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Pre-sale checks
You may be liable for Seller’s Stamp Duty based on the date of acquisition of your property and the holding period
- Seller’s Stamp Duty (SSD) is payable on all residential properties and lands bought on or after 20 February 2010 and sold within the holding period
- SSD is computed by applying the SSD rate on the selling price or market value of the property, whichever is higher, as at the date of sale or disposal
- Where parts of the property was acquired at different times, the holding period for each part will be computed from the respective acquisition dates
- Where the sale or disposal comprises only a partial interest in the property, SSD will be based on the selling price or market value of the partial interest, whichever is higher
Notes:
1. Where land is sold with existing building, the liability for SSD will be based on the zoning of the land in the Master Plan.
2. For non-residential property that is re-zoned or the permitted use is changed to residential, the date of acquisition of the property will be the date of rezoning or the change of use.
3. SSD payable to be rounded down to the nearest dollar.
Procedure of selling your property
- Set your asking price. Consider engaging a real estate salesperson (property agent) who can assist you in pricing and handling the paperwork
- Check that the salesperson is registered with the Council for Estate Agencies (CEA)
- According to market practice, the buyer does not need to pay commission to his salesperson. Buyer’s salesperson will share the commission paid by the seller to his salesperson.
- Market your property. Your salesperson will assist you in this
- List your property for sale
- Screen the prospective buyers
- Check if your property fits their criteria, such as budget, number of bedrooms, size and location
- Conduct viewing
- Negotiate with buyers who will try to bargain
- Grant Option to Purchase (OTP) to buyer in exchange for 1% Option fee
- The standard Option fee is 1% of the negotiated selling price
- The standard OTP is valid for 14 days
- The property is reserved exclusively for the buyer during this period
- Receive signed OTP and 4% Exercise fee from buyer
- 1% Option fee from the buyer is forfeited if the OTP is not exercised within the valid period. You may keep the fee.
- The standard Exercise fee is 4% of the negotiated selling price
- Upon the buyer’s exercise of the Option, the buyer and seller enter into a Sale and Purchase agreement(S&P)
- The S&P is usually based on The Law Society of Singapore’s Conditions of Sale 2012
- Buyer will receive duplicate of signed S&P within 14 days of the exercise of the option
- Buyer’s lawyer will perform duties, such as lodging a caveat and conducting legal requisitions on the property
- Pay Seller’s Stamp Duty (SSD) within 14 days of the exercise of the option
- Completion
- The scheduled completion date is stated in the S&P
- If the sale is not completed by the scheduled date, the Buyer may be liable for Late Completion Interest to the Seller and vice versa, under the Conditions of Sale 2012
Source: URA, SLA, IRAS, CEA, The Law Society of Singapore, The Edge Property
10 painful mistakes you can avoid.
Mistake #1 : “I want to sell my house at a high price.”
Setting the ‘right price’ is important. This affects how long your house is going to take to sell. There is always a ‘market price’ a house can sell. A very common mistake is for the owner to ask for a selling price way above the market price. Think about this: If houses in the same area are selling for $500,000, will you pay $580,000 for a house? Most likely not.
If you overprice your house, buyers will be put off by the price. As a result your house may take longer to sell, and end up being sold at a lower price.
Mistake #2 : “I’ve spent $100,000 on my renovations, hence my house should be worth a lot more.”
Another expensive mistake is to base the pricing on how much you paid for or invested in your home. Remember, if your home is not priced competitively, buyers will reject it. Buyers who should be looking at your house may not see it because it is overpriced. This will increase the time its takes to sell your house. Even if you eventually lower your price, buyers are cautious as nobody likes to buy something that no one else wants. Every seller wants to make as much money as possible from the sale, but a high listing price eventually sells for less than market value. Hence you MUST HAVE AN accurate market evaluation to determine a competitive listing price.
Mistake #3 : “I just want to sell my house first. I’ll worry about the rest later.”
Another common mistake made by home seller is lack of planning. It is important to plan ahead even before you start selling your house. You need to know:
- The profits you can make from the sales of your house
- The cost and financing for your new house
- The legal and contractual aspect of the selling/ buying
- Timing for moving in the new house and moving out of your sold property
We’ve met many home sellers who are frustrated when things do not go their way. With planning, it should minimize the unexpected. This is where an experience real estate agent with the right expertise will be helpful in planning of the sale of your home.
Mistake #4 : Not showing your home
This is one of the most common mistake. When a buyer view your house, make your home look as pleasant as possible. Walking to a house with wall paint worn off, kitchen floor oily and house in a mess is an unpleasant experience. Any buyer will not have a good impression of such a house. Buyers pay attention to your home conditions. You do not have to spend thousands of dollars renovating your house, but you can present your house in a clean, neat and pleasant manner. You could ensure that your house is neat, get rid of unpleasant smells, do some repairing and apply fresh coats of paint to all walls and doors etc. Make sure everything functions and looks presentable. You want your house to feel warm and welcoming. A poorly kept home in need of repairs will definitely lower the selling price of your property and will even turn away buyers.
