What should I do if I want to sell my HDB flat after it has reached the five-year MOP? What are the costs involved?
Firstly:
The most important thing is to pay off your mortgage. What are the CPF, interest and other fees you need to know?
HDB application fee: $40 for a 1 or 2 bedroom HDB flat, $80 for a 3 bedroom flat or more.
Solicitor's fees: If you are taking out an HDB loan, you can use an HDB solicitor and the fees will be lower. (Around $420 for a 5-bedroom HDB flat at $700,000)
If you want to know the price, you can go to the HDB official website and find the Legal FeeEnquiry Facility and fill in the price of the property and the number of rooms.
If you are taking a bank loan, find a private law firm (fees around $1200-1500).
Property Tax: HDB will ask you to provide a bill when you sell your home, as it is paid in advance every year.
Property Management Fee: This is payable up to the date of completion of the transaction for your home. If there are any outstanding fees, you will need to pay them at Town Council before 'completion'.
Resale Levy: This is also known as the Resale Levy, if you are buying a BTO or a new EC, or if you are receiving a government subsidy, you will need to pay a Resale Levy on the BTO/new EC. (If you have previously taken a Single grant, the price will be discounted by half, and it is important to note that this amount must be paid in cash).
Agent's fee: This is the agent's main concern. Payable upon completion of the property transaction, the quoted price is 2% of the property price (+ GST) can be discussed with your agent.
The above are the fees that will be incurred when selling a HDB flat in Singapore, we suggest you prepare well in advance.
