Selling a resale condominium: the process step by step

What "resale" means here

A resale condominium is a completed private unit sold by its owner on the open market - as opposed to a new launch sold by a developer. Selling one is a well-trodden path, and the steps are the same whether you are an owner-occupier or a landlord.

Step 1: the groundwork

Before listing, settle the basics: the outstanding loan to be redeemed, the CPF used (refundable to your CPF account with accrued interest on the sale), whether you are inside a loan lock-in period, and whether Seller's Stamp Duty applies. If you are buying your next home too, decide the order of selling and buying.

Step 2: price it against transactions

Set the asking price from recent transacted prices for comparable units, not from optimistic listings. Floor, facing, size, condition and remaining lease all move the figure. A realistic price attracts genuine buyers; an inflated one produces a stale listing that ultimately sells for less.

Step 3: prepare and market

Declutter, clean, fix the small things and present the unit well. Then market it - listings, photographs and viewings - whether through a licensed agent or on your own.

Step 4: the Option to Purchase

A committed buyer is given an Option to Purchase in exchange for an option fee. They exercise it within the option period by paying a further deposit and signing. The option fee and deposit together are typically a set percentage of the price.

Step 5: completion and handover

The lawyers complete the transfer, usually a couple of months later. The buyer's loan is disbursed, your loan is redeemed, your CPF is refunded, and you hand over the unit - vacant, or with the existing tenancy, as agreed.

If the unit is tenanted

A let unit can still be sold. The buyer generally takes the property subject to the existing tenancy - the tenant stays to the end of the lease - unless the tenancy and the sale are arranged otherwise. Be clear with both the buyer and the tenant about what happens to the lease. A tenanted unit tends to appeal to investor buyers; a vacant one appeals to owner-occupiers.

The costs to expect

Set aside for agent's commission if you use an agent, legal and conveyancing fees, the redemption of your outstanding mortgage (and a lock-in penalty if applicable), and Seller's Stamp Duty if you are within the holding period. Remember the CPF refund reduces the cash you receive, even though it is not money lost.

The honest summary

Selling a resale condo runs: groundwork, pricing, preparation and marketing, the Option to Purchase, and completion. The realistic price - set against actual transactions - drives the result, while the costs and the CPF refund shape what you actually walk away with. If the unit is tenanted, handle the lease cleanly. A conveyancing lawyer and a licensed salesperson can run the process with you.