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  • Mortgage Loan

Complete Guide to Selling a Property in Singapore: Process & Timeline

Selling a Property

Selling a Property in Singapore (HDB or Private Property): Timeline & Process Guide

Whether you are upgrading, right-sizing, or cashing out, selling your home in Singapore involves a series of structured steps. The rules for HDB flats and private properties are different, but the main ideas are the same. Always plan ahead, understand your finances, and stick to the timeline.

1. Pre-Sale Considerations

Before you list your home:

Check Eligibility

  • HDB owners: Ensure you’ve met the Minimum Occupation Period (MOP) of 5 years
  • Private property owners: There is no MOP. However, if you sell within 3 or 4 years of buying your property, you may have to pay Seller’s Stamp Duty (SSD).

Understand Your Financial Position

  • Obtain your outstanding loan amount (HDB loan or bank loan).
  • Check your CPF usage and the accrued interest that you need to refund to your CPF account.
  • Consider current market prices to set realistic expectations.

2. Engaging Professionals

  • Optional for both HDB and private property: Engage a property agent to handle marketing, viewings, and negotiation. Commission rates typically:
    • 2% of the sale price (HDB)
    • 1–2% of the sale price (Private Property)

  • Mandatory: Engage a lawyer/conveyancing firm (unless selling an HDB flat, where HDB handles legal work directly).

3. Listing & Marketing

  • Conduct viewings and negotiate with buyers.
  • Prepare your property: declutter, clean, and consider minor touch-ups.
  • List on portals like PropertyGuru, 99.co, or HDB Resale Portal.

4. Offer & Option to Purchase (OTP)

HDB:

  • Buyers and sellers use the HDB Resale Portal to register their intent to sell or buy.
  • Once the buyer secures financing (bank/HDB loan), they grant the OTP and pay the option fee (up to $1,000).

Private Property:

  • Seller grants OTP (standard 14–21 days validity). Buyer pays 1% option fee, followed by 4% exercise fee upon exercising.

5. Submission to HDB or Law Firm

HDB:

  • After OTP acceptance, both parties submit the resale application via the HDB portal.
  • HDB will process within 8 weeks if the documents are in order.

Private Property:

  • Completion typically takes 8–12 weeks after OTP exercise.
  • Lawyers handle conveyancing, title searches, and coordinate with banks/CPF.
Selling a Property in Singapore

6. Completion & Handover

  • HDB: Completion appointment at HDB Hub where keys are handed over, final payments made, and CPF refunds credited.
  • Private Property: The law firm completes the process. The seller gives the keys after receiving full payment. You can make the payment by cashier’s order or telegraphic transfer.

Typical Timeline at a Glance

StageHDB FlatPrivate Property
Intent to Sell/Prep1–2 weeks1–2 weeks
Marketing & Viewings1–3 months (varies)1–3 months (varies)
Option to Purchase (OTP)Up to 3 weeks2–3 weeks
Submission/Legal Conveyancing~8 weeks~8–12 weeks
Completion & Key HandoverAppointment at HDB Hub and law firm

Total duration: Typically 3–6 months from listing to completion, depending on market demand.

7. Taxes & Costs to Note

  • Seller’s Stamp Duty (SSD) is a fee. You must pay it if you sell a property within 3 or 4 years of buying it. The rates range from 4% to 16%.
  • Agent Commission: Payable upon completion.
  • Legal Fees: Around $1,800–$2,000 for private conveyancing.
  • The seller must return all CPF monies used plus accrued interest to their CPF account.

8. Tips for a Smooth Sale

  • Start marketing before securing your next property to avoid timeline crunch.
  • Consider the Buyer’s Stamp Duty (BSD) or Additional Buyer’s Stamp Duty (ABSD) if you are buying another property.
  • Time your sale to match your next purchase. Many sellers can negotiate a temporary stay of up to 3 months for HDB.

Conclusion

Selling a property in Singapore typically takes 3–6 months. The journey usually starts with eligibility checks, followed by marketing the unit, securing an Option to Purchase (OTP), going through the legal and conveyancing work, and finally completing the sale.

The key differences lie in regulatory oversight (HDB vs law firms) and specific rules like MOP and SSD.

Contact IQrate to work with our experienced Mortgage Broker. We can help you with advice on selling your home and finding the right financial package for your next home loan.