Hi Sir/Madam
Selling a tenanted condo is common in Singapore, and it can be a strategic move if handled well.
1. Review your paperwork
- Tenancy Agreement (TA): Check lease end date, diplomatic/early termination clauses, renewal options, sales with Tenancy, viewing right during tenancy,etc
- Inventory list and condition report: Useful for smooth handover for selling with tenancy.
- if you still have outstanding bank loan: Find out your outstanding loan, lock-in period, and any redemption penalties.
- Seller’s Stamp Duty (SSD): If you bought the unit within the last 3 or 4 years, confirm if there is any SSD payable.
2. Inform your tenant
- Inform the tenant of your intention to sell the unit and ask for their preferred dates and times for viewings.
- If the lease has more than three months remaining, discuss the possibility of an early lease termination should a buyer require vacant possession, and check if the tenant would be agreeable to this.
3. Determine the selling price
It will be good to know the current market value of your house before selling.
I will be glad to assist on this, you can text/whatsapp me the details of your unit to (65) 9660.8508
4. Timeline for selling resale private property is negotiable between seller and buyer.
This are the typical resale timeline
- After securing offer, you can grant the OTP to the buyer with the agreed Option Fee
- Buyer would have 14-21 days to exercise the option.
- After buyer exercise the Option, completion will be around 2 - 3 months later
- For early redemption of your loan it will be best to check with the bank
Typically most banks need at least 2 months advance notice for the redemption
Law firm can help to serve notice to your bank
5. Other costs involved when selling your condo would include the following:
Property Valuation from Licensed Valuer (if required)
Seller’s Stamp Duty (if applicable)
Legal Fees
Agent Fees
etc
6. Are you considering purchasing another property after selling this one? If so, it’s crucial to coordinate the timing between your sale and next purchase.
I have extensive experience selling tenanted condo and would be glad to assist you as well.
Appreciate if you can contact me at (65) 9660.8508 with details of your unit
or click here https://wa.me/6596608508 to whatsapp me for no obligation discussion
Thank you.
Warmest regards,
Silvia Yang
Senior Marketing Director
ERA Realty Network Pte Ltd
Mobile: (65) 9660.8508
Email: Silviayang8@gmail.com
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