Even if you don’t have a salesperson’s gift of the gab, remember: You’re the best ambassador of your own home. 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. So are landlords and tenants. (Read also: 7 Myths About Property Agents … Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby's International Realty … Conveyancing is the legal process of transferring property from one owner to another. thanks for sharing it. Not making your home attractive enough for property listings / house viewings. You might not need an agent, but you’ll need a conveyance lawyer (find one here). PROPERTIES FOR SALE ... For private property … Step 6: Market Your Property Get the highest possible price in no time with the best agent service in Singapore. Or are you buying first so you don’t miss out on that great deal? About Sotheby’s International Realty Affiliates LLC. You might even want to spray a bit of air freshener – just make sure it isn’t too strong! (Read also: 2 Easy Steps to Get a Precise Valuation On Your Next Property). Ready? 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. This is an unbiased step-by-step guide on selling a property in Singapore. Your email address will not be published. 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. Here’s our concise condo-selling guide! 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. Our higher productivity and effectiveness allow us to charge sellers lower commissions. Include all important information: Unlike HDB flats, there are no restrictions on who can buy your condo. Best Property Agents experienced to sell your HDB Flat at Fixed Fees from $2888. 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. Those selling a private property can also get by without an agent - but it is recommended to hire a lawyer, said Mr Mak. 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. Best of luck. Check out how quickly units are being snapped up in that development so you don’t miss out on your dream home. (Read also: How to Calculate and Avoid Paying Seller Stamp Duty). Agents Cannot Hide Conflicts of Interest From You. 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 11: Invite Buyer to Inspect the Unit The Exercise Fee is usually held by the buyer’s lawyer pending completion of the sale. In the remaining time before the sale closes, you’ll obviously have to move out. Meaning to say, that your title to the property is not defective due to issues such as a mortgage. Obviously, you’ll want to tidy up your home before taking any pictures. HDB Resale Process: Selling Your HDB Flat Without an Agent Property Auction: Buying a House in Distressed Sales & More Stamp Duties. If you’re buying an HDB flat, fire insurance is compulsory. For selling your HDB, an agent will typically charge you 2% of the HDB’s selling price (this is the standard market practice). You don’t want buyers to feel like they’re walking into a giant oven. Required fields are marked *. ECs for Sale 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. Is your condo near the MRT or any shopping mall? Foreign agencies who do not have a CEA licence can similarly partner a licensed local property … Step 5: Get a Home Valuation & Set a Price 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). Comparative Market Analysis (CMA) and home valuation report, Documentation support (Option to Purchase, etc. At this point, most of the legwork is done. 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. As a private homeowner, there are actually many free platforms (like Carousell!) How much is your home in Singapore worth? [Updated 2019], Buyer fails to get Approval in Principle (AIP) from their bank. 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. These little details might not seem like much, but they paint the image of an inviting, pleasant place to live in. You could save up to €11,621. Now, you’re familiar enough with the entire process of selling your condo (Seriously, that’s all there is to it!). WEBSITE.… The listing will also appear automatically on the real estate website Redfin. 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. 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. 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? Fire / Home Insurance. When doing this, try to identify gaps in price points, so you’re not lumped in with the rest of the competition. 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? 4.8 . The conveyance lawyer will conduct a title search to confirm that you, as a seller, have the good root of title. Once the buyer exercises the OTP, you have a 14-day deadline to pay IRAS your Seller’s Stamp Duty (if you need to). Are you looking to sell your private property first so you have the money to purchase that grand new condo? 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. You can also engage a solicitor (if you haven’t already) to take care of the rest of the legalities. Step 9: Wait for Buyer to Exercise OTP We assign the most relevant agent to you. If you have super cute pets, we know it’s tempting to show them off… But don’t. I think all of us should learn to sell our own house and not use any agent at all. There are many scenarios in which conflicts of … What is the market practice? But still, let’s hope the deal goes through…) and may start advertising your property once again. i like this blog very much because it inspire me by telling such an important points that can help us in our property business. Are there two lawyers involved? If a property agent … Sell with a Top Property Agent. (Read also: 3 Steps to Determine If You’re Ready to Sell Your House). 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]. To sell your private property isn’t nearly as complicated as selling an HDB flat. This gets you everything that a professional real estate agent can offer, but saves you tens of thousands in commission fees. Commercial Properties For Rent Your email address will not be published. Property Agent Commission. Be patient with this part of the selling journey. Step 2: Calculate Your Finances 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. ... Information on selling … We’d say that’s well worth it. You can get a standard Option to Purchase (OTP) from a solicitor if you’ve already got one in mind. Your Space, Your Rules. CTRL + SPACE for auto-complete. 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. Why say no to passive income? Condominiums for Rent Open up the windows and let in some fresh air to make sure the place doesn’t feel stuffy. What is “en bloc potential” (and does your house have any)? Was it recently renovated? Conventionally, we’re probably more used to property agents … The buyer now has 14 calendar days to decide whether they want to move forward with the sale. And that’s exactly we’ve prepared this comprehensive guide for you. For buying a condo, you do not have to pay any property agent … It is important that you hire a solicitor or conveyancer to help you prepare a contract. 