[Home Page | Property Finance | Selling Guide-HDB Flat | Selling Guide-Pte Property | Commission Guide | Dream Home ]

Selling Guide - Private Property
Singapore

This guide gives the seller and buyer a rough idea of the selling and buying procedure involved in private property in Singapore. It is by no means very thorough, representative and exhaustive.    www.homebiznez.com or its representatives give no warranty, guarantee or other representation about the approaches, accuracy of the information and accept no liability for any loss or damage which may arise from reliance on it.

1st Step - Make a comparative study of your property in Singapore, check the market value, know the strength and benefits such as amenities, furnishings, facing, facilities, walking distance to MRT, schools, etc. Get a bank valuation as well.

2nd Step - Plan on how to effectively market your property, although you try to inform the world that you are selling your Singapore property, for example, putting up appropriate signage, publicize in your neighbourhood, advertise in mass media, promote to professional agencies, etc

3rd Step - Answer and screen calls for potential buyers and those who can afford to pay the price. After careful screening, arrange for genuine potential buyers to view the property in Singapore.

4th Step - Before the open house or viewing by the potential buyers, suggest you prepare your property such keep it neat and tidy, open up windows for air circulation or switch-on air conditioner and lighting before buyers arrived, select best time for viewing, and so on without appearing to be doing any hard selling.

5th Step - Follow-up with potential buyers on their best offer. Maintain good
relationship and to negotiate the price to an amicable close.

6th Step - Before making a deposit, it is advisable for the buyer to consult a lawyer. He would advise the buyer after carries out a title search, a bankruptcy or winding-up search, and that the buyer is able to abide to the terms and conditions of the option such completion date, financing, and so on.

7th Step - Buyer needs to pay the seller a deposit of 1% of the agreed price. In accepting the option money of 1% of the agreed price, the seller gives the buyer an Option to Purchase which is usually valid within 14 days from date of Option to Purchase.

8th Step - During the option period, buyer's lawyer will conduct the preliminary search on the property, such as the terms and conditions of the Option are acceptable, including some of which are mentioned in above 6^th Step, and so on.

9th Step - Within the 14 days, the buyer exercises the Option by paying a further deposit of 9% of the sale price as consideration for the purchase, then a contract for sale of property is made. In the meantime, the seller is not allowed to accept another Option to Purchase from another buyer, otherwise the buyer can get back the option money and sue for damages or specific performance. However, the option money will be forfeited if the buyer decides not to buy the property at the end of option period.

10th Step - the duration for completion of sale of property in Singapore is usually 10-12 weeks from the date of exercising the Option to Purchase. At the completion stage, the buyer's lawyer will conduct final searches on the property, liase with relevant authorities, prepare documents for transferring the title of the property to the buyer, and so on.