PRIVATE PROPERTY Guidelines

How To Buy Private Property

5 steps to buy your private property

D-I-Y with Averspace and save on the agent fees!

  • STEP ONE

    Look for your dream private property on Averspace and connect to sellers directly! Do also find out how much the property is worth as this will be helpful during negotiations. Find out the latest transacted prices in the neighbourhood and estate here

    Prices may be adjusted up for

    • Recent renovations
    • High floors
    • Facing (North and East facing are usually more popular than South and West and the seller may thus ask for a higher price)

    Prices may be adjusted down for

    • Damaged fittings (e.g. broken tiles, cracked walls)
  • STEP TWO

    Agree on a sale price with the seller and verify the seller’s identity.

    Found a property you would like to buy? Make sure that the seller you’re dealing with is the owner of the property by requesting for his identification documents. For 100% certainty, check here for a small cost of $2.50

    At the same time, do provide your identification documents to the seller to verify your identity.

  • STEP THREE

    The OTP document is provided by the seller and includes details that you need to discuss with your owner.

    Details to discuss with your seller
    *You are eligible if you are one of the following:
    1. Option Fee

      The market practice is 1% of the agreed selling price. If the seller asks for more, you may want to bargain to lower the selling price.

    2. Option Payment

      This is usually in the form of a personal bank Cheque or Cashier’s Order

    3. Percentage of purchase amount to be paid to continue the process.

      This is usually 4% or 9%.

    4. Completion Period

      In general, a 10 to 12-week period from the Exercise Option Date is sufficient.

    5. Witness

      A Singapore Citizen of PR, above the age of 21, who is not a spouse or relative

    6. Furniture and fittings

      Remind your seller to provide you with an inventory list of the furniture and fittings included with the property sale.

    7. Date of final inspection before handover of the keys
  • STEP FOUR

    You have 14 days to exercise the option.

    During this option period, you should liaise with the bank on your property loan and also check that the seller is not bankrupt and has the right to sell the property. Check with the Ministry of Law Insolvency Office here for a small fee.

    If you want to exercise the option, you will have to return the signed OTP to the seller along with 4% or 9% (depending on the agreement) of the purchase price. If you do not exercise your option within 14 days, your 1% option fee will be forfeited.

    If you prefer, you may wish to engage a lawyer to assist you from step 4 onwards

  • STEP FIVE

    Pay stamp duty

    Remember to pay your stamp duty to IRAS within 14 days of exercising your option. Read up about the stamp duty you need to pay here and find out about e-stamping and how to pay your stamp duty here.

DISCLAIMER AND CAUTION

All rights reserved. No part of this website may be reproduced, stored in a retrieval system, or transmitted in any means, electronic, mechanical, photocopying, recording or otherwise without the prior express consent of AVERSPACE.

AVERSPACE has endeavoured to provide the most current and up-to-date information but changes inevitably occur all the time.

Sample documents provided in AVERSPACE websites are provided for information only and users of such documents shall do so at their own risk. While reasonable care has been taken in the preparation of the sample documents, no warranties, express or implied, statutory or otherwise, are given by AVERSPACE in relation to such sample documents . AVERSPACE does not warrant that the sample documents are accurate, up to-date or fit for purpose.

AVERSPACE expressly disclaims any and all liability to any person whomsoever in respect of their reliance upon the documents, their contents and information contained herein or any consequences resulting from the use of their content, whether authorized or otherwise.

AVERSPACE would advise any person intending to use the sample documents to seek legal assistance should any questions arise.

How To Sell HDB Property

5 steps to sell your property

We make it easy with Averspace!

  • STEP ONE

    Price your property. Find out the latest transacted prices in your neighbourhood and estate here.This gives you an indication of how much your property may be able to sell for in the current market.

    Prices may be adjusted up for
    • Recent renovations
    • High floors
    • Facing
    Prices may be adjusted down for
    • Damaged fittings (e.g. broken tiles, cracked walls)
  • STEP TWO

    List your property on Averspace and connect to buyers directly! How do I list on Averspace

    Listing on Averspace is as easy as ABC
    • Follow a 4-step guided process to list
    • Verify your property ownership with us
    • Property is listed! Interested parties can contact you via SMS / Email through Averspace to set up a viewing
  • STEP THREE

    Agree on a sale price with the buyer

  • STEP FOUR

    Grant an Option to Purchase (OTP). Averspace provides a simple OTP which can be activated through your smartphone and sent to your email address. Discuss with your prospective buyer*, input the details into your smartphone and generate the document for signing. It’s that simple! Details to discuss with your buyer*

