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Frequently Asked Questions for Property Sellers
How do I list my property for sale on my own?
As a private homeowner, there are actually many platforms (like Carousell!) where you can list your home for free without the need for a property agent's help.
How do I decide on the valuation of my property?
Many online sources provide incredibly transparent information about how much a property is worth in Singapore.
The easiest way is to check for similar property listings to benchmark your asking price against. The Housing and Development Board (HDB) or Urban Redevelopment Authority (URA) websites also keep records of recent transaction details of other units in your area, selling price included.
Bear in mind, though, that these prices might have been negotiated down from their initial asking price.
What is an Option to Purchase (OTP) as a seller?
An Option to Purchase (OTP) is a valid and binding real estate contract in which you give the potential buyer of your property the right to, well, buy it.
The potential buyer will be asked to place an Option Fee when they sign the OTP, which will be drafted by a lawyer.
The Option Fee will be between $1 to $1,000 for HDB resale flat, and typically 1% of the sale price for a condo or private property.
A HDB OTP will last three weeks, while a condo or private property OTP will last two weeks. Within this time, the buyer should exercise the OTP by placing a deposit (see next FAQ) on your property.
Should the buyer choose to back out of the deal, their Option Fee will be forfeited (i.e. it's yours to keep).
Check that your buyer has an Approval-in-Principle (AIP). It's a promise by a bank to loan them a certain amount if they buy a house within the decided time frame.
What is a Sales and Purchase Agreement as a seller?
For sellers, a Sales & Purchase Agreement is the next step after you grant the buyer the OTP.
When the buyer exercises the Option to Purchase, collect a deposit (also known as an Exercise Fee) from them – up to $5,000 (inclusive of the Option Fee) for a HDB resale flat, or 4% of the sale price for a condo or private property – and enter into a Sale and Purchase Agreement.
The buyer’s lawyer usually holds the Exercise Fee pending completion of the sale.
The rest of the process takes about 8 to 10 weeks. It includes:
- Delivering the property title to your buyer
- Making sure the remaining payment balance is safely in your hands
Do I need a lawyer to help me complete the sale of my property?
Yes., you will need a conveyance lawyer to transfer the property from your name to your buyer's legally.
As part of this procedure, the conveyance lawyer will conduct a title search to confirm that you, as a seller, have the good root of title (i.e. ensuring that your title to the property is not defective due to issues such as a mortgage).
Is there any stamp duty that I will be liable to pay as a seller?
If you sell your home within 3 years of ownership, you are liable to pay a Seller’s Stamp Duty (SSD) equivalent to a certain percentage of the selling price of your property:
- Sell within first year of ownership: 12%
- Sell within second year of ownership: 8%
- Sell within third year of ownership: 4%