All you will need to know before selling your current property to move into a Completed Private Residential Property
1.0 - Hire a Seller + Buyer agent
Marketing & Sale of Your Existing Property
Hire A Seller + Buyer Agent (2-in-1) You will have to engage a licenced agent to put your property on the market. An agent will be able to leverage their existing group's buyer network to help you find a suitable buyer quickly. The agent will also be able to protect you from underhanded negotiation tactics to lower your sale price. We will cover these scenarios if you choose to sell with me.
1) Check Your HDB Flat Sale Price - Enter Your HDB Flat Details Here to check out recent transactions in your area; or - Consult Me Directly Now to to check your sale price & structure a complete moving plan. 2) Calculate Remaining Loan [Remaining Loan Payments] + [Interest from Bank Loan or CPF Accrued Interest] 3) Determine a Profitable or Negative Sale From the information gathered above, you will be fairly certain whether selling your existing HDB Flat and moving into your next Private Residential Property will be possible or not; including estimates of cash proceeds. 4) Calculate Your Household Income Here are incomes not considered for credit assessment: - Alimony/maintenance fee - Bonuses - Claims/reimbursement/expenses - Director's fee - Dividend income/interest from deposit accounts - Income from overtime work - National Service allowance - Occupier's income - Overseas cost of living allowance - Pension - Rental income - Scholarship overseas allowance 5) Check Affordability In Cash: - To pay the Option & Exercise Fee (5%), Stamp Duties & other intermittent transaction fees. In Loanable Amount: To check your loanable amount from private banks. You are no longer eligible for a HDB Loan when buying a Private Residential Property. 6) Register to Sell Log in to your HDB Resale Portal and register for the HDB Flat Eligibility. Valid for 6 months. 7) Find Buyers & Issue OTP (after 7-days cooling off period) You are required to observe a 7-day cooling off period before you can issue an Option-to-Purchase (OTP) to potential buyers at a S$1000 Option Fee. 8) Exercise Option (within 21-days) The buyer will have 21-days to 'Exercise the Option' buy signing on the OTP Acceptance section & paying the remaining S$4,000 Exercise Fee.
You may view and pay the 1% Option Fee to obtain the OTP for your next intended Private Residential Property once your buyer of your existing HDB Flat has 'Exercised their Option'. 9) Submit Resale Application (within 7-days of each other) Both you and your buyer will have to submit a Resale Application within 7-days of each submission; submission dates to be decided together. 10) Acknowledgement of Documents Both you and your buyer must log in to the HDB Resale Portal to acknowledge the submitted documents online. 11) Delivery of Vacant Possession (within 8 weeks) You will have to handover the keys & prepare to finalise some documents. 12) Completion of Sale You will receive the cash order of the sales proceeds (if any) and your CPF will be refunded to your respective Ordinary Account (OA) within 14 working days.
12.5) Temporary Extension of Stay If you require a little more time to move out of your current home due to unplanned timing inconveniences, you may arrange with your buyer to apply for a temporary extension of stay (for up to 3 months; not to be abused)
1.2 – Upgrading from EC (if applicable)
Selling your Executive Condominium (EC)
1) Check Your EC Sale Price - Consult Me Directly Now to check your sale price & structure a complete moving plan. 2) Calculate Remaining Loan [Remaining Loan Payments] + [Interest from Bank Loan or CPF Accrued Interest] 3) Determine a Profitable or Negative Sale From the information gathered above, you will be fairly certain whether selling your existing EC and moving into your next Private Residential Property will be possible or not; including estimates of cash proceeds. 4) Calculate Your Household Income Here are incomes not considered for credit assessment: - Alimony/maintenance fee - Bonuses - Claims/reimbursement/expenses - Director's fee - Dividend income/interest from deposit accounts - Income from overtime work - National Service allowance - Occupier's income - Overseas cost of living allowance - Pension - Rental income - Scholarship overseas allowance 5) Check Affordability In Cash: - To pay the Option & Exercise Fee (5%), Stamp Duties & other intermittent transaction fees. In Loanable Amount: To check your loanable amount from private banks. You are not eligible for a HDB Loan when buying a Private Residential Property. 6) List Your Existing EC on the Open Market Work with your Seller Agent to market your existing EC. If your EC is within its 6th to 10th year, you may only sell it to Singapore Citizens (SCs) or Singapore Permanent Residents (SPRs). EC properties older than 10 years are considered private properties and may be sold to anyone.
7) Find Buyers & Issue OTP You can issue an Option-to-Purchase (OTP) to potential buyers at 1% of your sale price. 8) Exercise Option (within 14-days) The buyer will have 14-days to 'Exercise the Option' by signing the Acceptance Copy & paying the remaining 4% of sale price (as the Exercise Fee). If the buyer fails to exercise option within the 14-days, the option fee is considered forfeit (you keep it).
