Selling Procedures (Private)

For whatever reason you are selling your property; from outgrowing your home and need more space for your family to cashing out from a successful real estate investment, lets' go through the procedures and process.

Let run you through all the requirements, from the very start of understanding finances to the completion of the sale.

Step
01

Eligibility

Unlike HDB, there is no MOP for private property. However do take note of the Seller's Stamp Duties (SSD). More information here.

Step
02

Knowing The Finances

Calculation of sale proceeds. Will the sales be a nett negative sales. Know the proceeds after sales will also let you plan your options if you plan to purchase another unit. 

The breakdown will mainly be a few components mainly:

Sales Prices, Outstanding Loan, SSD, CPF + AI refund & other transaction related fees.

Step
03

Know The After Sales Plan

Know where you will be moving to after selling. Purchase a new place? Another investment unit?

Step
04

Draft The Overall Timeline

With step 2 & 3 known, we will be able to work out a timeline for the move. Whether we need extension and also we can plan when to purchase and commit to the new property.

Step
05

Price Analysis & Setting of Price

Reference to the ever changing real estate market, we will come out with a pricing for your property. You may find our the estimated value of your property now using Home Value Report

Step
06

Marketing Of Property

Leave this to us. See how we will do it here.

Step
07

Issue Option To Purchase (OTP)

Once you’ve found a buyer, you can issue them the OTP. The 1% option will be paid out by the purchaser in exchange for the OTP.

Step
08

Exercising Of OTP

The buyer have 14 days to excerise (Open for negotiations). To exercise the OTP, they will find a conveyancing lawyer and pay the 4% exercise fees. 

Step
09

Pay Seller Stamp Duties (If Required)

If your sales in done within 3 years from purchase, you will be liable to pay the SSD.

Step
10

Pre Completion Inspection

Nearing the completion date, the new buyers will inspect the unit before the final completion. This is to ensure that there is no changes to the items agreed upon and you have moved out.

Step
11

Administration

It will be good to terminate any GIRO payment made to the property. Also clear off any outstanding MCST charges and property taxed payment to ensure that the completion is a smooth one.

Step
12

Completion Day

Finally to the big day.

Head down to the lawyer firm to complete the transaction.