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