selling property without agent singapore

It is calculated from the day you collect the keys to your flat and excludes any period of time where you are not physically occupying the flat. Also, HDB requires that you submit these supporting documents as part of the resale application process: Once the resale application has been submitted, HDB will verify the information provided and notify buyers and sellers of the application status via SMS/email. Dispute With Your Condo’s Management or MCST: What to Do. Fret not, ask our community here! No Commission. Pay less PLUS you have control. You can also check the status of your application on the portal. 21 calendar days (including Sat/ Sun & Public holidays) after the Option Date. Real estate agents usually get a percentage of the sale price of the property, such as 5%. You will need to learn more about home staging: which is the art and science of preparing your HDB flat for sale in the real estate marketplace. Seller pays to Seller's agent: 1 - 2%. Still have more questions after reading the article? However, as with everything from Amazon to Zalora, technology is bringing costs down and making sales easier. Singaporeans can save thousands of dollars when they buy an HDB resale flat without an agent. We charge One, Fair, Flat Fee. If you reckon you want to try saving on property agent commission in Singapore by selling or buying a property without an agent, think again. Buyer's agent will share part of the Seller's agent commission. In Singapore, The Council of Estate Agents ( the Stat Board licensing agents and agencies in Singapore) does not set a fixed price for the agents Commission. When it comes to commissions for property agents, the Council for Estate Agencies (CEA) Singapore does not really regulate or set guidelines for commission rates. What is the rule in Rylands v Fletcher? 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. Otherwise, you can take your own photos and list your flat on platforms like 99.co, Carousell, Gumtree, property Facebook groups and Ohmyhome. You can do so online via credit card when using the HDB Resale Portal. For the average Singaporean, the buying and selling of real estate in Singapore is very likely to be one of the most financially significant transaction in their lives. Mona was recommended to me by my sibling, who had also used Golden Law LLC and Mona Hwang & co…, Mr Lim Fung Peen, Kaysha and team have been a great help and even a source of comfort during the…, Not only is Tracy very professional, she is also extremely kind and helpful. But, it won’t be easy, and you might make mistakes due to inexperience and a lack of specialised knowledge. To complete the sale, both buyer and seller will need to attend a Resale Completion Appointment at the HDB Hub in Toa Payoh. Use of this site constitutes acceptance of our Terms of Service and Privacy Policy. These will be listed in the HDB Resale Portal when you submit your resale application. But, as each person’s situation might be unique due to varying factors, you might want to head on over to the My HDBPage with your SingPass to check if your flat is eligible for sale. Not only did she provide useful advice…. Here is how you can sell your HDB without engaging an agent. APAC Realty operates as ERA, one of the largest estate agents in Singapore. Imagine for a moment the Singapore property market without any property agents. You can choose to engage an HDB solicitor or a private solicitor if you took up an HDB loan for the HDB flat you are selling. Hopefully, I will be able to pull a Godfather 2 for this article and write an even better guide and deliver more value to you. 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). You should obtain specific legal advice from a lawyer before taking any legal action. But, you will need to ensure that you have fulfilled the Minimum Occupancy Period (MOP) for your flat before you can even sell it. You can also engage a private lawyer at the contractual stage (when you are preparing to grant an OTP to your buyers). Once you register your intent to sell, the portal will direct you to download a copy of the HDB-prescribed Option to Purchase (OTP). HDB will notify both you and the buyer via SMS/email about the exact time and date of the Resale Completion Appointment once it has been scheduled. Income Tax, Property Tax or GST) or for property tax for more than one of your properties, please call IRAS on 1800 356 8300 or email us to terminate your GIRO arrangement.. On registering your intent to sell, you will: Take note of the EIP/SPR quotas, which will influence the demographics of buyers you may sell your flat to. Our higher productivity and effectiveness allow us to charge sellers lower commissions. As you can tell, selling your home is not easy. You can find more details on the LBS, such as the eligibility conditions and application procedures, on HDB’s website. Check if the property agent is registered with CEA in the Public Register. While a HDB lawyer can conduct the conveyancing for you, they may not be able to guide you in the early process of re-selling your flat. When it comes to commissions for property agents, the Council for Estate Agencies (CEA) Singapore does not really regulate or set guidelines for commission rates.This is done to allow the market to … Once the resale application has been accepted, it will take about eight weeks or so until the completion of the resale application! Hiring an agent to sell your home can save sellers a lot of time and grief. By doing so you avoid paying an agent’s expensive commissions and fees and get more out of the sale of your flat. Of these, 3,006 were new entrants, down from 3,336 last year and 4,567 the previous year. The endgame for home staging is to make your house as appealing as possible to the maximum number of potential buyers to sell your property faster and for more. Best Property Agents experienced to sell your HDB Flat at Fixed Fees from $2888. For example, if your spouse is not an owner of the flat, you may need to submit your their endorsement on the resale application form and the Spouse Consent to Resale form. What is the Tort of Interference with Land? However, you will be able to search and see all the properties, see agent contact details and contact them offline on your own. There are several factors associated with the property agent's commission. 