A 10-Step Guide to Selling

your private property

• Why do you want to sell your property?
  

• Do you have a tight timeline?
  

• Will you be liable for Seller’s Stamp Duty (SSD)? ​SSD is not payable if the property has passed ​three years of ownership.
  

• Check out past transaction values in the vicinity ​which are available to the public on the ​government portals: URA Portal
  

• If there is insufficient past transaction volume ​in the vicinity to provide a good gauge, it is ​then advisable to engage a licensed valuer to ​obtain an accurate value of your property.
  

• Declutter!
  
• Have a new coat of paint if necessary; remove ​molds and stains.
  
• Rearrange the furniture to create a more ​spacious visual.
  

Doing all these is important to increase the ​appeal of your property, hence increasing its ​potential sale price.

• Prepare plenty of marketing materials________ ​eg. well-taken photographs and videos.
  
• Craft the script - What are the unique selling ​points of your property? What nearby ​amenities and facilities are there?
  
• Publicize and reach out to as many potential ​buyers as possible eg. social media, agent ​network, YouTube and using an online platform ​like Property Guru etc.
  

• Make appointments with potential buyers or ​their agents. The open house can be conducted ​without your presence if you have an agent ​representing you.
  

<Fun Fact> Do you know it is a good practice for ​owners to excuse themselves during property ​viewing? This is because emotions play a part.

The owners may dress too casually or ​unintentionally speak too loudly, affecting the ​viewing experience for potential buyers.

Conversely, buyers might make negative ​comments, for instance on the interior decor, ​that could offend the owner.

But interestingly, those who comment the most ​often turn out to be the buyer in the end.

• Be prepared that most potential buyers will ​negotiate on the price.
  
• Various terms may also be brought in, for ​instance, the handover date.
  

• Issue an Option to Purchase (OTP) document to ​the buyer and receive the Option Fee in return. ​This Option Fee will be part of the deposit.
  
• Engage a conveyance lawyer to check through ​all the documents. Choose a law firm that is on ​your bank’s panel.
  
• Wait for the buyer to exercise the OTP, usually ​within 14 days for private properties .
  

(Note: It will take about 8-12 weeks to reach ​this stage)

• Sign the Sales & Purchase Agreement (SPA)
  
• Set the timeline for handover of the property
  
• Receive your sales proceeds in the form of a ​Cashier’s Order
  
• Any returns to CPF will take 1-3 weeks
  
• Settle lawyer’s fee
  

• You’re almost there! Give yourself sufficient ​time to pack, dispose of unwanted items, and ​arrange for moving service.
  

• The buyer will check that everything is in ​accordance to the contract. Handover the keys ​to the buyer.
  
• You (the seller) need not be present if you have ​a representing agent.
  

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