Buyer agent fees in Singapore are typically negotiated between the buyer and the agent and are usually expressed as a percentage of the property purchase price.
A common rate for buyer agent fees is 1% of the property purchase price.
For example, if you're purchasing a property for $1,000,000 and the buyer agent fee is 1%, the fee would be $10,000 ($1,000,000 * 1%).
In Singapore, Goods and Services Tax (GST) may apply to the agent's fee. Currently, the GST rate is 9%.
To calculate the total amount including GST, simply multiply the agent fee by 1.09 (1 + GST rate).
Using the same example, if the buyer agent fee is $10,000, the total amount including GST would be $10,900 ($10,000 * 1.09).
This breakdown helps you understand how the buyer agent fee is calculated, including the application of GST.
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