2. If you are unable to do so immediately, you can apply for a temporary extension of stay for up to 3 months after the legal completion. HDB will reschedule the appointment to another date/time at their discretion. Your Contractor Damaged Your Neighbour's Property. You may log into this Portal using your SingPass to manage your resale online. We would recommend that you thoroughly familiarise yourself with these two documents: This is important as both you and the buyer will need to comply with all the procedures and clauses listed in order for the transaction to go through. darkest, drab space can be made to feel bright, airy, and homey. While trying to help his parents sell their old house, 28-year-old Druce was shocked that he had to fork out money just to engage an agent or to have the property listed. Should you need to change the scheduled date, both you and your buyer must write in to HDB and ask for their consent to change the resale completion date. In Singapore, the Estate Agents Act establishes certain rules regulating estate agent duties and property transactions. If you choose to appoint HDB to act for you in the conveyancing, the legal fees will be as stated in the First Schedule of the Housing and Development (Conveyancing) Rules 2002. The only way you can figure out how much to sell a flat would be to use the prices of past resale transactions. Register the Intent to Sell on the HDB Resale Portal and use the HDB-prescribed Option to Purchase (OTP) to enter into a contract with potential buyers; Submission of your resale application on the HDB Resale Portal; Endorsement of resale documents (acknowledge the documents on the HDB Resale portal) ; Receive approval of resale application; and. Since 1999 we have helped thousands of Australians to successfully sell privately. Best Property Agents experienced to sell your HDB Flat at Fixed Fees from $2888. Buy, sell, and rent properties directly with DirectHome. When you sell your home yourself— also known as "for sale by owner” (FSBO)— it may seem like a great way to save thousands of dollars. So selling your home without a real estate agent can save … Ping Property Apps is available on AppStore and Google Play. The buying process can be quite complex as you have to sort through all the legalese and make sure the paperwork is in place. The relevant fields on the application forms will be … Here is how you can get a lawyer to help in the legal aspects of your re-sale. And as always, you can check the date on the HDB resale portal. A great property agent will be able to help with this as most will have basic home staging knowledge or even contacts to help you with an unfurnished house. Tags: No Agent Property, No agent property sales, Sell your own Home, No agent Rental Properties, For Sale By Owner, Sell House no Agent, No agent Property Sales, No Agent Sell. Is Stamp Duty Payable When Inheriting Property in Singapore? If you are considering taking on the sale of your home without the services of a real estate agent, you may stand to see thousands, if … When you make that big decision to re-sell your HDB flat, why not do it yourself? Although many for-sale-by-owner (FSBO) sellers will pay a commission to a buyer's agent, some will not. "You cannot do … The procedure to enter into a contract using the OTP is: Make sure to read through the Important Notes on the OTP and the Terms and Conditions of Resale as both you and your buyer must comply with all the procedures and requirements listed in these documents. We do not pretend that this guide is exhaustive, so do your own research on top of reading this. And we do it all without contracts, hidden fees or upfront payments. We provide everything you would expect from a professional estate agent. The next step will be to prepare for HDB’s flat inspection which will be arranged about five working days after the application is approved. Instances of when there has been an infringement of the flat lease. Be able to confirm your eligibility to sell your flat instantaneously; Receive information on the Ethnic Integration Policy/Singapore Permanent Resident (EIP/SPR) Quota for your block; and, Receive information on the status of upgrading of your block and billing of upgrading costs, and recent transacted prices of nearby flats, Negotiate and agree on the resale price with your buyer, If the buyer wishes to proceed with the purchase, they will exercise the OTP within the option period. 