If you are using Master GIRO to make payment for more than one of your own taxes (e.g. Buying, Renting, Selling that Singapore Property? 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. Ohmyhome is Singapore’s leading property transaction ecosystem. 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. Otherwise, if the buyer wants to proceed with the purchase of the flat, they will have to exercise the OTP and will have to pay you the option exercise fee and complete payment of the deposit. Start the process to resell your flat by logging into the HDB Resale Portal and registering an intent to sell. Resolving Disputes with a Neighbour from Hell in Singapore. Either you or the buyer can submit your portion of the resale application first. 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. 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. We assign the most relevant agent to you. 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. 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. 21 calendar days (including Sat/ Sun & Public holidays) after the Option Date. We provide easy-to-use tools, extensive quality property listings and insightful information to help you find the place you belong. One Flat Fee. To get an idea of how much you can save, I took the average of the median prices for four-room HDB-flat in all the towns for Q3 2020. Real Property Agents. 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.”. Our comprehensive library of listings contains all the different property types - with the latest HDB resale, Executive Condos, Condo, Houses for Sale, Commercial Properties. 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. 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 resale application consists of a buyer and seller portion with two important datelines for both of you to meet: (i) Submission by the second party within 7 calendar days. Jack Sheo is a Singapore property agent (CEA Reg no: R012421H) registered with PropNex Realty Singapore (CEA Lic no: L3008022J) as an associate. 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. 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. The MOP is calculated from the date you collected the keys to your flat. 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. Although many for-sale-by-owner (FSBO) sellers will pay a commission to a buyer's agent, some will not. In my opinion, you can very well conduct the property sale on your own if you are confident enough to deal with the above-mentioned challenges. 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 … This is an unbiased step-by-step guide on selling a property in Singapore. If you are not deterred, let’s dive into the process of selling your HDB flat without an agent! Real estate agents usually get a percentage of the sale price of the property, such as 5%. Price Your Home to Sell Before you decide to list the property, make sure you’ve priced the home competitively. Here are 5 trusted lawyers you can contact directly for a quote. A good property agent more than deserves his or her commission, but many buyers and sellers are often unsure about how much to pay. This is negotiated between the agent and the client. The value I arrived at is about ~$465,600 which means that you will save about $9,312 in property agent commission fees. Our higher productivity and effectiveness allow us to charge sellers lower commissions. Your agent will help you negotiate with the buyer or the property agent representing the buyer for a better offer. The fee that you pay property agents is a percentage of the transaction price of the flat for their services. If this is not done, the application will lapse, and the whole application process will have to be restarted. 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. The buyer will have to pay you an option fee to ‘book’ the flat, with the recommend option fee can range anywhere from $1 to $1,000 (to be negotiated between you and the buyer). 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. Read Also: 4 Cheapest Condominium Launches In Singapore For Second Half Of 2018 # 1 Your Property Agent Cannot Dual Represent. Imagine for a moment the Singapore property market without any property agents. 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. This is a contractual agreement between you and the seller where the timeframe can be extended with mutual consent. 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. 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. There are several factors associated with the property agent's commission. 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. 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. Under clause 12 of the OTP, you and the buyer had to agree on a timeframe to submit the application. And there you have it. Once the application is approved, you and the buyer will be notified via SMS and emails, and the approval letter will be posted on the HDB Resale Portal for both you and your buyer to view. Technically, this is not part of the resale process. Although many for-sale-by-owner (FSBO) sellers will pay a commission to a buyer's agent, some will not. 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. Check if the property agent is registered with CEA in the Public Register. This is done to allow the market to drive competitive pricing in the industry. Make sure to fulfil this timing you arranged with your buyer. Be sure to do so to avoid your resale completion being postponed. What is the Defects Liability Period for Your Singapore Home? In addition, you can check the HDB resale portal for updates on the status of the application. if required, you will need to pay stamp duties with cash. 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. 