The relevant fields on the application forms will be … At the end of the day, buying and selling a property can be a time-consuming and unfamiliar process. You will also be able to interact and negotiate with the buyer face-to-face and choose how to market your flat. 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. 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 …. When you make that big decision to re-sell your HDB flat, why not do it yourself? The buying process can be quite complex as you have to sort through all the legalese and make sure the paperwork is in place. 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. Those selling a private property can also get by without an agent - but it is recommended to hire a lawyer, said Mr Mak. Although we try our best to ensure the accuracy of the information on this website, you rely on it at your own risk. 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. FYI: You can get an estimation of the HDB solicitor’s fees here. If you engage an HDB lawyer, you will need to be present at the resale completion appointment. Ohmyhome is Singapore’s leading property transaction ecosystem. Ultimate guides to kickstart your finances, You can contribute your thoughts like Joel Koh. 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. Singapore’s regulations for selling and buying are some of the most confusing, and you’re taking the right step to research first. 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. 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. APAC Realty operates as ERA, one of the largest estate agents in Singapore. You can also engage a private lawyer at the contractual stage (when you are preparing to grant an OTP to your buyers). Under Clause 12 of the OTP, you and the buyer will agree on the timeframe to submit your resale application to HDB. Selling your property and don't know where to start? 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. The relevant fields on the application forms will be filled in automatically using the Government’s MyInfo service. Your Property Agent Cannot Dual Represent. Application Fees (only for HDB) This is a small sum, but we’ve thrown it in just to be thorough. 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. Are Landlords, Tenants, and Agents Liable for Sex Trade in HDB flats/Condominiums? 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 … 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 are the owner of the flat, the next step will be to log into the HDB Resale Portal and register an intent to sell. 6 Common Terms in Tenancy Agreements & What They Mean, Landlord Won’t Return Your Security Deposit: What to Do, Applying for a Writ of Distress When a Singapore Tenant Owes You Rent, Landlord’s Guide to Evicting a Problematic Tenant in Singapore, Being Evicted in Singapore: What Happens and Next Steps. But, it won’t be easy, and you might make mistakes due to inexperience and a lack of specialised knowledge. Price Your Home to Sell Before you decide to list the property, make sure you’ve priced the home competitively. Our guide will show you how in 8 easy steps. Here are 5 trusted lawyers you can contact directly for a quote. Property, being one of the most expensive decisions you make in your lifetime, demands a thorough knowledge of specialised law and regulations. Buying and selling properties in Singapore is hard. Best Property Agents experienced to sell your HDB Flat at Fixed Fees from $2888. 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. Seller pays to Seller's agent: 1 - 2%. The proceeds from selling part of your flat’s lease will be used to top up your CPF Retirement Account (RA). HDB will reschedule the appointment to another date/time at their discretion. 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 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. 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. All other agreements are invalid under the Housing and Development Act. After both you and the buyer have endorsed the documents, HDB will take about two weeks to approve the resale application. 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. 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. Our higher productivity and effectiveness allow us to charge sellers lower commissions. 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. If the option is granted on 1 January 2018, the Option will expire on 22 January 2018 at 4pm). 21 calendar days (including Sat/ Sun & Public holidays) after the Option Date. Read our editorial for our comprehensive insights. 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. 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. There are several factors associated with the property agent's commission. When done right, the darkest, drab space can be made to feel bright, airy, and homey. But most of the sellers and buyers often get confused about how much they should pay. Attend the Resale Completion appointment. My Flat > Purchased Flat > Flat Details > Minimum Occupation Period (MOP). Your Contractor Damaged Your Neighbour's Property. For more information, you can check out our guide to how to value your HDB flat. darkest, drab space can be made to feel bright, airy, and homey. Conventionally, we’re probably more used to property agents being involved in the process. Use of this site constitutes acceptance of our Terms of Service and Privacy Policy. 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. 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. 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.. 