backs out, you get to keep the Option Fee, but you’ll have to put your house back on the market. (Read also: So You’ve Found a Buyer — Now What?). Include all important information: Unlike HDB flats, there are no restrictions on who can buy your condo. Condominiums for Rent 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. ... with the Singapore Land Authority. 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. Eligibility: Under the Residential Property Act, only Singaporeans are allowed to purchase landed residential property. After all that prep work, it’s time to actually advertise your property! Selling a property has long been straightforward — and expensive. Are there two lawyers involved? Your email address will not be published. Experienced & Dedicated Agents . Studies show that over 80% of property searches today begin online, so a good property website like Private Property can help make selling … During this time, you can’t give an OTP to anyone else. The broad steps involved in selling your property without an agent are as follows: have your property … 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. When doing this, try to identify gaps in price points, so you’re not lumped in with the rest of the competition. The program provides free, personalized advice, advocacy, and guidance for buying or renting property in Singapore. 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 You might also want to consider the best time of year to start selling your property. It is important that you hire a solicitor or conveyancer to help you prepare a contract. 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. Private Property is your property portal for all the best listings around South Africa. Have a few interested buyers? This was because both the first and second property agent said her property … thanks for sharing it. HDB resale average prices: How much is your HDB worth in Q2 2019? Step 8: Issue an Option to Purchase (OTP) to Your Buyer And that’s exactly we’ve prepared this comprehensive guide for you. For instance, you’ll get: The best way to start pricing your home is to get a CMA for your property. Conveyancing is the legal process of transferring property from one owner to another. 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. If you’re looking to sell your current private property and upgrading (or downgrading) to another place, then it’s relatively straightforward. 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. Now, you’re familiar enough with the entire process of selling your condo (Seriously, that’s all there is to it!). The Urban Redevelopment Authority (URA) website also keeps a record of recent transactions of other units in your condo or condos in your area. Office For Rent. ), 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. Our higher productivity and effectiveness allow us to charge sellers lower commissions. You can also call up the bank to get an indicative valuation of your property, though these estimates will vary from bank to bank. This will help your place look well-maintained and thus more attractive to buyers. The listing will also appear automatically on the real estate website Redfin. where you can list your condo for sale for free. You might not need an agent, but you’ll need a conveyance lawyer (find one here). i recently wrote an article on the 3 biggest mistakes that singapore home owners make when selling their property … The Housing & Development Board (HDB) provides a step-by-step guide for HDB flats here. Find a place to call your own. So you’ve found a buyer – congratulations! If a property agent … Is It Worth it to Engage a Property Agent? What is the market practice? Eliminate any foul odors or cooking smells before the viewings. ... Information on selling … After the 3-month exclusive agreement with the first property agent had expired, she decided to change to a second property agent. SRX Concierge is a consumer advocacy service administered by SRX. This gets you everything that a professional real estate agent can offer, but saves you tens of thousands in commission fees. Step 1: Check Your Eligibility The Essential Guide to Buyer’s Stamp Duties in Singapore … If it’s a high floor, does it have a nice view? Before purchasing a property, you first have to do your research. Sign this OTP and send it over to the buyer (or buyer’s lawyer). These little details might not seem like much, but they paint the image of an inviting, pleasant place to live in. Typically, agent commissions for the sale of private property are about 2%. Great! Clearing out all your clutter now also means you’ll have an easier time moving. 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. How much is your home in Singapore worth? Not accurately pricing your property (and then seeing your property listing grow stale from remaining on the market too long). The first step is about putting your home in its most saleable condition. (Read also: How to Calculate and Avoid Paying Seller Stamp Duty). If you’re buying an HDB flat, fire insurance is compulsory. 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. From 1000+ reviews. However, at Propseller you can find top agents who charge a commission of 1%. The Exercise Fee is usually held by the buyer’s lawyer pending completion of the sale. Not knowing the right channels to market your property (or not having access to certain listing websites). 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.. In the remaining time before the sale closes, you’ll obviously have to move out. Step 4: Decide Whether to Hire an Agent or DIY Otherwise, you can try the free alternatives available for property listings. (Read also: Is It Worth it to Engage a Property Agent?). That said, when you sell your private property in Singapore without an agent, there’s a fair bit more learning involved. Sell your HDB flat with Ohmyhome agent … You can get a standard Option to Purchase (OTP) from a solicitor if you’ve already got one in mind. So are landlords and tenants. It offers a higher quality of living, convenience, and many amenities that are otherwise … It’s the day you’ve long been waiting for: you get to collect the other 95% of the payment! Good article, I hope you can continue to publish more of this same topic further. 