Selling Your Property: House or Flat
• granting an Option to the purchaser; or
• entering into an Agreement/contract.
Options (which are often prepared by brokers) and Agreements/contracts are documents that create legal rights and obligations, dealing particularly with:
• discharge of encumbrances;
• vacant possession or subject to tenancy;
• the date of completion;
• liability for property tax, maintenance fees or sinking fund;
• other special terms.
You should consult your Lawyer before accepting or signing the Option or Agreement/contract. This is to ensure that your interests are protected.
• the discharge of encumbrances like mortgage and CPF charge;
• the title being in order;
• satisfactory replies to legal requisitions to the various government departments.
The deposit is therefore held by the vendor’s lawyers as stakeholders to assure the purchaser that the deposit will be kept safely until completion of the purchase.
Where you are buying property which is under construction, the Singapore Academy of Law will hold a portion of the purchase monies as stakeholders until the expiry of the defects liability period provided in the Agreement/contract.
c. Goods and Services Tax (“GST”)
Your Lawyer’s Role In A Property Sale
When you sell Property, your lawyer’s primary responsibility is to ensure that on completion, you are ready to deliver the title to the property free from your mortgage and CPF charge. This requires your lawyer to liaise with your bank’s and CPF Board’s lawyer for payment, out of the sale proceeds, of the outstanding loan amount and refund of your CPF funds sufficient to discharge the bank’s mortgage and CPF charge.
You are advised to contact the HDB directly in respect of the sale and/or purchase of HDB flats. The HDB has devised their own form of Agreement/contract for the purchase of HDB flats.
Well, you have Ping Property in Singapore!
Buying a home without a realtor is a big task, especially if you’re inexperienced. If you want to get the best deal on your home, it may be wise to partner with a suitable property agent.
Ping Property realizes that DIY might not be suitable for everyone. If you require assistance from our experienced property agents for any step of the process, just contact our trusted agents if you need more help.
Check out some of our services here:
Property Agent Service
Buyer Documentation Service
Seller Documentation Service
Landlord Documentation Service