Answer
Selling a Condo in Singapore — Full Process & Timeline
Step-by-step breakdown of what happens from deciding to sell to handing over the keys. No surprises.
Answer: Selling a resale condo in Singapore takes 8–14 weeks from listing to key handover. The process goes: appoint agent → list and market → viewings → negotiate → grant OTP → buyer exercises (14 days) → appoint lawyer → legal completion (8–12 weeks) → hand over keys. Total costs are typically 3–4% of the sale price.
Step-by-Step Timeline
| Step | Duration | What Happens |
|---|---|---|
| 1. Decide & prepare | 1–2 weeks | Check SSD liability, mortgage lock-in, CPF refund amount. Minor repairs and declutter. |
| 2. Appoint agent | 1–3 days | Sign exclusive or open listing. Agent prepares marketing materials, photos, floor plans. |
| 3. Set asking price | Part of step 2 | Research recent transacted prices (URA caveats). Price competitively — overpricing kills deals. |
| 4. List & market | Ongoing | PropertyGuru, 99.co, EdgeProp listings. Agent does viewings and collects feedback. |
| 5. Receive offer | 2–6 weeks | Buyer makes offer. Negotiate price and conditions. May take multiple rounds. |
| 6. Grant OTP | 1 day | Sign OTP, buyer pays option fee (1% of price). You're off-market for 14 days. |
| 7. Buyer exercises OTP | 14 days | Buyer pays exercise fee (4%, total 5%). If they don't exercise, you keep the 1% and relist. |
| 8. Appoint lawyer | Within 1 week | Seller appoints conveyancing lawyer. Legal fees: $2,500–$3,500. |
| 9. Legal completion | 8–12 weeks | Lawyers handle title search, discharge of mortgage, stamp duty, transfer of title. |
| 10. Key handover | Completion day | Hand over keys. Proceeds disbursed: loan repaid, CPF refunded, net cash to you. |
Total: 8–14 weeks from listing to keys (excluding preparation time).
Selling Costs Summary
For a $1.5M condo sale
| Cost | Typical Amount | Notes |
|---|---|---|
| Agent commission | $15,000–$30,000 | 1–2% of sale price |
| Legal fees | $2,500–$3,500 | Conveyancing lawyer |
| Mortgage prepayment penalty | $0–$15,000 | 1.5% of outstanding, only during lock-in |
| SSD (if applicable) | $0–$240,000 | 4–16% if sold within 4 years |
| Total (no SSD, 1% agent) | $17,500–$48,500 | |
Where Your Sale Proceeds Go
| Deduction | Paid To | Notes |
|---|---|---|
| Outstanding mortgage | Bank | Full balance discharged at completion |
| CPF refund + accrued interest | Your CPF OA | Principal used + 2.5% p.a. interest |
| Agent commission | Property agent | Deducted from proceeds |
| Legal fees | Lawyer | Paid at completion |
| SSD (if any) | IRAS | Stamped within 14 days |
| Remainder | You (cash) | This is your net cash in hand |
Pre-Sale Checklist
- • Check SSD: Are you past the 3–4 year holding period? If not, calculate your SSD liability.
- • Check mortgage lock-in: When does your lock-in end? Selling during lock-in costs 1.5% penalty.
- • Calculate CPF refund: How much goes back to CPF OA (principal + accrued interest)?
- • Estimate net proceeds: Sale price − loan − CPF refund − agent − legal = cash in hand.
- • Research market: Check URA caveats for recent transactions in your condo and nearby projects.
- • Plan your next move: Are you buying another property? Renting? Downgrading to HDB?
Calculate your stamp duty on the next purchase
If you're selling to upgrade or buy another property, calculate the stamp duty on your next purchase.
Stamp Duty CalculatorFAQ
How long does it take to sell a condo in Singapore?
From listing to key handover, expect 8–14 weeks for a resale condo. This includes 2–6 weeks to find a buyer, 14 days for OTP exercise, and 8–12 weeks for legal completion. Slower markets or overpriced units can take 3–6 months.
How much does it cost to sell a condo in Singapore?
Total selling costs are typically 3–4% of the sale price. This includes agent commission (1–2%), legal fees ($2,500–$3,500), and possibly Seller’s Stamp Duty (4–16% if sold within 4 years of purchase).
Do I need an agent to sell my condo?
No, but most sellers use one. An agent handles marketing, viewings, negotiations, and paperwork. Commission is typically 1–2% of the sale price. Going agentless saves commission but requires significant time and market knowledge.
What is the Option to Purchase (OTP) when selling a condo?
The OTP is a legal document you grant to the buyer. They pay you an option fee (typically 1% of the sale price) for 14 days to decide. If they exercise, they pay the exercise fee (another 4%, totalling 5%). If they don’t, you keep the option fee.
Do I pay SSD when selling my condo?
Seller’s Stamp Duty (SSD) applies if you sell within 4 years of purchase (post-Apr 2023 purchases: 16%/12%/8%/4%). Properties bought before Apr 2023 follow the old 3-year rule (12%/8%/4%). After the holding period, no SSD applies.
What happens to my outstanding mortgage when I sell my condo?
Your lawyer uses the sale proceeds to repay the outstanding loan at completion. If you’re in a lock-in period, you’ll also pay a prepayment penalty (typically 1.5% of the outstanding loan). The net proceeds after loan repayment and CPF refund are yours.
Related
Last updated Feb 2026. SSD rates effective 27 Apr 2023 (new purchases). This is general guidance, not financial or legal advice.