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Timeline to Sell a Condo: A Condo Seller’s Essential Guide

Maelyn Lagman

Maelyn Lagman

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The average timeframe to sell off a condo is, on average, 3 to 6 months – but what takes place from the moment you wish to sell all the way to the handover of keys? What exactly is the timeframe you need to be mindful of? This handy article will show you the way and eliminate any potential hiccups.

Resale Condo Transaction Timeline

Timeline Steps
Step 1: Check Seller’s Stamp Duty (SSD).

Is the SSD applicable to you? Homeowners are required to pay SSD if their properties are sold less than 3 years from their purchase date. The amount of SSD payable depends on how long you’ve kept your private property and when you’ve purchased it.

Step 2: Calculate the costs.

Other costs involved when selling your condo would include the following:

  • Property Valuation from Licensed Valuer (if required)
  • Seller’s Stamp Duty (if applicable)
  • Legal Fees
  • Property Tax Payable
  • Agent Fees (if applicable)
Step 3: Price your property right.

Property valuation provides an estimation of the value of your home.

There are two main types of valuation you can obtain for your home:

  • Indicative Valuation
  • Actual Valuation
  • Indicative valuations are simple estimations of the value of your property, usually derived from the average price of properties bought and sold around the same area. Actual valuation provides the most accurate estimate and is often conducted by licensed surveyors.

    You can find your property’s indicative valuation instantly on the Ohmyhome app. Simply download it on the Play Store or App Store.

    Step 4: Stage your home.

    Staging your home is important to ensure the photos you are listing are the best reflection of your property.

    How to take photos for your home listing:

    • De-personalise your home by removing clutter and distinct personal belongings
    • Embrace bright and natural light by drawing the blinds and opening up windows
    • Shoot at eye level to capture the right amount of ceiling and floor space
    Step 5: Post your listing on Ohmyhome.

    Include unique selling points of your property such as “walking distance to the MRT” and “corner unit” to attract more buyers. You may also include video tours to provide a better view of your home.

    Tips on how to conduct a video tour:

    • Use soft lighting to make spaces look their best in video by using lamps placed strategically around the room. Avoid using unflattering overhead lighting.
    • Start from the exterior surroundings and pan the video throughout every room from side to side to highlight each corner of the room.

    To facilitate the next step, include the dates that you are available for home viewings too.

    Step 6: Chat with interested buyers and conduct viewings.

    When conducting a home viewing, be sure to emphasise unique features of your home that the next owner could enjoy. Prepare answers to common questions such as obvious defects in your home. It is best to be honest when it comes to these defects so buyers can account for additional costs that may be incurred.

    Our in-app chat allows you to connect with the buyer and answer any enquiries about the property or arrange a home viewing.

    You and the seller have 2 weeks to complete the cash transaction Step 7: Grant Option to Purchase (OTP).

    Found a serious buyer? Congrats! Here’s where you grant the OTP to the buyer with the agreed Option Fee included. Option Fee ranges from 1% of the purchase price. Once the OTP has been issued to the buyer, both you and the buyer would have 14 days to exercise the option.

    Step 8: Sign Sales and Purchase (S&P) Agreement.

    Once the buyer has exercised the OTP, a 4% Exercise Fee is due next before you can enter into a Sale and Purchase agreement with them. The Exercise Fee is usually held by the buyer’s lawyer pending completion of the sale.

    8-10 weeks from exercising the Option Step 9: Handover the keys.

    The completion is between 8 to 10 weeks. The buyer will prepare the remaining 20% of the downpayment at the lawyer’s office. Once final payments have been made, you should hand over your keys to the new owners. Bid your last goodbye!

    Sell Your Condo with Ohmyhome

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