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. What You Are Losing Out on by Selling an HDB Resale Flat Without a Property Agent, Preliminary Check: Check if You Fulfilled Your Flat’s Minimum Occupancy Period, Step-by-Step Guide to Selling Your HDB Flat Without a Property Agent, Terms and Conditions of the Sale and Purchase of HDB flat, A Beginner's Step-By-Step Guide: How to Buy a HDB Resale Flat Without…, The Seedly HDB Resale Guide: Your Ultimate Step-by-Step Guide to HDB …. 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. 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). 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. On the buyer’s side, the bank may send down a professional valuer to value your property if they are taking a bank loan. So selling your home without a real estate agent can save … Before selling your house, do ensure that you have enough funds to buy your next property, have somewhere to shift to, and ensure that you have settled any outstanding lease administration issues. 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. Should problems arise, they will be able to advise you on the appropriate actions to take, helping you to protect your interests. However, If you have applied for a temporary extension of stay, you can continue staying in your flat based on the agreed on timing. Our friendly and savvy community are here to help! When you decide to forgo a property agent, you will have to do without these services that a great property agent provides. Read these helpful guides and make confident property decisions with us. What Happens to the HDB Flat When One Owner Dies? 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). et’s dive into the process of selling your HDB flat without an agent! 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. The Stacked Homes Editiorial began in 2017 to provide the latest news and analysis on property in Singapore. FYI: You can get an estimation of the HDB solicitor’s fees here. But, you will need to ensure that you have fulfilled the Minimum Occupancy Period (MOP) for your flat before you can even sell it. Having an agent … These will be listed in the HDB Resale Portal when you submit your resale application. Under Clause 12 of the OTP, you and the buyer will agree on the timeframe to submit your resale application to HDB. One of the top perks of being a property … In addition, HDB will also provide a tentative completion appointment date as well. (1) ) appears in this Agreement, please read the It can be a transfer of property to one’s spouse, such as the transfer of flat ownership from a husband to his… 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. 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. Attend the Resale Completion appointment. Not only did she provide useful advice…. What is the Tort of Interference with Land? For more information, you can check out our guide to how to value your HDB flat. The relevant fields on the application forms will be filled in automatically using the Government’s MyInfo service. We do not pretend that this guide is exhaustive, so do your own research on top of reading this. 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. Stay updated with the latest finance tips! 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.. The Full Cost of a HDB Flat (BTO | Resale …. Considering that Singapore is one of the wealthiest countries in the world, there may be many situations in which one might choose to give away real estate in Singapore. 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. Once the approval has been granted, both buyer and seller will be notified by SMS/email. 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. Some FSBOs want to sell without any real estate agent involvement in the transaction. In the industry, these types of sellers are considered unrepresented. How Much Can You Save Selling Your HDB Flat Without an Agent. ... assuming you buy a $1m property and rent out for 5 years and sell it at $1.2m later. Your Contractor Damaged Your Neighbour's Property. Well! "You cannot do … © 2014-2017 First World Problems Pte Ltd. All rights reserved. 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. They can advise you on your rights and liabilities, and help you gain a better understanding of your position. Buying and selling properties in Singapore is hard. 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. 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. My Flat > Purchased Flat > Flat Details > Minimum Occupation Period (MOP). You can also engage a private lawyer at the contractual stage (when you are preparing to grant an OTP to your buyers). Is Stamp Duty Payable When Inheriting Property in Singapore? If you hire a private lawyer at the conveyancing stage, you will need to produce a letter from your solicitor to confirm that they are acting for you in the conveyancing of the resale transaction when you submit your resale application to HDB. This is because private property transactions often involve the … Best Property Agents experienced to sell your HDB Flat at Fixed Fees from $2888. Selling your home is typically an emotional process. By doing so you avoid paying an agent’s expensive commissions and fees and get more out of the sale of your flat. Although we try our best to ensure the accuracy of the information on this website, you rely on it at your own risk. Upon exercising the OTP, decide with your buyer when to submit the resale application (under clause 12 of the OTP). The Stacked Homes Editiorial began in 2017 to provide the latest news and analysis on property in Singapore. 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. If you are selling a private property, you can get by without an agent ... with the Singapore Land Authority. After the OTP has been exercised, the next step is for both you and the buyer to submit the resale application and accompanying documents. 