Learn All the Steps to Sell Your HDB Property
In this article, we will be sharing with you all the steps to sell your HDB house so that you are abreast with all the information you need to successfully close the property deal yourself.
- Documents You Need
- Taxes to be Paid
- Legal completion as Per Contract
- Closing the Deal
Any buyer who is interested in your property, will draw a Option to Purchase ( OPT), and give it to the seller with a deposit of one percent of the purchase price. He / She has 14 days to decide to go for or not to go for the offer and arrange the finances. Within the time frame of 14 days, either the buyer would draw up a Sales and Purchase Agreement (SPA) with a 5 -10 percent deposit. Once both seller and buyer signs it, they have to abide by it. If buyer backs out, the deposit amount is confiscated and if seller backs out, there can be a legal action against them.
There are a couple of taxes to be paid when you sell your private property and other taxes depending upon certain scenarios. Stamp duty is levied on selling of property ( change of ownership). Seller stamp duty is applied to all houses bought on or after 20 February 2010 and which are sold within four years. Then there are rebates and reliefs and property tax. We would assist you with these as well.
You will hand over the property after all the legal completion as per the contract.
Once the deal is closed, you pay rest 50% to Suite Hut for our services. We believe in assisting all our clients to the best of our knowledge and honesty in all our transactions with them. This ensures that they get the best buyers possible and good gain from selling their HDB and private property in Singapore.