Mistake #5 : Trying to “Hard Sell” While Showing
Buying a house is always an emotional and difficult decision. You should try to allow prospective buyers to comfortably examine your property. Be friendly and hospitable. All buyers make decision on what they like/need and not what we think they like/need. Everyone is subjected to have their own opinion of what they like when they are looking for in a house. Though you think a house near the road is convenient, some buyers may think that it will be noisy. Therefore during the buyers viewing let your agent show the house for you.
Mistake #6 : Choosing the wrong real estate agent or choosing for the wrong reasons.
Many homeowners choose a real estate agent who tells them the highest price, or one who charged the lowest commission. Stay away from an agent who promise you that your house can fetch more than the market price. That agent just wants your business. You will end up not being able to sell your house for a few months, then the agent will convince you to lower your asking price.
What about an agent who can charge you the lowest commission? Do you trust your home to be marketed by an agent who can’t even negotiate for his fees? What makes you think the agent will be able to negotiate for the best price for your home? Hence when selecting an agent, you must choose a reliable agent with the best marketing plan to price your home right. This could mean higher price at the negotiating table, selling in less time, and with a minimum amount of hassles.
Mistake #7 : “Isn’t it better to let a few agents handle the sale of my house?”
Some home owners think that engaging many agents may increase the chance of the sale of their house. You need to consider these when engaging many agents:
- The competition between the agents may lead to the undercutting of your selling price.
- Different agents may bring the same buyer to view your house a second time, leading to confusion.
- Buyers may think that you are desperate in selling (so you engage multiple agents to sell it off fast). Since they think you are desperate, they may not give you a good price.
- Agents who do not have exclusive rights to a listing may be less willing to work for that listing.
Mistake #8 : Poor Communication with your housing agent
It is important to understand that the seller and the agent are working together to sell the house at the best possible price. The partnership between the agent and the owner is a key factor to a smooth and enjoyable sales process. Home sellers should as far as possible give accurate and full information about the house. This will help the agent in analysing the strength and weakness of your house and present it in a positive light to a potential buyer. If there should be any slight misunderstanding, it should be resolved with the agent as soon as possible. Home owners have to place trust into their agent. Therefore get a responsible agent and one that you can work well with.
Mistake #9 : Failing to take the first offer seriously
Sellers hope that there will be many offers to come by. Thus, there is a tendency not to take the first offer seriously, and to wait for a higher price. This is especially true if the offer comes in soon after the home is placed on the market. Experienced real estate agents know that more often than not the first buyer ends up being the best buyer, and many, many sellers have had to accept far less money than the initial offer later in the selling process. A house is most saleable early in the marketing period, and the amount buyers are willing to pay reduces with the length of time a property has been on the market. So, don’t ignore the first offer, which may be the best offer.
Mistake #10 : Missing out on a genuine offer
It takes experience to identify a genuine buyer. Sellers often missed out on a genuine offer and not selling their home. Imagine this: you receive 2 offers for your house. The first offer $700,000 (but the offer is not genuine, buyer just paying lip service). The second offer is $680,000 (genuine offer). You may turn down the second offer due to the lower price and finally find that the first buyer did not want to buy from you. Then you lost out a genuine offer. Hence, it will be important to assess your buyers (an experienced agent will be of great assistance) to determine if the buyers are genuine. A best way to identify a genuine buyer is one who is willing to put in a deposit for your house.
Hope that the above pointers assists you in making better decision and aids in your selling property.
Source: https://aboutsingaporeproperty.wordpress.com/property-guides/10-sellers-mistakes/
Assuming you have gathered a list of agents to interview, the first thing you need to ask them is how long have they been in the business. Most Singaporeans attach age and seniority with technical prowess and ability and while that may be indicative of the agent’s capabilities in some cases, at times, it might prove detrimental to the cause.
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Selling your home is going to take time, effort and a lot of patience. Some homeowners think it’s a way to make a lot of money quick which is why many people are flipping properties when they can.
Most of our articles were written with the express intent to assist you in preparing and selling your home while some deal with buying a home. When we sell a home, we are focused on ourselves, our needs and wants. Very rarely do we put ourselves in the shoes of our clients.
With information easily obtained by spending a few hours on the internet, most people would challenge the need for a property agent when they feel they can educate themselves on how to buy and/or sell their property in a few hours.
So you’ve got that big raise and decide it’s time to move.
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Home ReportTM
FREE: Get the public version of the report that the professionals use to price property and devise marketing and negotiation strategies. S$ 88.00 / unit (incl GST)
DOWNLOAD Sample Home Report
AskREALTOR Mani Get Your Home Report (Compliment)
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