10 Steps To Selling Your Property in Singapore

Selling a property in Singapore involves several steps and considerations to ensure a smooth and successful transaction. Here’s a general overview of the process:

  1. Engage a Property Agent: Consider engaging a licensed property agent to assist you with the sale process. Look for an agent with experience in selling properties similar to yours and who has a good track record in the local market.

  2. Property Valuation: Obtain a professional property valuation to determine the market value of your property. This will help you set a realistic selling price and attract potential buyers.

  3. Preparation and Marketing: Prepare your property for sale by decluttering, cleaning, and making any necessary repairs or improvements. Work with your property agent to develop a marketing strategy, which may include professional photography, virtual tours, and online listings on property portals.

  4. Legal Requirements: Ensure that your property’s title is clear and free of any encumbrances or legal issues. Gather all relevant documentation, including the Property Title Deed, floor plans, and any renovation permits or approvals.

  5. Marketing and Viewings: Once your property is listed, your agent will handle inquiries from potential buyers and schedule viewings. Be prepared to showcase your property to interested parties and highlight its key features and selling points.

  6. Negotiation: Your agent will negotiate with potential buyers on your behalf to achieve the best possible price and terms. Consider all offers carefully and be prepared to counteroffer if necessary.

  7. Acceptance of Offer: Once you’ve accepted an offer from a buyer, both parties will sign a Letter of Intent (LOI) or Offer to Purchase (OTP), outlining the terms and conditions of the sale. A deposit, typically 1% to 5% of the purchase price, may be required at this stage.

  8. Sale and Purchase Agreement (SPA): The buyer’s lawyer will prepare the Sale and Purchase Agreement (SPA), which formalizes the terms of the sale. Review the SPA carefully with your lawyer before signing.

  9. Completion and Handover: On the completion date specified in the SPA, both parties will meet to finalize the sale. The buyer will pay the remaining balance of the purchase price, and you will hand over the keys to the property. Any outstanding legal fees, stamp duties, and agent commissions will also be settled at this stage.

  10. Post-Sale Matters: After the sale is completed, remember to notify relevant authorities and service providers of the change in ownership, such as the utility companies, management corporation, and property tax department.

Throughout the selling process, it’s essential to work closely with your property agent and legal representatives to ensure compliance with legal requirements and to address any issues that may arise.

Please follow and like us:

Reset password

Enter your email address and we will send you a link to change your password.

Get started with your account

to save your favourite homes and more

Sign up with email

Get started with your account

to save your favourite homes and more

By clicking the «SIGN UP» button you agree to the Terms of Use and Privacy Policy
Powered by Estatik