Timeline Of Resale Transaction (Private Residential Property)

 

Recently we posted on Timeline Of a New Launch Sales Transaction for newly released Singapore condos that are uncompleted, now let us share with you the different stages of payment for a resale transaction. It is definitely less complicated than staggered payments of a new launch condo.

 

Payment for Completed/Resale Developments

TimeframeStagePayment
Day 1Present Offer to Purchase in exchange for an Option1% Booking Fee
Both Buyer & Seller : Engagement of Solicitors
Buyer : Selection of Mortgage Loan
Within 2 weeks from Day 1Buyer to exercise Option & sign Sales & Purchase at solicitor's law firm 4% Exercise Fee
Within 2 weeks from
Exercising Option
Buyer to pay Stamp Duty BSD (3% - $5,400) + ABSD if applicable

or

BSD (4% - $15,400) + ABSD if applicable

or
BSD = (5% – $30,400) + ABSD if applicable

or

BSD = (6% – $60,400) + ABSD if applicable


Please refer to the Buyer’s Stamp Duty and Additional Buyer’s Stamp Duty below.
Within 8-10 weeks
from exercising Option
Completion of Sales & Purchase at Law FirmRemaining Payment
(Cash/CPF/Bank Loan)

 

Buyer's Stamp Duty (BSD)

Based on the purchased price or market value, whichever is higher
First $180,0001%
Next $180,0002%
Next $640,0003%
Next $500,0004%
Next $1,500,0005%
Remaining 6%

 

Additional Buyer's Stamp Duty (ABSD)

Profile Of BuyerABSD rates:
6th July 2018 - 15th Dec 2021
ABSD rates:
16th Dec 2021 - 26th Apr 2023
ABSD rates:
On or After 27th Apr 2023
Singapore Citizen Buying First Residential PropertyNilNil Nil (No Change)
Singapore Citizen Buying Second Residential Property12%17% 20% (Revised)
Singapore Citizen Buying Third and subsequent Residential Property15%25% 30% (Revised)
Singapore PR buying First Residential Property5%5% 5% (No Change)
Singapore PR buying Second Residential Property15% 25% 30% (Revised)
Singapore PR buying Third and subsequent Residential Property15%30%35% (Revised)
Foreigners buying residential property20%30% 60% (Revised)
Entities buying residential property25%
Plus Additional 5% for Developers (Non-Remittable)
35%
Plus Additional 5% for Developers (Non-Remittable)
35%
Plus Additional 5% for Developers (Non-Remittable)
Share