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The Ultimate Guide to Sell Your Condo in 2024

Maelyn Lagman

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There are fewer regulations to sell your condo in Singapore compared to selling a HDB resale flat. However, this doesn’t mean it’s any easier. Here’s a step-by-step guide on how to sell your condo to get you familiarised with the process. As you read on, you may find that having a property agent by your side to help you get your documents in order and make the necessary payments on time. In which case, you can reach out to us on WhatsApp — just click the link — and we’ll gladly answer any questions you may have.

Step-by-step guide to sell your condo:

  1. Check payable Seller’s Stamp Duty (SSD)
  2. Conduct market research & post condo listing
  3. Home staging & renovation
  4. Find buyers on Ohmyhome
  5. Arrange viewings & negotiations
  6. Contact a lawyer & grant Option to Purchase (OTP)
  7. Complete the sale

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

If you’re selling your condo 3 years after making the purchase, this does not apply to you. Skip directly to Step 2.

In line with property cooling measures, you are required to pay the Seller’s Stamp Duty (SSD) if you’re selling your condo within 3 years of purchasing it. This is the minimum holding period, similar to the Minimum Occupation Period (MOP) for HDB flats, that requires you to physically stay in your condo before you’re eligible to sell.

Should you be liable to pay SSD, you will need to make the payment within 14 days from the date of exercising the Option.

SSD rates from 11 March 2017 onwards

Holding PeriodSSD Payable (% of actual price/market value)
Up to 1 year12%
More than 1 year and up to 2 years8%
More than 2 years and up to 3 years4%
More than 3 yearsNo SSD payable
Source: IRAS, Seller’s Stamp Duty (SSD) for Residential Property

2. Conduct market research & post condo listing

Before putting your condo up for sale, you’ll want to get a rough idea of how much other condos in your area have been transacted for so you can keep your asking price reasonable while also ensuring that you don’t get ripped off by an opportunistic buyer.

To aid your condo market research, we’ve developed Homer AI to provide you with all the information you need about your home.

Ohmyhome Co-founder Race Wong sitting on the couch on her phone

It’s simple: register your address and you’ll immediately get a list of the recent condo transactions in your area. You’ll also be able to calculate your cash proceeds after deducting stamp duties like SSD, legal fees, and property agent fees. There’s also an Affordability Calculator for you to find out how much you can realistically afford for your next home purchase with your home loan included in the calculation. Check out Homer AI today!

3. Home staging & renovation

Aesthetic bedroom of a condo in Singapore, renovated by DreamR

To give yourself the best chance of selling at the best price, you’ll want to put your best foot forward. There’s a name for this: home staging. Rearrange your existing furniture, declutter your living and dining areas, as well as your rooms and bathrooms, to present a clean and organised home. This will help potential buyers visualise themselves living in your home. If you engage us to sell your condo, our Super Agents will guide you on what kind of staging your home needs.

Now, you might be tempted to renovate your home to negotiate a higher selling price. Instead of forking out extra cash for a full home makeover, you should repair all your lighting fixtures, doorknobs, and bathroom fixtures instead. You can also consider adding more electrical points in key areas of the home, such as beside sofas and beds, to accommodate your buyers’ lifestyle of working from home or lounging at night while charging their phones.

4. Get matched to your ideal buyer

Ohmyhome is the fastest property transaction platform in Singapore, and we are able to transact properties at 11x faster than the industry average with the power of technology. Our Super Agents are empowered by MATCH, an algorithm that propels accurate buyer matches and supercharges your home sale.

With over 200,000 monthly active users, MATCH functions as a powerful aggregator to generate the most number of buyers for you. We’ll send your condo listing for sale to buyers who are looking for a property like yours; after which, all you have to do is select the best candidate for your home.

If you’re looking to buy a condo and found this article, you can let us know what property you’re looking for by filling up this form and we’ll send you all available listings directly to your WhatsApp.

5. Arrange viewings & negotiations

Your asking price is not the final transaction price. Buyers will throw curveballs at you to bring the price down, which you must be ready to counter if you wish to get your ideal profit. 

Negotiations will definitely put your market research to the test. You’ll definitely want to have looked at the properties within a 1km radius of your home, as well as the recent transactions in your area, which you can find on Homer AI. This will give you hard, concrete numbers to fall back on when buyers quote a price below the market rate.

That said, there’s only so much groundwork the average person can do. With a property agent on your side, you can rely on their negotiation skills and market knowledge to secure the best price for your condo.

6. Contact a lawyer & grant the Option to Purchase

At this stage, you’ll need to engage a lawyer to draft the terms and conditions in the Option to Purchase (OTP) and prepare the necessary documents for the transfer of ownership.

Unlike OTPs for HDB flats, which can be downloaded off the HDB website, OTPs for private properties have to be drafted by a lawyer or an agent authorised to handle legal documents relating to property. 

Once the OTP has been drafted, the buyer can proceed with the purchase from you at 1% of your condo selling price. That’s the Option Fee, which can be negotiated. The Option Fee is there to simply lock down the buyer’s offer.

You will then have to sign on the OTP once the Option Fee has been agreed upon, which will commence the Option Period. This period typically lasts between 2 to 10 weeks, depending on how negotiations go. The buyer can then decide to exercise the OTP within the 14-week Option Period, indicating his/her decision to purchase your property. 

7. Buyer to exercise OTP

You don’t have to do anything at this stage except wait for the buyer to exercise the OTP. Your legal representative will inform you once it has been done.

The Exercise Fee is usually 4% of the selling price and will be paid to the conveyancing account of your law firm (unless a separate private arrangement has been agreed upon between you and the buyer). You will then enter into a Sale and Purchase Agreement (S&P) with the buyer.

Do remember that if the buyer does not wise to proceed with the purchase of your home and does not exercise the OTP within the stipulated 14-week Option period, the Option Fee will be forfeited.

8. Complete the sale

If you’ve engaged a lawyer or a property agent for the sale of your condo, the rest of the process should be smooth sailing from here on out.

You will be required to sign documents on the final sale date and hand over your keys to the buyer. Just be sure to move out before the transfer of ownership. If you have to extend your stay beyond the date of transfer, private arrangements should be agreed upon prior to the condo sale completion.

Ready to sell your condo? Get in touch with the Top 1% of agents in Singapore

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Drop us a message on WhatsApp to get an immediate callback or talk to us via our Live Chat at the bottom, right-hand corner of the screen.

Not ready to sell but looking for a better Condo Managing Agent?

Ohmyhome Founders Rhonda and Race Wong with Kenneth Chong of Simply Sakal for the launch of Ohmyhome Property Management

Spend less on condo maintenance fees and save more for what matters to you. Ohmyhome Property Management leverages technology to automate on-site and off-site operations and digitise workflows and estate documents for productive and cost-efficient estate management. Reach out to us here.

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