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. These include: You will be notified via SMS to endorse these documents within 6 days of the notification. Otherwise, you may find that engaging a property agent is better. Though the percentage value is small, Singapore property prices are high, so a 2% agent fee for your S$500,000 HDB flat could set you back S$10,000! When you make that big decision to re-sell your HDB flat, why not do it yourself? Read our editorial for our comprehensive insights. 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 … Going it alone means taking on a realtor’s workload. If you're selling yours without an agent, you can list it on his website, FSBO.com, for about $100 for one year. he OTP is the only recognised legally binding agreement between you and the buyer to sell your HDB flat at the agreed-upon price. How Much Can You Save Selling Your HDB Flat Without an Agent. 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 Can I Buy My Co-Owner’s Share of the Property? 1. We got you covered. 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. Use of this site constitutes acceptance of our Terms of Service and Privacy Policy. The information provided does not constitute legal advice. HDB will schedule an appointment about 8 weeks from the date of acceptance of the resale application. Fret not, ask our community here! Singaporeans can save thousands of dollars when they buy an HDB resale flat without an agent. 20 years worth of data to help you price your property effectively Savings . Choose a marketing campaign or get a custom quote. Ohmyhome in-house agents are trusted by over 8,000 happy clients, we find the right buyer in the shortest time. darkest, drab space can be made to feel bright, airy, and homey. If you need further help and advice, find Singapore’s best property agents experienced in downgrading, on Propseller. Thanks to your support, the article did decently and I think it’s high time for a sequel. But for entrepreneur Druce Teo, the challenging experience inspired him to create a more user-friendly way for others to do so.. Can I Afford To Sell My HDB Flat and Upgrade To a Condo? This will allow you to receive an income from your flat while continuing to live in it through your retirement years. However, as with everything from Amazon to Zalora, technology is bringing costs down and making sales easier. However, as with everything from Amazon to Zalora, technology is bringing costs down and making sales easier. Yes you can, DirectHome does not interfere with your arrangements with your property agents as long as it is not an exclusive agent. But most of the sellers and buyers often get confused about how much they should pay. Otherwise, you can take your own photos and list your flat on platforms like 99.co, Carousell, Gumtree, property Facebook groups and Ohmyhome. Here is how you can get a lawyer to help in the legal aspects of your re-sale. You and your buyer must submit your respective parts of the application within 7 calendar days of each other; and. The first thing you should do is to determine your eligibility to apply for a … If there are any completed upgrading works, make sure to use the same e-service to check the schedule of billing dates as this will determine whether you or the buyer will be liable to pay for the upgrading cost. If you have engaged a private solicitor, your solicitor can attend the Resale Completion Appointment on your behalf to complete the sale. 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 … And we do it all without contracts, hidden fees or upfront payments. Singapore property rental yield (Source: URA, ... for you. Having served over 8,000 satisfied customers and counting, we are the most highly-rated property agency. You can do so online via credit card when using the HDB Resale Portal. 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.. What can I do if a Chinese funeral or a Malay wedding creates a noisy annoyance in the void deck? Whereas if you appointed an HDB solicitor, you will need to attend the Resale Completion Appointment in person. To terminate your existing GIRO arrangement, please contact your bank directly. Before you start selling, make sure you have fulfilled the Minimum Occupancy Period (MOP) for your flat. What If I Have a Tenancy Dispute or Complaint in Singapore? For HDB resale flats, the seller usually pays about two per cent in commission to the agent. But, it won’t be easy, and you might make mistakes due to inexperience and a lack of specialised knowledge. This is the only agreement which you can use in the sale and purchase of the flat. 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. 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. 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.. Do note that you can only grant an OTP seven calendar days after the registration of your intent to sell. Getting a Mortgage Redemption in Singapore, Buying a Property on Trust for Your Child, Buying Property in Singapore: How to Pay for Your Property, Common Terms in Sale & Purchase Agreements, Decoupling to Beat the Additional Buyer's Stamp Duty, Converting a Joint Tenancy to a Tenancy-in-Common. If you engage a private lawyer, the lawyer will attend the completion appointment on your behalf. If the flat is jointly owned, only one owner will need to register the intent to sell. Do note that the Option expiry time is fixed at 4pm. APAC Realty operates as ERA, one of the largest estate agents in Singapore. The time period when the whole flat is rented out. If you are using Master GIRO to make payment for more than one of your own taxes (e.g. Application Fees (only for HDB) This is a small sum, but we’ve thrown it in just to be thorough.