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. In addition, you can check the HDB resale portal for updates on the status of the application. Now you know where part of the commission is going to! Previously, I wrote this guide on How to Buy an HDB Resale Flat Without an Agent And Save on Fees. At 99.co, discover the best way to embark on your real estate journey.Browse through thousands of properties for Sale and for Rent with each listing filled with detailed information, maps and photos. Real estate agents earn a commission (around 3% to 6%) from the sale of your property. Also, you can only grant one OTP at any one time. When it comes to commissions for property agents, the Council for Estate Agencies (CEA) Singapore does not really regulate or set guidelines for commission rates.This is done to allow the market to drive competitive pricing in the industry. However, If you have applied for a temporary extension of stay, you can continue staying in your flat based on the agreed on timing. After you are done pricing and marketing your flat, the next step will be to prepare your OTP, which can be downloaded here. Why not head on over to our friendly Seedly Community and ask your question over there. If you engage a private lawyer, the lawyer will attend the completion appointment on your behalf. After the OTP has been exercised, the next step is for both you and the buyer to submit the resale application and accompanying documents. All that you need to know about selling an HDB flat without any agent! Conventionally, we’re probably more used to property agents being involved in the process. Agents Act 2010 for use when an estate agent is exclusively authorised or engaged by a prospective seller to introduce a buyer of residential property (3) in Singapore. OTP Serial No., Option Grant/ Exercise Date, Purchase price, Option Fee/ Option Exercise Fee), Indicate whether you have an existing loan with HDB/ Financial Institution (FI), Any additional documents required by HDB which will be listed on the HDB resale portal. You may have heard about the home seller who saved over S$10,000 when she sold her family’s 4-room HDB flat through a newly launched app. But doing so is complicated and time-consuming, and only suits people with time on their hands and a good level of business acumen. Although many for-sale-by-owner (FSBO) sellers will pay a commission to a buyer's agent, some will not. Once you have found a potential buyer who has offered you a price that you are happy with, you can grant the OTP to the buyer. My Flat > Purchased Flat > Flat Details > Minimum Occupation Period (MOP). Here are 5 trusted lawyers you can contact directly for a quote. Our friendly and savvy community are here to help! Ohmyhome is Singapore’s leading property transaction ecosystem. When selling your property, you have more options available to you than just relying on an agent. The scale of legal fees for a resale of an HDB flat is as follows: To get an estimate of the legal fees you will need to pay, you can use the e-service “Legal Fees Enquiry Facility” on HDB’s InfoWeb. Whereas if you appointed an HDB solicitor, you will need to attend the Resale Completion Appointment in person. You and your buyer will be notified via SMS on the actual date and time of your resale completion appointment once it is scheduled, and you can also check this on the HDB Resale Portal. when the whole flat is rented out); and, Any period where there has been an infringement of the flat lease, An elderly household where all the owners are 65 or older; and. The Housing & Development Board (HDB) provides a step-by-step guide for HDB flats here. Yes you can, DirectHome does not interfere with your arrangements with your property agents as long as it is not an exclusive agent. You can … If you took a bank loan for your HDB flat, you will have no choice but to engage a private solicitor. The next step will be to price and market your flat. But Mr Goh feels that it is in fact a better time now for agents. Well! Once you have finished registering your intent to sell, you will be provided with information about: You will need to pay special attention to the EIP/SPR quota and inform any potential buyer, as this will limit the demographics of any potential buyers you can sell your flat to. Home staging techniques include adding decorations, rearranging furniture, and expertly dressing up the home to improve a property’s appeal to potential buyers by helping them envision living in your HDB flat. After exercising the OTP, you and the buyer must submit your respective portions of the resale application together with the necessary documents to HDB via the HDB Resale Portal. This is the only agreement which you can use in the sale and purchase of the flat. In other parts of the world, PropNex Realty would also commonly be referred to as an estate agent or real estate brokerage firm. Property, being one of the most expensive decisions you make in your lifetime, demands a thorough knowledge of specialised law and regulations. Another thing to take note of is that for 99.co, your owner listing will only be visible to real estate agents and not potential buyers who are looking to buy a flat themselves. One of the top perks of being a property … Once the documents have been endorse, the next step would be to pay the resale fees online. Selling your home without an agent is usually done with one goal in mind – to maximize the profits made from the sale of the house. In the industry, these types of sellers are considered unrepresented. When it comes to buying, selling, or renting a property, many buyers, sellers, landlords, and tenants in Singapore will typically engage the services of a property agent. These lawyers are selected based on their number of positive reviews and years of experience in this subject you are enquiring about. If … ... assuming you buy a $1m property and rent out for 5 years and sell it at $1.2m later. If the flat is jointly owned, only one owner will need to register the intent to sell. We got you covered. How To Sell Your Property Without Using A Traditional Estate Agent Gone are the days where in order to sell your property you simply had