Research the Singapore market and comparable properties to determine a fair asking price. You can use a property valuation tool or check property sale listings.
An agent can assist with the Option to Purchase (OTP) and the Sale and Purchase Agreement (S&P).
Once an offer is accepted, sign the Sales and Purchase Agreement and complete the sale on the agreed-upon date.
You may also need to pay stamp duty, which is calculated based on the selling price or market value of the property, whichever is higher. The stamp duty rate is 4% for Singaporeans and permanent residents and 7% for foreigners. If you sell a condominium within 3 years of ownership, you may also be liable to pay a Seller's Stamp Duty (SSD). The SSD is 12% if you sell within the first year, 8% within the second year, and 4% within the third year.
You can use a real estate agent or broker to help you find a buyer, negotiate, and get the best price for your property. Agents typically take a commission of up to 3% of the purchase price.
Marketing - You can use an international website, social media, and third-party listing portals to market your property.
Foreign exchange transaction certificate - If the buyer is a foreigner, they'll need a Foreign Exchange Transaction Certificate (Thor Thor 3). This document is issued by banks when a foreigner receives foreign currency into their Thai bank account.
You can work with a team of attorneys, accountants, and real estate agents during the sale or a mix of those professions depending on how you wish to sell your property.
Note this information is purely a guide, and if selling or renting in Singapore, we advise you to seek professional help as relates to your specific needs.
Find out how to list a property in Singapore for sale here.
