Buying process of resale property is very much similar to that of a new-built property.
The payment schedule is very straight forward, with a 5 to 10% down payment upon exchange of contract and the balance payment will be upon delivery of property. The whole transaction in general will take around 2 to 3 months.
For the documentation process, the buyer needs to prepare an Affidavit/Declaration before the exchange of contract, as a proof of identity and for registration of ownership purposes.
The estimated costs upon purchase amount to 5 to 8% of property price, inclusive of agency fee and related taxation.
To list the property on the resale market, the owner needs to exchange a brokerage agreement with an appointed agent after deciding the desired selling price. Once a potential buyer has made an offer and after the buying conditions and schedule are confirmed, the contract will then be exchanged with a 5-10% down payment. To save on remittance costs, all payments from the buyer is usually kept by agent first. After receiving all payments and deducting all necessary costs, the agent will remit the net income to the seller.
The owner shall prepare Affidavit/Declaration before the exchange of contract to prove identity. Also, the title deed of the property needs to be submitted before the delivery of the property. If you have bought a property through JLL, the title deed would have been delivered to you after the handover. If you have problems locating the title deed, please contact your respective salesperson and we will be able to assist.
Estimated cost for selling property can amount to 4 to 5% and exclusive of Capital Gain Tax as it can vary case by case. Capital Gain tax is imposed on the net profit that the seller makes from the transaction. The taxation rate is either 30.63% on properties held for less than 5 years, or 15.315% on properties held over 5 years. Please note, that the holding period starts from January 1 of the new year. Eg. If the handover of the property is September 2020, 15.315% rate will apply from January 1, 2026.