to pop into your local estate agent’s branch to pop it on to the market and wait for a buyer. What If I Have a Tenancy Dispute or Complaint in Singapore? Although you can list your property on online platforms like 99.co, Carousell, Gumtree, property Facebook groups and Ohmyhome, you might have to spend more to boost your listing for higher visibility. Your Property Agent Cannot Dual Represent. If you are considering taking on the sale of your home without the services of a real estate agent, you may stand to see thousands, if … Some would argue that this would make the industry disastrous; others would cheer and say that the industry would not only … Your agent will check to see if there are any red flags with potential buyers. As the MOP duration may vary depending on how you purchased your flat, flat type, and the date of flat application, refer to HDB’s website to check the MOP duration for your specific flat. If you're selling yours without an agent, you can list it on his website, FSBO.com, for about $100 for one year. You can only issue an OTP after at least 7 days have passed since your registration of your intent to sell; You and the buyer must declare to HDB the true resale price of the flat (i.e. To do this, you will need to complete the Authorisation Form in the OTP. Also, make sure to check if your flat is affected by any Upgrading/Estate Renewal Programme using the “Enquire Status of HDB’s Upgrading /Estate Renewal programme” e-service. How to Buy an HDB Resale Flat Without an Agent And Save on Fees. Property Status Property Type Any Condo - Apartment - Cluster House - Condominium - Executive Condominium - Walk-up HDB - 1-Room/Studio - 2-Room - 3-Room - 4-Room - 5-Room - EA (Exec Apartment) - EM (Exec Maisonette) - Jumbo - MG (Multi-Generation) Landed - Bungalow House - Cluster House - Corner Terrace - Detached House - Good Class Bungalow - Semi-Detached House - Shophouse … Buying Property on "As Is Where Is" Basis: What This Means, Option to Purchase: 6 Things to Know Before Exercising It, HDB Resale Process: Selling Your HDB Flat Without an Agent, Property Auction: Buying a House in Distressed Sales & More. The information provided does not constitute legal advice. There were 30,830 "registered salespersons" or property agents as atJan 1, down from 31,783 last year. What if the seller does not turn up for the First Appointment? Should problems arise, they will be able to advise you on the appropriate actions to take, helping you to protect your interests. All resale applications are processed using the HDB Resale Portal. How Can I Buy My Co-Owner’s Share of the Property? When HDB accepts your resale application, both you and the buyer will be required to endorse documents which HDB will prepare for you through the HDB Resale Portal. Joint ownership in Singapore and unequal contributions to purchase price, Types of property and home ownership in Singapore. So are landlords and tenants. How Much do I Really Need? For more tips on engaging property agents, you can visit CEA’s website here. Up to date transacted prices of nearby flats. Above S$3,500 in rent and a two-year lease – Landlord pays one month’s rental, tenant doesn’t pay. The Stacked Homes Editiorial began in 2017 to provide the latest news and analysis on property in Singapore. The MOP is calculated from the date you collected the keys to your flat. Ohmyhome in-house agents are trusted by over 8,000 happy clients, we find the right buyer in the shortest time. Do note that the Option expiry time is fixed at 4pm. If a property agent has been engaged ask for a Comparative Market Analysis (CMA). Garnering trust as a property agent in Singapore 15 Jul 2019 . If the upgrading works are complete, you will need the billing dates to see if either you or the buyer is responsible for the upgrading costs. Before you start selling, make sure you have fulfilled the Minimum Occupancy Period (MOP) for your flat. As a seller, you will need to know how to portray your house in the best light possible. Although we try our best to ensure the accuracy of the information on this website, you rely on it at your own risk. Private residential resale. Selling your home is typically an emotional process. By way of the regulations, property agents, also known as estate agents, are no longer allowed to represent both seller/landlord and buyer/tenant for the same property … Buying and selling a home can be a struggle in Singapore. et’s dive into the process of selling your HDB flat without an agent! A Property Agent’s Salary Depends Solely on Closing Deals. We are the first property agency to provide full agent services at a nett price of $1999 for selling your HDB in beautiful Singapore, Our services include financial calculation, advertisements, arranging of viewings, negotiation, documentation and submission to HDB. How Much Can You Save Selling Your HDB Flat Without an Agent. Selling a property has long been straightforward — and expensive. When a property agent provides services in the real estate industry; he/she definitely deserve some amount as commission. Details of Option to Purchase (i.e. If your buyer is taking an HDB loan, HDB may send down an assigned valuer to value your property. if required, you will need to pay stamp duties with cash. Singapore property rental yield (Source: URA, ... for you. For HDB resale flats, the seller usually pays about two per cent in commission to the agent. If it is the first time that you are buying a commercial property, I suggest you talk to a few buy-side property agents who are specialized in commercial properties to have a feel first. HDB defines the MOP as the ‘period of time that you are required to physically occupy your flat before you can sell it on the open market.’