Your search results

Quick Guide for Condo Sellers: Timeline to Sell Condo in 2023

Posted by Jayson Ang on July 9, 2023

| 0

TLDR

When selling a condominium in Singapore, understanding the critical steps is key. First, ensure you are not liable for Seller’s Stamp Duty (SSD). Conduct thorough market research to set a competitive price. Focus on home staging rather than costly renovations. Utilize advertising and marketing to attract potential buyers. Prepare for negotiations by knowing the market well. Engage a lawyer for the Option to Purchase process. Once the buyer exercises the OTP, complete the sale smoothly. Consider seeking expert advice for strategic real estate decisions and connecting with the right buyers.

Selling a condominium in Singapore can be more of a challenge than selling an HDB flat, as you are dealing with a private property and with fewer regulations in place.

Having a reliable agent is vital to ensure everything goes smoothly, but you shouldn’t just sit back and relax.

It’s important to have a basic understanding of the process, so you’re not taken advantage of if your agent is inexperienced.

1. Check Payable Seller’s Stamp Duty (SSD)

If you bought your condo three years ago and now you’re selling it, this step doesn’t apply to you – skip ahead to step 2!

The Inland Revenue Authority of Singapore (IRAS) requires property owners to pay Seller’s Stamp Duty (SSD) to be eligible to sell their home.

Don’t forget, SSD is the tax payable to IRAS if you sell a property within the first three years of purchasing it. To ensure you’re not liable to pay SSD, you must hold onto your property for three years prior to selling.

If you are liable, you must make the payment within 14 days from the date of exercising the Option.

SSD rates from 11 March 2017 onwards

Find out how much you’ll need to pay for an SSD based on your home’s actual price or market value – whichever is higher – with this table, valid for properties purchased from 11 March 2017 onward.

Source: IRAS, Seller’s Stamp Duty (SSD) for Residential Property

2. Conduct Market Research & Post Condo Listing

Before listing your condo on the market, it is a smart move to research the prices of comparable properties in the area.

This will provide you with a ballpark figure to benchmark against, so that you may set an appealing yet realistic price and avoid being taken advantage of by a savvy buyer.

A couple of factors typically determine the price of a condominium:

Remaining lease on the property (or if it’s a freehold)
Condition of the home
Whether furnishings will be included
Location

Are you curious about your property’s estimated valuation? Look no further!

There are plenty of free property valuation tools available – or, you can contact me for a custom assessment using my specialized software.

3. Home Staging & Renovation

Presenting your home in a way that will draw the most potential buyers is what home staging is all about.

Giving yourself the best chance of a high sale price is as simple as putting your best foot forward and following this process!

Homeowners often set the stage to appeal to potential buyers by furnishing their home with attractive pieces and styling it in a way that helps them imagine themselves living there.

With most listings being viewed online today, hiring an experienced photographer and videographer is almost a must as they can best showcase your home’s features and give buyers a virtual tour.

Renovating your home before selling can be tempting, especially since renovations cost around $82,000 on average. However, buyers may not be willing to pay more for the renovations and new homeowners usually want to personalize their spaces.

Therefore, it is generally not recommended to renovate your home for sale, unless it is to repair broken features.

4. Find Buyers Via Advertising And Marketing

When it comes to selling a house, identifying prospective buyers is a crucial stage of the process. Advertising and marketing can be a great way to attract them.

A good real estate agent can craft a marketing strategy to highlight the outstanding features of your home, such as its position, area, and conveniences.

Your advertising efforts can comprise of online listings, print ads, social media campaigns, and open houses – an effective combination for success.

An experienced agent can leverage targeted advertising to reach key demographics, such as first-time buyers or retirees.

By employing various marketing techniques, your agent can whip up a storm of excitement around your property and attract a wide array of prospective buyers.

Ultimately, the aim is to identify a buyer who recognizes the worth of your home and is eager to make a fair offer.

5. Arrange Viewings & Negotiations

If you want to keep your profit margin, now’s the time to prepare for battle! Your initial asking price isn’t set in stone and buyers may try to knock it down with curveballs.

It’s essential to be ready with counter-arguments. To stay ahead of the game, brush up on the area’s market research. Know the prices of properties in a 1km radius and have the district’s transaction history on hand; that way you can back up your price with solid numbers.

Despite the amount of work an average person can do, engaging a specialized property agent for your transaction will give you the greatest advantage; even more so when your agent is an expert in your town or district.

6. Contact A Lawyer & Grant Option To Purchase

Engaging a lawyer to draft the terms and conditions in the Option to Purchase (OTP) and draw up the required documents for the transfer of ownership is a key step in this process.

In contrast to HDB flats, whose OTPs can be accessed from the HDB website, OTPs for private properties must be prepared by a lawyer or an agent with the legal authority to manage real estate paperwork.

Once you’ve drafted the OTP, your buyer can purchase it from you at 1% of your condo’s selling price – though of course, this amount is negotiable between both parties. The Option Fee acts as an incentive to prevent the buyer from backing out after you’ve turned away other interested buyers and saved the house for them.

Once the buyer and seller have reached an agreement on the price, the seller must sign the OTP to launch the Option Period. This can last anywhere from two to ten weeks, depending on the progress of negotiations.

During this window, the buyer can choose to exercise the OTP, thereby showing their intent to purchase the property.

7. Buyer Exercise OTP

At this point, your only course of action is to wait for the buyer to formally accept your offer. When they do, your legal representative will let you know.