    1. Verify your buyer’s identity. You may wish to take a photograph of your buyer’s identification documents (with permission of course!)
    2. Option Fee. The market practice is 1% of the agreed selling price. You may ask for more to ensure the buyer’s commitment but take note it may also give the buyer bargaining power to lower the selling price.
    3. Option Payment. This is usually in the form of a personal bank Cheque or Cashier’s Order. The latter is the more secure option.
    4. Completion Period. In general, a 10 to 12-week period from the Exercise Option Date is sufficient, but do take into account:
      • Do you need to redeem any existing mortgages on your property?
      • Do you need time to find and purchase a new property?
      • Do you need to notify your existing tenant?
    5. Witness. A Singapore Citizen of PR, above the age of 21, who is not a spouse or relative.
    6. Furniture and fittings. Provide your buyer with an inventory list of the furniture and fittings included with the property sale

    If you are uncomfortable with completing the documentation on your own, please engage a law firm or legal professional to help you through the documentation, or make an appointment with us and we will take you through the process!

  • STEP FIVE

    Collect the Option Fee. Once the OTP is signed, the buyer will have up to 14 days to exercise the Option. Do engage a law firm or legal professional at this point for your conveyancing needs.

    If the Option is exercised, You will have the timeframe of the agreed Completion Period to make the necessary arrangements to vacate your property. The buyer’s lawyer will be in touch with you or your lawyer at this stage.

    If the Option lapses without being exercised, Keep the Option Money and continue looking for a buyer on Averspace.

DISCLAIMER AND CAUTION

All rights reserved. No part of this website may be reproduced, stored in a retrieval system, or transmitted in any means, electronic, mechanical, photocopying, recording or otherwise without the prior express consent of AVERSPACE.

AVERSPACE has endeavoured to provide the most current and up-to-date information but changes inevitably occur all the time.

Sample documents provided in AVERSPACE websites are provided for information only and users of such documents shall do so at their own risk. While reasonable care has been taken in the preparation of the sample documents, no warranties, express or implied, statutory or otherwise, are given by AVERSPACE in relation to such sample documents . AVERSPACE does not warrant that the sample documents are accurate, up to-date or fit for purpose.

AVERSPACE expressly disclaims any and all liability to any person whomsoever in respect of their reliance upon the documents, their contents and information contained herein or any consequences resulting from the use of their content, whether authorized or otherwise.

AVERSPACE would advise any person intending to use the sample documents to seek legal assistance should any questions arise.

How To Rent & Rent Out Private Property

5 steps to rent a private property

Find your next home with Averspace!

  • STEP ONE

    Decide on the type of property and your ideal location. Not sure where to begin Here’s a non exhaustive list of questions to help you

    1. What type of private property? Apartment, condominium or landed property?
    2. Do you need on site facilities like a gym or swimming pool?
    3. How many bedrooms do you need?
    4. Do you want to live near to your work place?
    5. Do you drive? Or do you need to be within walking distance of the MRT?
    6. What is your preferred lease term? How long are you looking to rent the property?
    7. Do you want the property to be fully furnished? Partially furnished? Unfurnished?
  • STEP TWO

    Find your ideal private property on Averspace!

  • STEP THREE

    Verify the owner’s identity. Found a property you would like to rent? Make sure that the landlord you’re dealing with is the owner of the property. For 100% certainty, e-validate here for a small cost of $2.50, and cross-reference this with the identification documents of the landlord.

  • STEP FOUR

    Present a Letter of Intent to the landlord with an offer to rent the property, and the terms of the rental. This Letter shows the landlord that you are serious about wanting to rent the unit, and also helps you secure the property. What should the Letter of Intent include

    1. Lease Term The standard term of lease in Singapore is for 12 months. Depending on your negotiations with the landlord, your lease term can range from 12 to 24 months, with an option for renewal upon expiration (with a 2 or 3 month notice period).
    2. Monthly rental rate
    3. Good faith deposit / Booking deposit This usually amounts to one month’s rent. After the Tenancy Agreement has been signed, this can be kept as payment for the first month’s rent or security deposit.
    4. Security deposit. This usually amounts to one month of rent per year of the lease term. The security deposit is returned to you at the end of the lease with no interest. If you breach your contract, or cause any damage to the property and furnishing, the landlord can deduct any expenses incurred.
    5. Expiry. This is the time frame given to the landlord to accept your rental offer. The good faith deposit will be returned if the rental offer is not accepted.
    6. Photocopy of identification documents
    7. Others. This would include matters like furnishing, subletting and pet ownership.

