If however, you have a question that you would us to answer, please contact us and we'll get back to you as soon as we can.
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(Owners) do I need a valuation before I sell my house? In volatile markets, selling your property based on the latest transacted prices may be inaccurate due to the time lag between the actual transaction and the published transacted prices. Also, most buyers would want to know the valuation or the bank indication of the value of your property to assess their ability to purchase your home. In the case of HDB properties, the Seller would normally obtain a Valuation before putting the property for sale in the open market. This is because the valuation will help the Seller to determine a fair selling price, whilst at the same time enables a potential Buyer to compute his financial commitment towards the purchase. |
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(Owners) What are the factors that affect the value of property? The factors are: a) Tenure b) Location c) Quality d) Proximity to conveniences and facilities such as MRT, market, bus-stops e) Surrounding features such as beautiful scenery/landscape a) Current demand for the property |
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(Buyers) What is Stamp Duty? Stamp Duty is a tax levied on documents which record transactions, such as disposition or transfer of interest from one party to another. Therefore, stamp duty is payable by the person who purchases any immovable property |
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(Buyers) How much Stamp Duty do I have to pay? Three(3%) percent of the Sale / Purchase price, less $5,400.00. ( for property prices of at least $360,000.00 or above) otherwise to compute by breaking down the Sale / Purchase price: The formula to calculate is: First $180,000 (1%) Next $180,000 (2%) Thereafter (3% ) |
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(General) En-Bloc Sales It means all the owners of separate units in an apartment, condominium or even an office building, collectively sell their properties. |
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(General) What are the main steps involved in an en-bloc sale process? Phase 1: Pre-Sale Preparation (1 months or more depending on the complexicity and number of owners involved in the Sale) – it includes the signing of the Collective Sale Agreement Phase 2: Public Tender Stage (1 month) – Development is up for Public Tender, and await developers to submit their bids Phase 3: Post Tender (1 month) – Evaluation of bids and negotiations with developers if necessary Phase 4: Legal Completion (3 months) – if there is less than 100% consensus, an application for an order to sell to the Strata Title Board is required. |
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(General) What is Property Tax? It is a tax payable by a property owner, based on the annual value of the property. The annual value is calculated from the potential gross rental the property can generate in a year on the basis that the owner is paying for the costs for repairs, insurance, and maintenance (excluding GST). |
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(General) How much is the Option Money/Deposit usually? The option money or deposit will be of the standard practice. For private property, the option money is usually one per cent of the purchase price while for HDB resale flats, the deposit should not exceed $5,000 |
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(General) What is the standard recommended commision? Sale by Private Treaty, Auction or Tender (All types of properties except HDB Resale Flats and Non-Privatised HUDC Flats) Party Commission / Fee Payable to Agency Vendor Minimum two percent (2%) of contracted price as sales commission and for Purchaser One percent (1%) of contracted price as finder's fee |
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