As far as payment goes, the buyer typically pays 4% of the selling price to the conveyancing account of your law firm (unless you’ve previously made other arrangements). After that, you will officially sign the Sale and Purchase Agreement with the buyer.

Remember that if the buyer chooses not to move forward with purchasing your home and does not act on the Option to Purchase within the allotted 14-week timeframe, the Option Fee will be forfeited.

8. Complete The Sale

Once you have engaged a lawyer or property agent for your sale, it should be relatively straightforward from here on out.

On the final sale date, all that remains is to sign the necessary paperwork and present the keys of your property to the new owner.

Be sure to vacate the property prior to the ownership transfer. If you must extend your stay beyond the transfer date, private arrangements should be made between you and the new owner.

They may extend you a courtesy by allowing you to stay rent-free for a while, though they are not obligated to do so since taxes and maintenance become their responsibility upon transfer of ownership.

Should You Buy, Sell or Wait?

If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?

It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.

I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.

I can help you by:

Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.

You May Also Like …

All Blog Posts Buying Tips

5 Disastrous Property Transaction Nightmares (and How to Avoid Them)!

Jayson Ang – April 20, 2023 –

TLDR When attempting to sell your property, various worst-case scenarios can hinder the sale process significantly. These scenarios include buyers...

All Buying Tips Opinion Selling Tips

What Impact Will Decreasing US Interest Rates Have on Homeowners in Singapore?

Jayson Ang – July 25, 2025 –

TLDR The Fed’s recent 0.5% rate cut is likely to lower Singapore’s SORA-based home loan rates, benefiting those with bank...

All Opinion

What Might Occur If We Ease Property Cooling Measures?

Jayson Ang – July 21, 2025 –

TLDR To assess if Singapore’s property cooling measures are working, compare our actions with China, which is applying the opposite...

All Blog Posts

HDB Market Outlook 2023

Jayson Ang – January 8, 2023 –

TLDR: Understanding the HDB Market Outlook 2023 The HDB resale market showed resilience in 2022, with significant growth in sales...

All Buying Tips Selling Tips

Unpacking Property Ownership: Joint Tenancy vs. Tenancy-in-Common

Jayson Ang – September 10, 2024 –

TLDR When a property has multiple owners, the choice of ownership type is crucial to determine how shares are distributed...

All Buying Tips Selling Tips

When Should You Consider Investing in Singapore Property, and When Should You Avoid It?

Jayson Ang – February 2, 2025 –

TLDR Investing in real estate is a complex decision influenced by personal goals, investment horizon, rental plans, and financial liquidity....

Mandarin Top 5

Top 5 Street Food Markets in Singapore

Jayson Ang – September 8, 2024 –

Singapore, a melting pot of diverse cultures, offers an incredible array of street food that tantalizes the taste buds of...

All Buying Tips Opinion

5 Unexpected Factors That Make Some New Launch Condos Sell Like Hotcakes

Jayson Ang – August 9, 2024 –

TLDR The Singapore property market for new condo launches in 2023 saw varying degrees of success. Factors like limited competition,...

Mandarin Top 5

5 Top Primary Schools in Singapore Popular with Expat Chinese Community

Jayson Ang – May 25, 2023 –

5 Top Primary Schools in Singapore Popular with Expat Chinese Community When it comes to education, Singapore is a top...

All Blog Posts Buying Tips

Downsizing From A Spacious 4-Bedroom Condo To A Cozy 2-Bedder: How I Chose A Condo Over A HDB

Jayson Ang – April 28, 2023 –

TLDR Mdm Sim's decision to trade her four-bedroom house for a two-bedroom condo is explored, highlighting the benefits of right-sizing....

All Buying Tips Opinion

3 Things You Need to Know if You Are Buying a Second Property

Jayson Ang – August 21, 2023 –

TLDR When considering buying a second property in Singapore, ensure eligibility by meeting the Minimum Occupancy Period (MOP) and understanding...

Mandarin Top 5

5 Impacts Of The Singapore Government’s Cooling Measures On Property Investing

Jayson Ang – May 30, 2024 –

The Singapore government has implemented several cooling measures over the years to regulate the property market and prevent it from...

All Buying Tips

Navigating Property Purchases in Singapore: Why Going Without an Agent Can Be Risky

Jayson Ang – December 26, 2025 –

TLDR Many homebuyers hesitate to engage their own real estate agent due to misconceptions about costs and conflicts of interest....

All Blog Posts

3 Steps to Protect Yourself from Real Estate Scams in Singapore

Jayson Ang – December 17, 2022 –

Lately, there has been an increase in scams related to real estate. Scammers are pretending to be real estate agents...

Mandarin Top 5

5 Impacts Of The Singapore-Malaysia High-Speed Rail On The Property Market

Jayson Ang – June 10, 2024 –

The proposed Singapore-Malaysia High-Speed Rail (HSR) is a joint project between the two countries that aims to improve connectivity and...

All Blog Posts Buying Tips

Will Your HDB Flat Provide For Your Retirement?

Jayson Ang – July 11, 2023 –

TLDR Singapore's property market presents challenges with high prices, particularly in private housing, while public housing remains relatively more affordable....

All Buying Tips Opinion

The Significance of Choosing the Right Condo: A Real-Life Tale of Two $1.8 Million Investments with Significantly Different Results.

Jayson Ang – August 13, 2024 –

TLDR When contemplating property investments in Singapore, consider various factors like rental performance, unit count, access to train lines, and...