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
| Timeframe | Stage | Payment |
|---|---|---|
| Day 1 | Present Offer to Purchase in exchange for an Option | 1% Booking Fee |
| Both Buyer & Seller : Engagement of Solicitors | ||
| Buyer : Selection of Mortgage Loan | ||
| Within 2 weeks from Day 1 | Buyer 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 Firm | Remaining Payment (Cash/CPF/Bank Loan) |
Buyer's Stamp Duty (BSD)
| Based on the purchased price or market value, whichever is higher | |
|---|---|
| First $180,000 | 1% |
| Next $180,000 | 2% |
| Next $640,000 | 3% |
| Next $500,000 | 4% |
| Next $1,500,000 | 5% |
| Remaining | 6% |
Additional Buyer's Stamp Duty (ABSD)
| Profile Of Buyer | ABSD 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 Property | Nil | Nil | Nil (No Change) |
| Singapore Citizen Buying Second Residential Property | 12% | 17% | 20% (Revised) |
| Singapore Citizen Buying Third and subsequent Residential Property | 15% | 25% | 30% (Revised) |
| Singapore PR buying First Residential Property | 5% | 5% | 5% (No Change) |
| Singapore PR buying Second Residential Property | 15% | 25% | 30% (Revised) |
| Singapore PR buying Third and subsequent Residential Property | 15% | 30% | 35% (Revised) |
| Foreigners buying residential property | 20% | 30% | 60% (Revised) |
| Entities buying residential property | 25% Plus Additional 5% for Developers (Non-Remittable) | 35% Plus Additional 5% for Developers (Non-Remittable) | 35% Plus Additional 5% for Developers (Non-Remittable) |