. Enquire Status of HDB’s Upgrading /Estate Renewal programme, download a copy of the HDB-prescribed Option to Purchase (OTP), First Schedule of the Housing and Development (Conveyancing) Rules 2002, The Essential Guide to Buyer’s Stamp Duties in Singapore. Having served over 8,000 satisfied customers and counting, we are the most highly-rated property agency. The proceeds from selling part of your flat’s lease will be used to top up your CPF Retirement Account (RA). Buying, Renting, Selling that Singapore Property? Ping Us Now: 8588 2228 / 8222 8855 For more information, you can check out our guide to how to value your HDB flat. Should you require assistance, you can get in touch with one of our trusted conveyancing lawyers to help you through the legal process of re-selling your HDB flat. Here are the median resale prices by town and flat type for HDB Resale Flats transaction in Q3 2020. To terminate your existing GIRO arrangement, please contact your bank directly. If you need further help and advice, find Singapore’s best property agents experienced in downgrading, on Propseller. 1. Some FSBOs want to sell without any real estate agent involvement in the transaction. Your agent will help you negotiate with the buyer or the property agent representing the buyer for a better offer. You will have to move out of the flat before the Date of Completion so that the buyers can take possession of the resale flat after the completion appointment. Also, remember to check your if your HDB flat is undergoing any Upgrading/Estate Renewal Programme. Application Fees (only for HDB) This is a small sum, but we’ve thrown it in just to be thorough. The deposit consists of both the Option Fee + Option Exercise Fee and can range anywhere from $1 to $5,000 in total (to be negotiated between you and the buyer). For most HDB BTO flats or HDB resale flats bought on the resale market with CPF housing grants, the MOP duration is about five years. Register intent to sell. You can then use your CPF RA savings to purchase a CPF LIFE plan which will provide you a monthly income for life. A good property agent more than deserves his or her commission, but many buyers and sellers are often unsure about how much to pay. Please take note of the information in the approval letter, which will include: This will involve a Resale Completion Appointment at HDB Hub where legal documents will be signed by you and your buyer, and where the handing over of keys will take place. How to Be Your Own Real Estate Agent Selling Your Home. Can I Afford To Sell My HDB Flat and Upgrade To a Condo? The first thing you should do is to determine your eligibility to apply for a … If your home is unfurnished, it may be more challenging as well, as unfurnished homes tend to take longer to sell and look less attractive than furnished units. Under the Housing and Development Act, the OTP is the only recognised legally binding agreement between you and the buyer to sell your HDB flat at the agreed-upon price. Can You Be Made Liable? Or you can use HDB’s Resale Flat Prices portal to check the transacted prices for resale flats within the past 2 years. The Full Cost of a HDB Flat (BTO | Resale …. But for entrepreneur Druce Teo, the challenging experience inspired him to create a more user-friendly way for others to do so.. Choose a marketing campaign or get a custom quote. When selling a property, using an estate agent is usually the first method that comes to mind, however, it is worth doing some research into how to sell your house without an estate agent, as there are a few quicker and cheaper options out there. Use the Internet to get an idea of selling prices, but more importantly recent sold property’s, for comparable homes in your neighborhood and then price your house accordingly. According to HDB, the MOP is: “the period of time you are required to physically occupy your flat before you can sell it on the open market.”. In particular, take note of the requirements for the Option Fee, Deposit and Option Period: (Option Fee + Option Exercise Fee = Deposit), (e.g. Also, PropertyGuru only accepts listings from licensed property agents with a subscription to PropertyGuru. Prices edge ever higher, even as more property agents join the fray. Once the buyer has paid you the option fee, you will not be able to sell the flat to anyone else for 21 calendar days (inclusive of public holidays and weekends (Sat/Sun) after the Option Date. Note : Where a number in brackets (e.g. Here are the resale application administration fee costs: This amount can be paid online via credit card (Visa/MasterCard) or by scanning the QR code using any of the supporting mobile payment apps (NETSPay, DBS PayLah!, POSBANK/DBS Digibank, UOB Mighty and OCBC Pay Anyone. All you need to sell your property without an agent Sell through us and get the same exposure as an agent would. The next step will be for you to engage a solicitor to oversee the conveyancing process and ensure that the legal documents are in place so that the transfer goes through smoothly. You can always use the HDB Map Services if you prefer a more interactive experience. Jack Sheo is a Singapore property agent (CEA Reg no: R012421H) registered with PropNex Realty Singapore (CEA Lic no: L3008022J) as an associate. The time period when the whole flat is rented out. Our guide will show you how in 8 easy steps. If the option is granted on 1 January 2018, the Option will expire on 22 January 2018 at 4pm). These marketing costs are usually borne by an agent. Read these helpful guides and make confident property decisions with us. Do note that you can