The procedure for selling a private condo in Singapore involves several steps, including:
1. **Preparing Your Property:** Declutter, clean, and stage your condo to make it more appealing to potential buyers.
2. **Valuation and Pricing:** Obtain a professional valuation to determine a fair market price for your property.
3. **Engaging an Agent (Optional):** You can choose to hire a real estate agent to help you with the marketing, viewings, and negotiations.
4. **Marketing and Viewings:** Advertise your property through online listings, property portals, and open houses (if applicable). Conduct viewings for interested buyers.
5. **Negotiation and Offer:** Negotiate with potential buyers and agree on a sale price and terms.
6. **Option to Purchase (OTP):** The buyer will typically pay a 1% option fee to secure the option to purchase your property within a specified timeframe (usually 14 days).
7. **Exercise of Option:** If the buyer decides to proceed, they will exercise the option by paying an additional 4% of the purchase price. This 4% is held by the seller's law firm as a stakeholder pending completion of the sale.
8. **Sale and Purchase Agreement (SPA):** Both parties will sign a SPA, a legally binding contract that outlines the terms and conditions of the sale.
9. **Completion:** The sale is completed on the agreed-upon date, with the buyer paying the remaining balance of the purchase price and you transferring the property title to the buyer.
Regarding the 4% option exercise fee:
* **Stakeholder:** The seller's law firm holds the 4% as a stakeholder. This means it's held in a neutral account until the completion of the sale.
* **Not Returned to Seller:** The 4% is not returned to the seller before completion. If the sale goes through, it becomes part of the purchase price. If the sale falls through due to the buyer's default, the seller usually keeps the 4% as liquidated damages. If the seller defaults, the 4% is returned to the buyer.
It's important to note that the legal and financial aspects of property transactions can be complex. It's advisable to engage a conveyancing lawyer to guide you through the process and ensure a smooth and successful sale.
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