You may view and pay the 1% Option Fee to obtain the OTP for your next intended Private Residential Property once your buyer of your existing EC has 'Exercised their Option'. 9) Seller's Lawyers receive Acceptance Copy The OTP Acceptance Copy will be delivered to your lawyer, where a legally binding contract is formed. 10) Buyer's Lawyer Lodge Caveat The buyer's lawyer will lodge a caveat & conduct legal requisitions & searches to protect the buyer's interest. 11) Seller's Lawyer discharge Seller's Mortgage Your lawyer will arrange to discharge your mortgage. 12) Legal Completion of Sale Once all the legal requisitions are deemed satisfactory, the sellers and buyers will proceed for completion.
Completion statement will reflect: - Outstanding loan settlement with the bank; and - The property tax paid till date of completion; and - Settlement of: Utilities Bill, Maintenance Fee, Commission to Salesperson, Lawyer Fees
The balance after deductions will be issued as 'sales proceeds' to the seller.
1.3 – Upgrading/Downsizing from Private Non-landed Or Landed Property (if applicable)
Selling your Private Residential (Non-Landed or Landed)
1) Check Your Private Residential Property Sale Price - Consult Me Directly Now to check your sale price & structure a complete moving plan. 2) Calculate Remaining Loan [Remaining Loan Payments] + [Interest from Bank Loan or CPF Accrued Interest] 3) Determine a Profitable or Negative Sale From the information gathered above, you will be fairly certain whether selling your existing Private Residential Property and moving into your next Private Residential Property will be possible or not; including estimates of cash proceeds. 4) Calculate Your Household Income Here are incomes not considered for credit assessment: - Alimony/maintenance fee - Bonuses - Claims/reimbursement/expenses - Director's fee - Dividend income/interest from deposit accounts - Income from overtime work - National Service allowance - Occupier's income - Overseas cost of living allowance - Pension - Rental income - Scholarship overseas allowance 5) Check Affordability In Cash: - To pay the Option & Exercise Fee (5%), Stamp Duties & other intermittent transaction fees. In Loanable Amount: To check your loanable amount from private banks. You are not eligible for a HDB Loan when buying a Private Residential Property. 6) List Your Existing Private Residential on the Open Market Work with your Seller Agent to market your existing Private Residential Property.
7) Find Buyers & Issue OTP You can issue an Option-to-Purchase (OTP) to potential buyers at 1% of your sale price. 8) Exercise Option (within 14-days) The buyer will have 14-days to 'Exercise the Option' by signing the Acceptance Copy & paying the remaining 4% of sale price (as the Exercise Fee). If the buyer fails to exercise option within the 14-days, the option fee is considered forfeit (you keep it).
You may view and pay the 1% Option Fee to obtain the OTP for your next intended Private Residential Property once your buyer of your existing Private Residential Property has 'Exercised their Option'. 9) Seller's Lawyers receive Acceptance Copy The OTP Acceptance Copy will be delivered to your lawyer, where a legally binding contract is formed. 10) Buyer's Lawyer Lodge Caveat The buyer's lawyer will lodge a caveat & conduct legal requisitions & searches to protect the buyer's interest. 11) Seller's Lawyer discharge Seller's Mortgage Your lawyer will arrange to discharge your mortgage. 12) Legal Completion of Sale Once all the legal requisitions are deemed satisfactory, the sellers and buyers will proceed for completion.
Completion statement will reflect: - Outstanding loan settlement with the bank; and - The property tax paid till date of completion; and - Settlement of: Utilities Bill, Maintenance Fee, Commission to Salesperson, Lawyer Fees
The balance after deductions will be issued as 'sales proceeds' to the seller.
2.0 – Purchase Process of Private Residential
Buying a Completed Private Residential Property
1) Engage a Buyer Agent Hire a buyer agent to distinguish between false advertisements for properties by virtue of being a licenced agent itself. A buyer agent would also help calculate your financial affordability and minimise expected mistakes through the buying process. 2) Search for a Suitable Property & Obtain an Option to Purchase (OTP) Arrange viewings with your buyer agent and fork out the 1% Option Fee to receive the signed Option to Purchase (OTP). 3) Exercise Option (within 14-days) You have 14-days to Exercise the Option by paying the remaining 4% of sale price as the Exercise Fee. If you fail to exercise option within the 14-days, the option fee is considered forfeit (the seller keeps it). 4) Pay Stamp Duties (if applicable) Pay Buyer's Stamp Duty & Additional Buyer's Stamp Duty if applicable to your situation. 5) Seller's Lawyers receive Acceptance Copy The OTP Acceptance Copy will be delivered to the seller's lawyer, where a legally binding contract is formed. 6) Your Lawyer Lodge Caveat Your lawyer will lodge a caveat & conduct legal requisitions & searches to protect your interest. 7) Seller's Lawyer discharge Seller's Mortgage The seller's lawyer will arrange to discharge their mortgage. 8) Legal Completion of Sale Once all the legal requisitions are deemed satisfactory, the sellers and buyers will proceed for completion.
Completion statement will reflect: - Outstanding loan settlement with the bank; and - The property tax paid till date of completion; and - Settlement of: Utilities Bill, Maintenance Fee, Commission to Salesperson, Lawyer Fees
The balance after deductions will be issued as 'sales proceeds' to the seller.
