Hi Sir/Madam
When selling a private property in Singapore, there are several taxes and charges that you should be aware of. Here's a breakdown of some key considerations:
1. Seller's Stamp Duty (SSD): If you sell your property within the first three years of purchasing it, you may be subject to SSD. The SSD rates vary depending on the holding period and are calculated based on the property's market value or the sale price, whichever is higher. The SSD rates are typically higher for shorter holding periods and gradually decrease over time.
- For properties held for up to 1 year, the SSD rate is 12%.
- Properties held for more than 1 year and up to 2 years will have an SSD rate of 8%.
- If the holding period exceeds 2 years and is up to 3 years, the SSD rate decreases to 4%.
- Finally, for properties held for more than 3 years, no SSD is payable.
2. Goods and Services Tax (GST): GST is not applicable to the sale of residential properties in Singapore, unless the property is used for commercial purposes.
3. Legal and Agent Fees: When selling your property, you will need to engage a lawyer to handle the conveyancing process. Legal fees and disbursements will be incurred for the preparation of legal documents and other related services. Additionally, if you engage a real estate agent to assist with the sale, there will be agent fees or commissions to be paid.
4. Outstanding Mortgage Loan: If you still have an outstanding mortgage loan on your property at the time of sale, you will need to settle the loan using the proceeds from the sale.
Steps in selling
1. Appoint agent to market your unit, I will be glad to assist on this
After that I will proceed to market your unit in online portals and propose to buyer on hand.
2. Pricing Strategy
Selling price will be depend on level, facing, condition of unit, etc
Appreciate if you can contact me at
(65) 96608508 with details of your unit so I can advise accordingly
3. I will be glad to assist finding the right buyer
I am well versed in private property and has done many transactions
4. May I know what is your plan after selling so I can advise accordingly
I hope the above clarifies, please feel free to contact me at (65) 9660.8508 so I can explain further
Appreciate if you can contact me at (65) 9660.8508 with details of your unit
or click here https://bit.ly/WaSilvia to whatsapp me for no obligation discussion
Thank you.
Warmest regards,
Silvia Yang
Senior Marketing Director
ERA Realty Network Pte Ltd
Mobile: (65) 9 6 6 0 8 5 0 8
Email: Silviayang8@gmail.com
Read More