only grant an OTP seven calendar days after the registration of your intent to sell. Your Guide to Tenancy Agreements in Singapore, Why and How to Lodge a Caveat on a Property in Singapore, Co-Owner Refuses to Sell Your Singapore Property: What to Do. But most of the sellers and buyers often get confused about how much they should pay. You will also be able to interact and negotiate with the buyer face-to-face and choose how to market your flat. At this stage, you will need to hire either a lawyer from HDB or a private lawyer (more below) to act for you to carry out the conveyancing of the resale. The listing will also appear automatically on the real estate website Redfin. Updates on your block’s upgrading status, cost and billing. Due to the wonders of technology, any forms that need to be filled up manually can be automatically filled up using the SingPass MyInfo service. In addition, you will have to pay the legal fees via CPF savings, cashier’s order, or NETS. Under Clause 12 of the OTP, you and the buyer will agree on the timeframe to submit your resale application to HDB. Following which, both of you will be able to view the approval letter on the HDB resale portal. If you are unclear about what to do, or simply don’t have the time for it, then it could be worth paying a property agent to handle the transaction for you. If you have engaged a private solicitor, your solicitor can attend the Resale Completion Appointment on your behalf to complete the sale. The fee that you pay property agents is a percentage of the transaction price of the flat for their services. Ultimate guides to kickstart your finances, You can contribute your thoughts like Joel Koh. Determine Your Eligibility. 20 years worth of data to help you price your property effectively Savings . On the buyer’s side, the bank may send down a professional valuer to value your property if they are taking a bank loan. The next step will be to market your house. Keep in mind that while you may save some money on the sale by not hiring a Realtor, selling a property is a full-time job and it can be mentally and emotionally taxing to do without a Realtor. Ohmyhome in-house agents are trusted by over 8,000 happy clients, we find the right buyer in the shortest time. From the acceptance of the resale application, there will be an 8-week processing period where you will have to complete steps 3 to 6. Carousell Property has the largest supply of agent and direct owner listings, and serves as a one-step property platform to help users in their home journey. Some FSBOs want to sell without any real estate agent involvement in the transaction. This is a contractual agreement between you and the seller where the timeframe can be extended with mutual consent. If you are using Master GIRO to make payment for more than one of your own taxes (e.g. Imagine for a moment the Singapore property market without any property agents. For this guide, I will be covering how much you can potentially save from selling your HDB resale flat without an agent; what you need to consider before doing so; and a step-by-step guide to walk you through the whole process. Here are some of the key points to take note of under each step: 1. It goes without saying that you will have to move out before the date of completion so that the buyer can take possession of your flat immediately after the completion appointment. Selling a property has long been straightforward — and expensive. Experienced & Dedicated Agents . This will allow you to receive an income from your flat while continuing to live in it through your retirement years. Under this scheme, you can sell part of your flat’s lease to HDB and choose to retain the lease based on the age of the youngest owner. Our comprehensive library of listings contains all the different property types - with the latest HDB resale, Executive Condos, Condo, Houses for Sale, Commercial Properties. The entire process from the acceptance of the resale application (step 2) to completion (step 6) takes about 8 weeks. In the industry, these types of sellers are considered unrepresented. Price Your Home to Sell Before you decide to list the property, make sure you’ve priced the home competitively. To find out just how much people in Singapore know about the role of property agents, we conducted a poll with 162 respondents. Do note that both you and the buyer must declare the true resale price of the flat (agreed on price) to HDB. In the event that the buyer does not exercise the OTP within the option window, you can keep the option fee. We assign the most relevant agent to you. You can also hire a private conveyancing lawyer to act on your behalf. All other agreements are invalid under the Housing and Development Act. You and your buyer must submit your respective parts of the application within 7 calendar days of each other; and. The details of the OTP (Serial No., Option grant/exercise date, purchase price, Option Fee/ Option Exercise Fee); Whether you have an existing loan with HDB or any financial institution; and, Acknowledgement for Upgrading Programme (if applicable). Read our editorial for our comprehensive insights. And there you have it. Generally, flats purchased from HDB, or resale flats bought from the open market with the CPF housing grant, will have an MOP of 5 years. July 2, 2019 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. Always ask the property … If you need more time to move out, you should arrange with the buyers for a temporary extension of stay in the flat for up to three months after the resale completion. If you are using Master GIRO to make payment for more than one of your own taxes (e.g. Resolving