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Hi, I am planning to sell my condo unit next year. Hence would like to clarify the following

- How long would it takes for the whole selling and transaction process and what does the process consist.

- When would I received the full payment of the sold unit (at which process? Till official handover key?)

- For bank loan, what are the alternatives that would gives me a flexibility to be able to sell my unit without breaking any contract terms

Thank u.
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6 Answers

Hi Sir/Mdm,

A conveyancing process will take about 12 weeks and will start once the buyer is secured and price is agreed upon. Prior to that, it will be getting the house ready for sale and the actual marketing process. With an effective marketing campaign, we should be able to secure a buyer within a 3 months period.

For the payment, upon securing a buyer, you will be paid 1% of the sale price and the balance of the sale price will be paid to you in the form of a Cashier's Order on completion day which is about 12 weeks down the road. You will need to engage a law firm to act for you in the sale. You will need to check with the bank whether you are still within the lock in period for the loan. This is to avoid any penalty that the bank may impose on you.

I will be happy to give you a detailed overview of the sale process and highlight to you the important issues to take note of. Please feel free to contact me so that I can share with you more about my track records and more importantly the marketing plan and strategies that have enabled me to deliver record-high prices for my clients consistently.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com

SEAA Salespersons Achievement Platinum Award 2020 / 2022

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Visit my website to get to know me better:
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Testimonial from Satisfied Clients

“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”
Peter & Wendy (Property Seller)

I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
Weilun & Benita (Property Seller)

“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)

“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations. We are very happy Read More
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Hi Sir/Madam,

The whole conveyancing period takes about 12 weeks from the day the buyer puts the 1st deposit with price agreed until official legal completion handover and ownership transfer of unit. This excludes the time to secure a buyer, and with a good pricing and marketing strategy it will take approximately 3 months to secure a buyer. The official legal completion date is also the date the sale cash proceeds will be issued to the sellers, and CPF refund will come back within 14 days after the legal completion date.

If you are still within the lock in period of the existing home loan, there may be cancellation fees on the loan undisbursed. You will have to refer to home loan package letter signed. If you are not in the lock period, and looking to reprice or refinance soon, it will be good to take up a no lock in floating package, and include a waiver of penalties due to sale clause in the package if possible.

I have helped various private homeowners to successfully sell off and transit to their next property. Look forward to collaborate on your sale. May I have more info and requirements about your plans so as to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever

SEAA Salesperson Achievement Award 2021 (Gold)
SEAA Singapore Accredited Mortgage Planner (SAMP)

ERA Top 93th Achiever for Full-Year 2020 (Top 1.5% Company Level)
ERA Top 11th Achiever in June 2020 (Top 1% Company Level)
ERA Top 91th Achiever in 2nd Quarter 2020 (Top 2% Company Level)
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SMU BBM (Finance), Magna Cum Laude
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**Note: We are not prompted when you respond here, hence please get in touch directly. Look forward to hear from you soon! **

Condo Seller Andrew : Ivan understood there's urgency to sell my private property too within the given timeframe, provided me with assurance and solutions. When the sale of my private property commenced, it was during the Covid-19 pandemic period; whereby, only 2 unique visitors were allowed to view the property on any given day. Notwithstanding this, Ivan somehow managed to arrange many viewings in the weeks ahead & from time to time, he would also update me on the viewers' feedback (if any), after their viewings. My place was eventually sold within 5 weeks only from the commencement of its marketing (which was well ahead of the 6 months deadline that I had to meet). Most importantly, my property was sold close to my asking price & frankly, this too, exceeded my expectations!! Kudos to Ivan, for the effort & hard work he put in (in marketing my property)

Condo Seller Mr & Mrs Wee : We would like to share our appreciation and commendation to Ivan for their professionalism and dedication in handling our property transaction. It was a great pleasure to work with him as he was patient throughout the entire process and explained to us and clarified any doubts we had without fail. He was also very prompt in responding to all the queries we had. While we were unsure if we were able to sell off the property in time, Ivan constantly reassured us that it was possible and offered his professional advice. In fact, he managed to secure an offer to sell the property above our expected price while concurrently negotiated the buying price for our next property. Having Ivan as our agent significantly made the entire process seamless and fuss-free. We will definitely recommend Ivan to our family and friends. Read More
0
Dear sir/mdm,

Resale private properties usually undergo private treaty sale, thus the timeline can vary as it is down to agreement between both seller and buyer. A typical timeline we will usually base on is 2 weeks of option period plus another 12 weeks for completion.

In terms of payment receivable, a seller will typically collect 1% of the selling price from the buyer upon acceptance of the offer, with the balance sales proceeds to be collected at the date of completion in the form of a cashier's order.

During this 12 weeks period for completion, your lawyer will assist you to notify the bank for discharging the bank loan (if required), where banks will usually require 12 weeks notice period to avoid any penalties. Your lawyer will also work out the statement of account for you to know how much sales proceeds will you be receiving at upon completion, factoring in the payment of agent fees and as well as the conveyancing fees.

If there are varying terms and conditions, it may differ.

I have been in the real estate business since 2009, with more than 13 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

Warmest regards,
Geryl Lim
Associate Group Director
Salesperson Registration No. R014783H
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OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
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Check out our latest Landed Dynamic Alliance 7772 mobile application on iOS or Android @ http://l.ead.me/7772 Read More
1
Hi, appreciate your sharing. For a normal selling process 2 week option period after attain 1% from buyer, follow by 10 to 12 weeks completion. I am ready to share with you my personal experience anytime.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex Read More
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Tan Pei Cheng (Pei)
Hi,
The average timeline is about 3 months.
I would be glad to assist you.
Feel free to contact me at 97100155  .
Hope to hear from you soon.
Pei
Associate Group Director
Propnex Realty Pte Ltd

https://linktr.ee/peiproperty
https://r011838b.propnex.net Read More
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Hi, hopefully you managed to get your doubt or query answered. If so, then congrats! Hopefully you are doing well now.

If you are currently or planning to find a property agent, I can assist.

If you are interested in prices of houses in your neighbourhood, you may visit this website to find out more or contact me.

https://www.era.com.sg/R064892F

If you are currently planning to go on a property journey selling/buying/renting/investing, I can be of assistance. Do feel free to reach out to me for more queries and assistance.

Landon Chew
97 39 60 40
landonchew@email.com Read More
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