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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. And we do it all without contracts, hidden fees or upfront payments. Technically, this is not part of the resale process. 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. Once the documents have been endorse, the next step would be to pay the resale fees online. But for entrepreneur Druce Teo, the challenging experience inspired him to create a more user-friendly way for others to do so.. Although many for-sale-by-owner (FSBO) sellers will pay a commission to a buyer's agent, some will not. The listing will also appear automatically on the real estate website Redfin. 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. To find out just how much people in Singapore know about the role of property agents, we conducted a poll with 162 respondents. These include: You will be notified via SMS to endorse these documents within 6 days of the notification. Stay updated with the latest finance tips! In addition, you can check the HDB resale portal for updates on the status of the application. (previously known as The Edge Property Singapore) – is the best property portal for home-seekers, buyers, investors and real estate agents alike in Singapore. The time period when the whole flat is rented out. 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. When selling your property, you have more options available to you than just relying on an agent. Pay less PLUS you have control. A great and experienced agent will do the paperwork right for you. 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. These lawyers are selected based on their number of positive reviews and years of experience in this subject you are enquiring about. Experienced & Dedicated Agents . We charge One, Fair, Flat Fee. How much does it cost to hire a Property Agent in Singapore? How to Buy an HDB Resale Flat Without an Agent And Save on Fees. When done right, the darkest, drab space can be made to feel bright, airy, and homey. Private residential resale. 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.’. Note : Where a number in brackets (e.g. After you are done pricing and marketing your flat, the next step will be to prepare your OTP, which can be downloaded here. In addition, HDB will also provide a tentative completion appointment date as well. 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. How Much Can You Save Selling Your HDB Flat Without an Agent. 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. 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. Imagine for a moment the Singapore property market without any property agents. Buyer's agent will share part of the Seller's agent commission. Ohmyhome is Singapore’s leading property transaction ecosystem. Also, remember to check your if your HDB flat is undergoing any Upgrading/Estate Renewal Programme. You can then use your CPF RA savings to purchase a CPF LIFE plan which will provide you a monthly income for life. My Flat > Purchased Flat > Flat Details > Minimum Occupation Period (MOP). Yes you can, DirectHome does not interfere with your arrangements with your property agents as long as it is not an exclusive agent. Singapore property rental yield (Source: URA, ... for you. You will also be able to interact and negotiate with the buyer face-to-face and choose how to market your flat. Property, being one of the most expensive decisions you make in your lifetime, demands a thorough knowledge of specialised law and regulations. The next step will be to wait for your buyer to exercise the OTP anytime during the 21 calendar day option window. If you are photographically challenged, you might want to engage a professional photographer to help you capture your flat in the best light. If you are selling a private property, you can get by without an agent ... with the Singapore Land Authority. Fret not, ask our community here! 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. Selling your home without a Traditional agent has skyrocketed in popularity in recent years. Joint ownership in Singapore and unequal contributions to purchase price, Types of property and home ownership in Singapore. Either you or the buyer can submit your portion of the resale application first. 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. if required, you will need to pay stamp duties with cash. 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. So are landlords and tenants. Nowadays, buyers are using the internet to find properties, not agents. Is Stamp Duty Payable When Inheriting Property in Singapore? You may log into this Portal using your SingPass to manage your resale online. Attend the Resale Completion appointment. 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. Also, you can only grant one OTP at any one time. If you have engaged a private solicitor, your solicitor can attend the Resale Completion Appointment on your behalf to complete the sale. This is an unbiased step-by-step guide on selling a property in Singapore. Once the approval has been granted, both buyer and seller will be notified by SMS/email. 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 … The information provided does not constitute legal advice. darkest, drab space can be made to feel bright, airy, and homey. When a property agent provides services in the real estate industry; he/she definitely deserve some amount as commission. The first thing you should do is to determine your eligibility to apply for a … Although you can list your property on online platforms like, Carousell, Gumtree, property Facebook groups and Ohmyhome, you might have to spend more to boost your listing for higher visibility. Determine Your Eligibility. Dispute With Your Condo’s Management or MCST: What to Do. 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. In other parts of the world, PropNex Realty would also commonly be referred to as an estate agent or real estate brokerage firm. Having served over 8,000 satisfied customers and counting, we are the most highly-rated property agency. 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. Also, if you have met the MOP, you will generally not be required to pay Seller’s Stamp Duty when you sell the flat. Those selling a private property can also get by without an agent - but it is recommended to hire a lawyer, said Mr Mak. Jack Sheo is a Singapore property agent (CEA Reg no: R012421H) registered with PropNex Realty Singapore (CEA Lic no: L3008022J) as an associate. 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). 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 the Option expiry time is fixed at 4pm. 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. 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. The next step will be to price and market 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. 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. 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. The MOP is calculated from the date you collected the keys to your flat. Our guide will show you how in 8 easy steps. Register intent to sell. 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. After both you and the buyer have endorsed the documents, HDB will take about two weeks to approve the resale application. 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.. 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. Your Property Agent Cannot Dual Represent. "You cannot do … 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. 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. You can consider applying for HDB’s Lease Buyback Scheme (LBS) instead of selling your flat. Here are 5 trusted lawyers you can contact directly for a quote. 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. 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. 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