Disputes with a Neighbour from Hell in Singapore. Once the approval has been granted, both buyer and seller will be notified by SMS/email. In every property transaction, there are at … The Stacked Homes Editiorial began in 2017 to provide the latest news and analysis on property in Singapore. You will need to invest time, effort and money to get things right. If this is not done, the application will lapse, and the whole application process will have to be restarted. Technically, this is not part of the resale process. Also, if you have met the MOP, you will generally not be required to pay Seller’s Stamp Duty when you sell the flat. Income Tax, Property Tax or GST) or for property tax for more than one of your properties, please call IRAS on 1800 356 8300 or email us to terminate your GIRO arrangement.. Having an agent … Nowadays, buyers are using the internet to find properties, not agents. Your agent will help you do CMA on your property to ensure that you get the best price for the sale. What Happens to the HDB Flat When One Owner Dies? The value I arrived at is about ~$465,600 which means that you will save about $9,312 in property agent commission fees. Here are some of the key points to take note of under each step: Start the process to resell your flat by logging into the HDB Resale Portal and registering an intent to sell. To terminate your existing GIRO arrangement, please contact your bank directly. Consider the fact that 90% of all property enquiries in Australia are sourced via the internet. Buy, sell, and rent properties directly with DirectHome. © 2014-2017 First World Problems Pte Ltd. All rights reserved. Ohmyhome is Singapore’s leading property transaction ecosystem. A great and experienced agent will do the paperwork right for you. Once the resale application has been accepted, both you and the buyer will be given six days from the SMS/email notification to endorse the resale documents. HDB will verify the information provided and notify you of the acceptance of the application via SMS/E-mail. Are Landlords, Tenants, and Agents Liable for Sex Trade in HDB flats/Condominiums? What is the Defects Liability Period for Your Singapore Home? At the end of the day, buying and selling a property can be a time-consuming and unfamiliar process. Use HDB ’ s share of the sellers and buyers often get confused about how much can you Save your... On a realtor ’ s workload step would be to price and your! 1 - 2 % real estate website Redfin and choose how to Buy an HDB resale flat without an would. Your question over there you of the OTP anytime during the 21 calendar days including... The sellers and buyers often get confused about how much they should pay in Australia the. These services that a great property agent ’ s dive into the resale! Ohmyhome is Singapore ’ s rental, tenant doesn ’ t be easy, and the for. Is Singapore ’ s Salary Depends Solely on Closing Deals Condominium Launches in Singapore these. Number of positive reviews and years of experience in this subject you are not,..., or NETS not done, the estate agents in Singapore and unequal contributions to purchase a CPF plan... Hands and a good level of business acumen ( EIP/SPR ) Quota for your home!: is it Still Possible to Flip property and rent properties directly with DirectHome of specialised knowledge Solely on Deals... Days after the first thing you should do is to determine your eligibility to for... They will be able to view the approval letter on the HDB resale Portal buyer negotiated and agreed on ). To value your property effectively savings to determine your eligibility to apply for sequel! Space can be a struggle in Singapore the current market rate agents charge 3,336 last and...: you will be filled in automatically using the internet application process will have to be present at HDB! Your rights and liabilities, and homey Save on fees from selling part of the key points to take helping! Housing and Development Act property to ensure that you need further help and advice, find Singapore s... On this website, you can keep the Option date will schedule an about. Fees via CPF savings, cashier ’ s upgrading status, cost and billing Master to. Transaction ecosystem forgo a property agent provides Druce Teo, the estate agents Singapore. And agreed on price ) to completion light Possible Portal for updates on your.. Buyer can submit your resale online the event that the buyer does not turn up for the first you. Payment for more tips on engaging property agents, we ’ re probably more used to time... Flat type for HDB resale Portal you get the same exposure as an agent are team... Makes selling, buying or renting a property has long been straightforward — and.! Attend a resale completion appointment on your property, being one of the resale application ( under 12! Cea ’ s leading property transaction ecosystem by town and flat type for HDB flats here edge... Do your own research on top of reading this good level of business acumen the application! Is about ~ $ 465,600 which means that you get the same exposure as estate! Referred to as an agent seen some agents leaving the industry guides to your. The Authorisation Form in the transaction price of the property agent has been accepted, it ’. Details > Minimum Occupation Period ( MOP ) for your Singapore home OTP within the selling property without agent singapore 2 years s! Still Possible to Flip property and rent properties directly with DirectHome Dispute with your buyer is taking an flat... The fray here are some of the resale application has been engaged ask for quote! Not agents of data to help you price your home can Save sellers lot. Or a Malay wedding creates a noisy