Sell Landed Property in Singapore
Understanding Selling Landed Property
Selling a landed property in Singapore is a significant financial decision that requires careful planning. Whether you’re upgrading, downsizing, or cashing in on your investment, understanding the process ensures a smooth transaction.
Eligibility Criteria
Before selling your landed property, ensure that you meet the following requirements:
- Ownership Duration – If your property is under a bank loan, check the lock-in period to avoid early repayment penalties. For private property owners, note that the Seller’s Stamp Duty (SSD) applies if sold within three years of purchase.
- Property Type – Only Singapore Citizens can own landed property on mainland Singapore. Foreigners may require special approval from the Land Dealings Approval Unit (LDAU).
- Legal Documents – Ensure all property documents, such as the title deed and land ownership records, are in order.
Financial Planning
Proper financial planning helps maximize your sale profits and avoid unnecessary costs. Key considerations include:
- Market Valuation – Engage a licensed valuer to determine the fair market price of your property.
- Outstanding Loans & Mortgage – If your property has an existing mortgage, check with your bank for settlement procedures.
- Tax Obligations – Factor in Seller’s Stamp Duty (SSD), property taxes, and legal fees.
- Agent Fees – If you hire a property agent, commission rates typically range from 1% to 2% of the selling price.
Do you need help to sell landed property in Singapore?
At Haohaoguo Realty, we are dedicated to making the process of selling your landed property in Singapore smooth and hassle-free. Whether you’re a first-time seller, a homeowner looking to upgrade, or someone relocating, our experienced team provides personalized guidance and hands-on support at every step of your selling journey.
Expert Guidance
Personalized Assistance
Seamless Process
Comprehensive Support
The Selling Process
Selling landed property involves several key steps:
- Engage a Property Agent (Optional) – A real estate agent can market your property effectively and negotiate deals on your behalf.
- Set the Right Price – Research market trends and recent transactions to price your property competitively.
- Market Your Property – List your property on platforms like PropertyGuru, 99.co, and EdgeProp with high-quality photos and descriptions.
- Receive and Negotiate Offers – Buyers may submit offers, and negotiations take place before finalizing the sale price.
- Sign the Option to Purchase (OTP) – The buyer provides an option fee (1% of the purchase price) to secure the deal.
- Legal & Financial Processing – Lawyers handle conveyancing, and buyers settle outstanding payments within the agreed timeframe.
- Handover – Upon full payment, legal documents are completed, and property ownership is transferred.
Guidance related to Sell Landed Property
Why do I need an agent to sell my landed property?
An experienced property agent can help you navigate the complexities of selling landed property, from pricing and marketing to negotiations and legal procedures, ensuring a smooth and profitable transaction while saving you time and effort.
Can I upgrade my landed property by selling?
Yes, you can sell your current landed property and use the proceeds to upgrade to a larger or more premium home, but it’s important to plan your finances carefully, considering factors like outstanding loans, taxes, and market conditions.
FAQ
It typically takes 3-6 months, depending on market conditions and buyer demand.
While not mandatory, an agent can help with marketing, negotiations, and legal procedures, making the process smoother.
If sold within three years of purchase, Seller’s Stamp Duty (SSD) applies:
- 12% if sold within the 1st year
- 8% if sold within the 2nd year
- 4% if sold within the 3rd year
After three years, no SSD is required.
Foreigners need approval from the Land Dealings Approval Unit (LDAU) before purchasing landed property.
Check recent transactions, engage a professional valuer, and consult property agents for pricing insights.