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.. In particular, take note of the requirements for the Option Fee, Deposit and Option Period: (Option Fee + Option Exercise Fee = Deposit), (e.g. Stay updated with the latest finance tips! If you are using Master GIRO to make payment for more than one of your own taxes (e.g. Whereas if you appointed an HDB solicitor, you will need to attend the Resale Completion Appointment in person. This is the only agreement which you can use in the sale and purchase of the flat. Your agent will help you negotiate with the buyer or the property agent representing the buyer for a better offer. You can also check the status of your application on the portal. Ping Us Now: 8588 2228 / 8222 8855 Instances of when there has been an infringement of the flat lease. The time period when the whole flat is rented out. We assign the most relevant agent to you. Your agent will check to see if there are any red flags with potential buyers. In addition, you can check the HDB resale portal for updates on the status of the application. Read these helpful guides and make confident property decisions with us. Take note that there are 2 important time requirements to meet: The information and documents you will have to provide are: You may also have to submit additional supporting documents for your resale application. 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! Ohmyhome in-house agents are trusted by over 8,000 happy clients, we find the right buyer in the shortest time. Having a private lawyer assist you from an early stage will help you make sure all the legal aspects of your resale is in order and make the process less daunting. You can do so online via credit card when using the HDB Resale Portal. All you need to sell your property without an agent Sell through us and get the same exposure as an agent would. Thinking of selling or leasing your property? You will need to invest time, effort and money to get things right. If a sale to a particular buyer will cause the block/neighbourhood’s EIP and or SPR quota to be exceeded, you will not be able to sell your flat. In some cases, up to 5% depending on type of property and urgency of seller; Buyer pays to Buyer's agent: 0%. 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. The entire process from the acceptance of the resale application (step 2) to completion (step 6) takes about 8 weeks. When selling your property, you have more options available to you than just relying on an agent. 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. Real estate agents usually get a percentage of the sale price of the property, such as 5%. The Ethnic Integration Policy/Singapore Permanent Resident (EIP/SPR) Quota for your block. For more tips on engaging property agents, you can visit CEA’s website here. How Much Can You Save Selling Your HDB Flat Without an Agent. In the event that the buyer does not exercise the OTP within the option window, you can keep the option fee. 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 … And as always, you can check the date on the HDB resale portal. In the industry, these types of sellers are considered unrepresented. Here are some of the key points to take note of under each step: 1. You and your buyer must submit your respective parts of the application within 7 calendar days of each other; and. A great and experienced agent will do the paperwork right for you. Choose a marketing campaign or get a custom quote. Or you can use HDB’s Resale Flat Prices portal to check the transacted prices for resale flats within the past 2 years. Read Also: 4 Cheapest Condominium Launches In Singapore For Second Half Of 2018 # 1 Your Property Agent Cannot Dual Represent. 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 … 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. Imagine for a moment the Singapore property market without any property agents. In every property transaction, there are at least two … 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. The only way you can figure out how much to sell a flat would be to use the prices of past resale transactions. How much does it cost to hire a Property Agent in Singapore? The Stacked Homes Editiorial began in 2017 to provide the latest news and analysis on property in Singapore. No Commission. (ii) Submission of application to HDB (according to Clause 12 of the OTP). 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. This is done to allow the market to drive competitive pricing in the industry. And there you have it. 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. 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. In the industry, these types of sellers are considered unrepresented. Can You Be Made Liable? Above S$3,500 in rent and a two-year lease – Landlord pays one month’s rental, tenant doesn’t pay. We are a team of real estate specialists who genuinely help home buyers find their perfect home in Singapore. If you are photographically challenged, you might want to engage a professional photographer to help you capture your flat in the best light. 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. the price that you and your buyer negotiated and agreed on). 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. Well! Technically, this is not part of the resale process. 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. 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. This is an unbiased step-by-step guide on selling a property in Singapore. The value I arrived at is about ~$465,600 which means that you will save about $9,312 in property agent commission fees. One of the top perks of being a property … 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. To terminate your existing GIRO arrangement, please contact your bank directly. When you sell your HDB flat without an agent, you will save on the two per cent commission. 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. ... Boomer vs Millennial: Is It Still Possible To Flip Property and Get Rich in Singapore? Your agent will help you do CMA on your property to ensure that you get the best price for the sale. Going it alone means taking on a realtor’s workload. Singapore property rental yield (Source: URA, ... for you. We provide everything you would expect from a professional estate agent. The first thing you should do is to determine your eligibility to apply for a … No Agent Property Sales . You will also have to deal with any expensive potential mistakes that might arise, and spend time to thoroughly research and familiarise yourself with the process. 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