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, you’ll want to tidy up your home before taking any pictures. You can: No harm being a little nosy and checking what’s currently being advertised in the property market, and for how much. Moreover, why do you need to engage an agent when DirectHome advertises on all Top 5 property … (Read also: 7 Myths About Property Agents Everyone Thinks Are True). Step 10: Pay Seller’s Stamp Duty If Necessary This will be valid for 14 days, during which you must stop advertising your property or accepting offers from any other interested buyers. Was it recently renovated? ... with the Singapore Land Authority. ECs for Sale 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. Step 3: Chart Out Your Timeline I like the point” Complete the sale at the lawyers office. 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). Open up the windows and let in some fresh air to make sure the place doesn’t feel stuffy. 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. Depending on the property, some agencies might even charge as high as 5%. Ready? 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. 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. 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. For selling your HDB, an agent will typically charge you 2% of the HDB’s selling price (this is the standard market practice). Because of this regulation, it’s advisable to only sell after the 3-year mark. 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. 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. Head over to the IRAS e-Stamping Portal here to do so. So think of the Option Fee as a reservation fee of sorts. How to sell your house without using an agent Get the house ready to sell. Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby's International Realty … Try to schedule viewings in the mornings or evenings, when it isn’t too hot. Thankfully, many online sources provide incredibly transparent information about how much a condo costs in Singapore. However, as with everything from Amazon to Zalora, technology is bringing costs down and making sales easier. if you sell your property with NoAgentFees * *Savings are based on an estimated traditional estate agent charge of 5% + VAT of the overall property price. Win-win! The Step-by-Step Guide to Sell Your Private Property. 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. Fulltime in-house agents … Your email address will not be published. It’s time to get your house ready for viewings. Otherwise, they may still purchase condominium units. Use this for your research if you’re planning to buy a new home after selling your condo! Buy/Sell/Rent Properties, Overseas Properties, and Consultancy Services. Property Management. (You’ll still need decent photographs and a good write-up, though.). 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. This is an unbiased step-by-step guide on selling a property in Singapore. Survey the prevailing market conditions to make sure you’re selling at your preferred rates. Alternatively, if you want to save a bit on the legal fees, all of Bluenest’s packages also include the OTP. For instance, have you got your eye on a new condo? Once the buyer exercises the OTP, you have a 14-day deadline to pay IRAS your Seller’s Stamp Duty (if you need to). 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. 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. 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. The seller’s agent usually divides this money with the buyer’s agent. What is “en bloc potential” (and does your house have any)? But still, let’s hope the deal goes through…) and may start advertising your property once again. Price of the property: The Option Fee already paid, details of how and when the remainder of the payment should reach you. The buyer now has 14 calendar days to decide whether they want to move forward with the sale. 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). Commercial Properties for Sale We assign the most relevant agent to you. Really appreciate you sharing this blog post.Really thank you! 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. people searching for their next home could be more familiar with either unit of measurement. HDB Resale Process: Selling Your HDB Flat Without an Agent Property Auction: Buying a House in Distressed Sales & More Stamp Duties. Sell with a Top Property Agent. 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. If you're selling yours without an agent, you can list it on his website, FSBO.com, for about $100 for one year. Your Space, Your Rules. On a million-dollar property, that’s a whopping $50,000 in commission fees. 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. 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. Fire / Home Insurance. Essentially, this is a deep dive into the specifics of your property versus comparable properties in the surrounding neighbourhood – floor area, facing, orientation, layout, and so on. 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. Foreigners who wish to do so will first have to obtain approval from the Controller of Residential Property. i like this blog very much because it inspire me by telling such an important points that can help us in our property business. The idea is to depersonalise your home to allow the prospective buyers to imagine. For step 12, which lawyer’s office – buyer or seller are you referring to? Having served over 8,000 satisfied customers and counting, we are the most highly-rated property agency. Yes you can, DirectHome does not interfere with your arrangements with your property agents as long as it is not an exclusive agent. At this point, most of the legwork is done. We cover the valuation process in more detail in our guide on how to value and price your property for sale. Selling an HDB flat with Ohmyhome agent … Fire / home Insurance, the procedure sell! A seller, have the money to purchase that grand new condo is an unbiased step-by-step guide for you a! 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Out this article to get your house ready for viewings to charge sellers lower commissions the costs you ’ found! Much, but they paint the image of an estate agent can,... Foul odors or cooking smells before the viewings said, it definitely has its own share hiccups. Place doesn ’ t s hope the deal goes through… ) and may start advertising your property or... Buyer ’ s tempting to show them off… but don ’ t feel stuffy much is your selling private property in singapore without agent for..