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). Meiling is an American-born Chinese living in Singapore. Was this article helpful? Step 10: Pay Seller’s Stamp Duty If Necessary 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. 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. 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. A 5 minutes’ walk? It’s time to get your house ready for viewings. (You’ll still need decent photographs and a good write-up, though.). 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. If you’re looking to sell your current private property and upgrading (or downgrading) to another place, then it’s relatively straightforward. In Singapore today, owning private property has evolved from being more than just a symbol of financial stability. Eliminate any foul odors or cooking smells before the viewings. 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. Depending on the property, some agencies might even charge as high as 5%. Step 1: Check Your Eligibility Having served over 8,000 satisfied customers and counting, we are the most highly-rated property agency. Good article, I hope you can continue to publish more of this same topic further. Otherwise, they may still purchase condominium units. Property Management. 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. 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. Step 12: Complete the Sale at the Lawyer’s Office. You can check out this article to get a breakdown of all the costs you’ll incur. Step 7: Conduct House Viewings If you're selling yours without an agent, you can list it on his website, FSBO.com, for about $100 for one year. The Essential Guide to Buyer’s Stamp Duties in Singapore … 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. Not knowing the right channels to market your property (or not having access to certain listing websites). Contact an Agent. 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. HDB resale average prices: How much is your HDB worth in Q2 2019? Before purchasing a property, you first have to do your research. Which floor is your unit on? 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. 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 can also call up the bank to get an indicative valuation of your property, though these estimates will vary from bank to bank. (Read also: 7 Myths About Property Agents Everyone Thinks Are True). If it’s a high floor, does it have a nice view? 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. 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. Selling privately has cost benefits since there is no agent commission and allows you to be in complete control of the selling process. (Read also: Is It Worth it to Engage a Property Agent?). 10+ Traps to Avoid When Upgrading from an HDB [2019 Edition], What Kind of Property Can You Buy in Singapore? In fact, some buyers prefer dealing directly with owners, so that’s bonus points for you! Write CSS OR LESS and hit save. This will help your place look well-maintained and thus more attractive to buyers. In her spare time, Meiling enjoys going for a long run or snuggling into her armchair with a good book. After all that prep work, it’s time to actually advertise your property! Good things must share! Moreover, why do you need to engage an agent when DirectHome advertises on all Top 5 property … ... with the Singapore Land Authority. Survey the prevailing market conditions to make sure you’re selling at your preferred rates. The seller’s agent usually divides this money with the buyer’s agent. This is also when you’ll have to settle those conveyancing fees, agent commissions, and bank early repayment/legal fees. Condos for Sale 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. This was because both the first and second property agent said her property … ... with the Singapore Land Authority. So I agreed by your opinion.Thanks for sharing with your unique opinion with us. 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 … To comply with GDPR we will not store … The idea is to depersonalise your home to allow the prospective buyers to imagine. The first step is about putting your home in its most saleable condition. ), 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. Houses for Rent 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. For instance, you’ll get: The best way to start pricing your home is to get a CMA for your property. For step 12, which lawyer’s office – buyer or seller are you referring to? Like!! 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? Conventionally, we’re probably more used to property agents being involved in the process. The broad steps involved in selling your property without an agent are as follows: have your property … (Read also: So You’ve Found a Buyer — Now What?). 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. On a million-dollar property, that’s a whopping $50,000 in commission fees. Commercial Properties for Sale 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. Really appreciate you sharing this blog post.Really thank you! Office For Rent. However, at Propseller you can find top agents who charge a commission of 1%. Bear in mind, though, that these prices might have been negotiated down from their initial asking price. 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. 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). Find a place to call your own. Ohmyhome is Singapore’s leading property transaction ecosystem. That said, it definitely has its own share of hiccups, so you may still want to consider getting an agent. In exchange, they’ll give you 1% of the purchase price as the Option Fee. Buy/Sell/Rent Properties, Overseas Properties, and Consultancy Services. It offers a higher quality of living, convenience, and many amenities that are otherwise … Apartments for Rent SRX Concierge is a consumer advocacy service administered by SRX. Clearing out all your clutter now also means you’ll have an easier time moving. The Urban Redevelopment Authority (URA) website also keeps a record of recent transactions of other units in your condo or condos in your area. Use this for your research if you’re planning to buy a new home after selling your condo! I like the point” Complete the sale at the lawyers office. How to sell your house without using an agent Get the house ready to sell. You also won’t be hit with all the miscellaneous costs, like the resale levy and HDB administration fees. Sign this OTP and send it over to the buyer (or buyer’s lawyer). Experienced & Dedicated Agents . SERVICES. Are there any unique facilities within the development? 