  • STEP FIVE

    Sign the tenancy agreement. After the landlord accepts your offer, he will prepare the tenancy agreement for you. This is legally binding, so check carefully that all agreed terms are correctly stated. While it is not necessary, you may wish to hire a lawyer to review it before signing.

    Once the tenancy agreement is signed, do prepare to pay:

    • Agreed security deposit and one month of rent minus the good faith deposit
    • Stamp duty. Check the rate here and find out about e-stamping and how to pay your stamp duty here.


TIPS:
  • All payments (i.e. deposits, rental, agency fees) should be made in cheque so that your payments are documented.
  • Ask the flat owner to give you receipts to all payments made.

4 steps to rent out your private property

Connect to tenants directly on Averspace!

  • STEP ONE

    List your private property on Averspace! Market your property by providing details to tenant’s potential questions Not sure where to begin Here’s a non exhaustive list of questions to help you

    1. What type of private property? Apartment, condominium or landed property?
    2. Are there any on site facilities like a gym or swimming pool?
    3. How many bedrooms are there?
    4. How is the parking?
    5. Is your property within walking distance of the MRT? Is there a good bus network?
    6. What is your preferred lease term? How long are you looking to rent the property?
    7. Will the property be fully furnished? Partially furnished? Unfurnished?
    8. What amenities are available nearby? (E.g. supermarkets, schools, banks etc) Check here if you’re not sure.
  • STEP TWO

    Verify your tenant’s identity. Found a tenant? Ask for identification documents to ensure that the person you’re dealing with is who they say there are. It is also important that you have verified that the tenant is allowed to stay in Singapore as it is an offence to rent out your property to illegal immigrants.

  • STEP THREE

    Receive a Letter of Intent from the tenant. This Letter of Intent is the tenant’s offer to rent the property, and the terms of the rental based on discussed and agreed on terms. Once you sign the Letter of Intent, you should stopmarketing your property to other tenants. What should the Letter of Intent include

    1. Lease Term The standard term of lease in Singapore is for 12 months. Depending on your negotiations with the landlord, your lease term can range from 12 to 24 months, with an option for renewal upon expiration (with a 2 or 3 month notice period).
    2. Monthly rental rate
    3. Good faith deposit / Booking deposit This usually amounts to one month’s rent. After the Tenancy Agreement has been signed, this can be kept as payment for the first month’s rent or security deposit.
    4. Security deposit. This usually amounts to one month of rent per year of the lease term. The security deposit is returned to you at the end of the lease with no interest. If you breach your contract, or cause any damage to the property and furnishing, the landlord can deduct any expenses incurred.
    5. Expiry. This is the time frame given to the landlord to accept your rental offer. The good faith deposit will be returned if the rental offer is not accepted.
    6. Photocopy of identification documents
    7. Others. This would include matters like furnishing, subletting and pet ownership.

    Do remember to receive the good faith deposit from the tenant. If you decide not to sign the Letter of Intent, you will have to return this deposit.

  • STEP FOUR

    Prepare and sign the tenancy agreement. Do note that this is legally binding, so check carefully that all agreed terms are correctly stated. Once the tenancy agreement is signed, you will receive the agreed security deposit and one month of rent minus the good faith deposit. Prepare an inventory of contents which lists all the furniture and fittings in the property and their present condition. The tenant has to sign this upon moving in as an acknowledgment that the furniture and fittings provided are as stated in the inventory.


TIPS:
  • All payments (i.e. deposits, rental, agency fees) should be made in cheque so that your payments are documented.
  • Ask the flat owner to give you receipts to all payments made.
DISCLAIMER AND CAUTION

All rights reserved. No part of this website may be reproduced, stored in a retrieval system, or transmitted in any means, electronic, mechanical, photocopying, recording or otherwise without the prior express consent of AVERSPACE.

AVERSPACE has endeavoured to provide the most current and up-to-date information but changes inevitably occur all the time.

Sample documents provided in AVERSPACE websites are provided for information only and users of such documents shall do so at their own risk. While reasonable care has been taken in the preparation of the sample documents, no warranties, express or implied, statutory or otherwise, are given by AVERSPACE in relation to such sample documents . AVERSPACE does not warrant that the sample documents are accurate, up to-date or fit for purpose.

AVERSPACE expressly disclaims any and all liability to any person whomsoever in respect of their reliance upon the documents, their contents and information contained herein or any consequences resulting from the use of their content, whether authorized or otherwise.

AVERSPACE would advise any person intending to use the sample documents to seek legal assistance should any questions arise.

Trigger Subscribe