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. Declutter and clean, clean, clean. Are there any unique facilities within the development? Having served over 8,000 satisfied customers and counting, we are the most highly-rated property agency. 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). 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. Price of the property: The Option Fee already paid, details of how and when the remainder of the payment should reach you. Apartments for Rent Find a place to call your own. Yes you can, DirectHome does not interfere with your arrangements with your property agents as long as it is not an exclusive agent. Best of luck. If the buyer doesn’t proceed with the transaction within 14 days, you get to keep the Option Fee (Free money! 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? 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. You can get a standard Option to Purchase (OTP) from a solicitor if you’ve already got one in mind. 10+ Traps to Avoid When Upgrading from an HDB [2019 Edition], What Kind of Property Can You Buy in Singapore? Open up the windows and let in some fresh air to make sure the place doesn’t feel stuffy. Houses for Rent 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. This is also when you’ll have to settle those conveyancing fees, agent commissions, and bank early repayment/legal fees. 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. where you can list your condo for sale for free. Obviously, you’ll want to tidy up your home before taking any pictures. The conveyance lawyer will conduct a title search to confirm that you, as a seller, have the good root of title. 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. Office For Rent. 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. You might even want to spray a bit of air freshener – just make sure it isn’t too strong! CTRL + SPACE for auto-complete. Everyone would say their house is “near XXX”, so be specific! Not just the number of rooms, but also the size in square feet/ meters. The Step-by-Step Guide to Sell Your Private Property. Thankfully, many online sources provide incredibly transparent information about how much a condo costs in Singapore. Conventionally, we’re probably more used to property agents … PROPERTIES FOR SALE The description in your listing is equally essential. The Essential Guide to Buyer’s Stamp Duties in Singapore … 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. 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 instance, have you got your eye on a new condo? Best Property Agents experienced to sell your HDB Flat at Fixed Fees from $2888. Sell your HDB flat with Ohmyhome agent … people searching for their next home could be more familiar with either unit of measurement. 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. Even if you don’t have a salesperson’s gift of the gab, remember: You’re the best ambassador of your own home. Kinda sorta a huge purchase, yes? Not knowing the right channels to market your property (or not having access to certain listing websites). It’s time to get your house ready for viewings. To comply with GDPR we will not store … 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. Like!! On EdgeProp, you will be able to … These little details might not seem like much, but they paint the image of an inviting, pleasant place to live in. Once the buyer exercises the OTP, you have a 14-day deadline to pay IRAS your Seller’s Stamp Duty (if you need to). That said, it definitely has its own share of hiccups, so you may still want to consider getting an agent. Try to schedule viewings in the mornings or evenings, when it isn’t too hot. 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). Contact an Agent. 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. Compared to the rather tedious HDB process, the procedure to sell a private property in Singapore without an agent is easy. There was not a single viewing at the end of the 4th month and that got her really worried. The first step is about putting your home in its most saleable condition. 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. 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. What is the market practice? Landed Properties for Sale, PROPERTIES FOR RENT Property Management. For buying a condo, you do not have to pay any property agent … We do not pretend that this guide is exhaustive, so do your own research on top of reading this. How much is your home in Singapore worth? Do buyer needs to engage a lawyer at all? 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. Meaning to say, that your title to the property is not defective due to issues such as a mortgage. Ohmyhome in-house agents are trusted by over 8,000 happy clients, we find the right buyer in the shortest time. Your email address will not be published. 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]. 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). From 1000+ reviews. About Sotheby’s International Realty Affiliates LLC. 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 . Step 5: Get a Home Valuation & Set a Price We assign the most relevant agent to you. SERVICES. Get the highest possible price in no time with the best agent service 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. You can: No harm being a little nosy and checking what’s currently being advertised in the property market, and for how much. Studies show that over 80% of property searches today begin online, so a good property website like Private Property can help make selling … For step 12, which lawyer’s office – buyer or seller are you referring to? Your email address will not be published. You could save up to €11,621. 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. 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. Selling a property has long been straightforward — and expensive. This gets you everything that a professional real estate agent can offer, but saves you tens of thousands in commission fees. (Read also: Is It Worth it to Engage a Property Agent?). Step 3: Chart Out Your Timeline The buyer now has 14 calendar days to decide whether they want to move forward with the sale. 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? This is an unbiased step-by-step guide on selling a property in Singapore. 4.8 . Step 6: Market Your Property Comparative Market Analysis (CMA) and home valuation report, Documentation support (Option to Purchase, etc. Because of this regulation, it’s advisable to only sell after the 3-year mark. Condos for Sale HDB for Sale Write CSS OR LESS and hit save. Commercial Properties for Sale Conveyancing is the legal process of transferring property from one owner to another. Have a few interested buyers? So, be open to foreigners, permanent residents, and every nationality alike. 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. Ready? During this time, you can’t give an OTP to anyone else. WEBSITE.… Typically, agent commissions for the sale of private property are about 2%. 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 … Was it recently renovated? If they do, they give you another 4% as the Exercise of Option Fee. (You’ll still need decent photographs and a good write-up, though.). Fire / Home Insurance. (Read also: 3 Steps to Determine If You’re Ready to Sell Your House). Step 2: Calculate Your Finances What is “en bloc potential” (and does your house have any)? 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. 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. Here’s our concise condo-selling guide! If you’re buying an HDB flat, fire insurance is compulsory. ), 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. ... For private property … It offers a higher quality of living, convenience, and many amenities that are otherwise … 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. In addition, if you are purchasing an HDB flat, bear in mind the ethnic inte… Step 4: Decide Whether to Hire an Agent or DIY A 5 minutes’ walk? You don’t want buyers to feel like they’re walking into a giant oven. 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. Sign this OTP and send it over to the buyer (or buyer’s lawyer). Shophouses for Rent 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. But still, let’s hope the deal goes through…) and may start advertising your property once again. 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. Are you looking to sell your private property first so you have the money to purchase that grand new condo? 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. Ohmyhome is Singapore’s leading property transaction ecosystem. The Urban Redevelopment Authority (URA) website also keeps a record of recent transactions of other units in your condo or condos in your area. Step 1: Check Your Eligibility The broad steps involved in selling your property without an agent are as follows: have your property … Fulltime in-house agents … In exchange, they’ll give you 1% of the purchase price as the Option Fee. 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. HDB resale average prices: How much is your HDB worth in Q2 2019? You can also call up the bank to get an indicative valuation of your property, though these estimates will vary from bank to bank. Experienced & Dedicated Agents . Eligibility: Under the Residential Property Act, only Singaporeans are allowed to purchase landed residential property. Now, you’re familiar enough with the entire process of selling your condo (Seriously, that’s all there is to it!). To sell your private property isn’t nearly as complicated as selling an HDB flat. It only costs $1.50 … iv. Our higher productivity and effectiveness allow us to charge sellers lower commissions. In Singapore today, owning private property has evolved from being more than just a symbol of financial stability. Are there two lawyers involved? Good article, I hope you can continue to publish more of this same topic further. 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. Great! Commercial Properties For Rent Keep writing. 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. After the 3-month exclusive agreement with the first property agent had expired, she decided to change to a second property agent. That said, when you sell your private property in Singapore without an agent, there’s a fair bit more learning involved. As a private homeowner, there are actually many free platforms (like Carousell!) Sell with a Top Property Agent. Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby's International Realty … 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. Check out how quickly units are being snapped up in that development so you don’t miss out on your dream home. 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