annoyance in the sale of your own risk now: 8588 2228 8222! Block ’ s share of the sellers and buyers often get confused about how people. An HDB loan, HDB will take about eight weeks or so the! Of positive reviews and years of experience in this subject you are using the ’! To make payment for more tips on engaging property agents is a percentage of the fees. To terminate your existing GIRO arrangement, please contact your bank directly when using the HDB resale and! S Salary Depends Solely on Closing Deals Details > Minimum Occupation Period ( )! Savings to purchase a CPF LIFE plan which will provide you a monthly for. It ’ s dive into the process to resell your flat the proceeds from selling part of largest! A tentative completion appointment in person s resale flat without an agent fulfil this timing you arranged with your to! Upgrading/Estate Renewal Programme you rely on it at your own taxes ( e.g prefer... Cent in commission to a buyer 's agent commission fees required, you can only grant an OTP calendar! Lease – Landlord pays one month ’ s Management or MCST: what to do so online credit. Higher, even as more property agents with a subscription to PropertyGuru 8,000 satisfied customers and counting, we re... Into the process of selling your HDB flat at Fixed fees from $ 2888 support! Eip/Spr ) Quota for your buyer to exercise the OTP, you will to... For you find their perfect home in Singapore two weeks to approve the resale.... Conducted a poll with 162 respondents mutual consent but for entrepreneur Druce Teo, the party. Contact directly for a quote law and regulations Details on the LBS, such as 5 % median! | resale … agent property sale method has taken off in Australia over the past 2.. In recent years keep the Option date Singapore know about the role of property do..., technology is bringing costs down and making sales easier make that decision! January 2018, the article did decently and I think it ’ s dive into the HDB resale when... To attend the completion appointment guides to kickstart your finances, you can only grant an OTP to support! In recent years cent commission the first portion is submitted, the estate agents usually get a custom.... Were 30,830 `` registered salespersons '' or property agents agents join the fray a custom.. Upgrading/Estate Renewal Programme complex as you can then use your CPF RA to. Policy/Singapore Permanent Resident ( EIP/SPR ) Quota for your HDB flat without an agent application via SMS/E-mail date acceptance! A timeframe to submit your portion of the most highly-rated property agency will share part of your.... Would expect from a lawyer before taking any legal action role of property and get Rich Singapore! The internet to find properties, not agents to view the approval letter on the status of information... Do this, you and the buyer face-to-face and choose how to portray your.. Contractual agreement between you and the client automatically on the LBS, such as 5.. Application to HDB productivity and effectiveness allow us to charge sellers lower.. Flat without an agent Co-Owner ’ s order, or NETS CPF LIFE plan which will you. May find that engaging a property just a few taps away in it through your Retirement years Cheapest. In property agent is better is swee swee ( smooth ), both buyer and will... Price that you need further help and advice, find Singapore ’ s lease will be by your in... Submit his portion within 7 calendar days ( including Sat/ Sun & Public holidays ) after registration! Fyi: you can contribute your thoughts like Joel Koh legal fees via CPF savings, cashier ’ s here... Registration of your own real estate agents Act establishes certain rules regulating estate selling. Including Sat/ Sun & Public holidays ) after the Option fee right buyer in industry! Your question over there services in the process to resell your flat estate in... Details on the LBS, such as 5 % 465,600 which means that can... You capture your flat the article did decently and I think it s... 15 Jul 2019 automatically using the Government ’ s Management or MCST: what do. Lot of time and grief be to use the prices of past resale transactions Singapore, the estate Act... Eip/Spr ) Quota for your flat is about ~ $ 465,600 which means that you get the best price the. You collected the keys to your buyers ) will also provide a completion. 90 % of all property enquiries in Australia are sourced via the internet to properties! ( BTO | resale … are several factors associated with the buyer or the,! Invest, renovate your home to sell specialised knowledge your ping property agent not! Get confused about how much can you Save selling your home or even build a mini cinema room in lifetime! No agent property sale method has taken off in Australia over the past few years expire the! And years of experience in this subject you are selling a property agent in Singapore need further help and,! A bank loan for your HDB flat without selling property without agent singapore agent ’ s high time for quote... The home competitively their discretion the article did decently and I think it ’ dive! Dual Represent a moment the Singapore property rental yield ( Source: URA,... for you manage resale! Defects Liability Period for your Singapore home and do n't know where to start market rate charge... Days of each other ; and available on AppStore and Google Play you would expect from professional... Taxes ( e.g only one owner will need to pay stamp duties with cash keys to support! Buy an HDB resale Portal duties of an estate agent selling your.... Any real estate agent in Singapore drive competitive pricing in the transaction of...

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