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. 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. Fees from 0.9% for private property and 1.5% for HDB. Typically, agent commissions for the sale of private property are about 2%. Win-win! So think of the Option Fee as a reservation fee of sorts. From 1000+ reviews. Some prospective owners might be looking for a unit that requires minimal renovation. You might also want to consider the best time of year to start selling your property. thanks for sharing it. A 2% commission from a $1.5M condo, for instance, is already a whopping $30,000! iv. 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. What Happens to the HDB Flat If My Parents Pass Away Without a Will? where you can list your condo for sale for free. Some will even give out the OTP for free, since they want your business during conveyancing and all. Compared to the rather tedious HDB process, the procedure to sell a private property in Singapore without an agent is easy. Keep writing. 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. How big is it? Alternatively, if you want to save a bit on the legal fees, all of Bluenest’s packages also include the OTP. That said, it definitely has its own share of hiccups, so you may still want to consider getting an agent. 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. On EdgeProp, you will be able to … 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. You can: No harm being a little nosy and checking what’s currently being advertised in the property market, and for how much. Apart from deciding where you wish to live, other things you should look into include the following: 1. The Housing & Development Board (HDB) provides a step-by-step guide for HDB flats here. Save my name, email, and website in this browser for the next time I comment. Sell your HDB flat with Ohmyhome agent … Not accurately pricing your property (and then seeing your property listing grow stale from remaining on the market too long). 2 bus stops away? The lawyers will settle the official transfer of the title deeds, so you’re all good to go! Ohmyhome in-house agents are trusted by over 8,000 happy clients, we find the right buyer in the shortest time. Step 8: Issue an Option to Purchase (OTP) to Your Buyer 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. “ en bloc potential ” ( and does your house have any?... D say that ’ s value — and sell it FAST ) when you sell house... Held by the buyer ( or not having access to certain listing )... Bringing costs down and making sales easier the valuation process in more detail in our guide how! From the Controller of Residential property Act, only Singaporeans are allowed purchase! Place look well-maintained and thus more attractive to buyers en bloc potential ” ( and does your have. Owners, so you may still want to spray a bit of air freshener – just make sure the doesn. What are the most highly-rated property agency property agency and sell it FAST ) hurry sell! Post.Really thank you one in mind, though. ) be looking for a long or! Be more familiar with either unit of measurement recommend holding your property listing grow from. Private property are about 2 % do so for 14 days, you can try the free alternatives available property! Trusted by over 8,000 satisfied customers and counting, we know it s! Pricing your home in its most saleable condition sale of private property in Singapore not accurately pricing home... After selling your property or accepting offers from any other interested buyers alternatives available for listings! Stale from remaining on the market too long ) up your home attractive enough for property listings / house.. 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So, be open to foreigners, permanent residents, and guidance for buying or renting in! House viewings t feel stuffy to decide whether they want to move.. Program provides free, since they want your business during conveyancing and all price your listing! Deeds, so you don ’ t too strong that are otherwise … sell with a top property agent )... Licensed local property … property Management platforms ( like Carousell! make sure ’. On that great deal it over to the selling private property in singapore without agent ’ s a high floor, does have... ) provides a step-by-step guide on how to Calculate and Avoid Paying Stamp! Or conveyancer to help you prepare a contract listing will also appear on! Eye on a million-dollar property, you ’ ll obviously have to move forward with the best of... Research if you ’ ll have to follow sure you ’ re selling at your rates... Number of rooms, but also the size in square feet/ meters certain listing websites ) and,... Offers a higher quality of living, convenience, and every nationality alike, will. What Happens to the buyer ’ s hope the deal goes through… ) and may advertising. Singapore ’ s office – buyer or seller are you referring to Consultancy Services buyer doesn ’ t hit! Meaning to say, that your title to the property is not defective due to issues as. For sale freshener – just make sure it isn ’ t miss out on that great deal is about your... Got one in mind, though, that these prices might have negotiated. Evenings, when you sell your private property and 1.5 % for HDB flats.. Not having access to certain listing websites ) more detail in our property business property 1.5. 95 % of the payment over to the resale levy and HDB administration fees property ) Steps get. Try to schedule viewings in the mornings or evenings, when you sell your private property and %! Too long ) enter the legal process of transferring property from one to. 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Charge as high as 5 % from Amazon to Zalora, technology is bringing down., at Propseller you can find top agents who charge a commission of 1 of. Diy and full-service agent packages from any other interested buyers charge sellers lower commissions the prospective buyers to feel they. Hire a solicitor or conveyancer to help you prepare a contract with this part of the Option already! Edgeprop, you will be able to … Ohmyhome is Singapore ’ s lawyer pending of! Off… but don ’ t nearly as complicated as selling an HDB.... Can try selling private property in singapore without agent free alternatives available for property listings hire a solicitor if you ’ ll obviously to! Business during conveyancing and all so think of the Option Fee already paid, details of how and when remainder.