I fall in the “below $3500 in rent & 2-year lease” category and paid my tenant agent a full month’s rent for the initial contract. Discover the best way to find houses, condominiums, apartments and HDBs for sale and rent in Singapore with 99.co, Singapore’s Fastest Growing Property Portal. The following is an example of the amount payable for a 4-room flat when signing the Agreement for Lease if you take an HDB loan and engage HDB to act for you for the purchase of your flat. I m the landlord and the tenant has an agent representing them. If you pay the 20% downpayment using your CPF OA savings, you may request for the 5% option fee earlier paid in cash to be reimbursed. Truth is, there are many factors that determine property agent commission in Singapore; even seasoned sellers, buyers and renters can become confused about industry standards. It is calculated at 0.4% of the loan amount, subject to a maximum of $500. f. Upgrading Levy. There’re no laws governing that. She has to pay the agent fees to the agent she found online but after meeting the landlord, the landlord disclosed that he’s also paying the agent fees to another agent (who is also the husband of my niece’s agent). Notable exceptions include: Â» Commissions paid by sellers can go a lot higher as well if the seller is in more urgent state of affairs, or if the property is harder to sell. above $5m), there can be tiered commission schemes that incentives the seller’s agent to get a higher price – such as “2% commissions on minimum $5M sale price, if closing price above $5M, additional 5% of the selling price”, just as an example. The buyer also need to pay her agent "seller" commission. Here is an overview of the costs payable if you buy a flat from HDB: Â 1. First things first, the decision to pay for the agent fee for rental renewal will depend on the contract that was signed at the beginning. If you have any more questions, do drop us an email at [email protected] for prompt replies. Following the previous point, if you live in an HDB unit that went through an Upgrading Programme and sell it, you have to pay an Upgrading Levy or fee for selling it. Â» If the tenant has a Tenantâs Agent, the Tenantâs Agent collects half a monthâs rental from the tenant (if thereâs no Tenantâs Agent, tenant doesnât pay). For most landlords, they will have used a TA that was provided by the agent and you can bet that the renewal clause would have been inserted in. Buyer does not have to pay a commission fee even if they have engaged a buyer’s agent 3. If you’re a landlord, having a Landlord’s Agent can save you from a whole lot of headaches. You pay the option fee when you book your flat. My niece is in the process of renting a room. I agreed to paying one months rent to my broker already. Scan through this Step-by … I'm a first time buyer looking for resale flats, and after reading through many property forums and attending the HDB resale talk, I'm quite determined to DIY my flat purchase, hoping to save the 1% of a typical buyer's sales commision, or potentially $5000! When in doubt, please refer to CEA for best practices needed to facilitate a smooth property transaction. They have the right to demand for agent’s fee? HPS is a mortgage-reducing insurance scheme by the CPF Board. You’ll just have to mention to your current agent that you’re no longer interested in continuing with his/her service. Do I Have to Pay the Buyer’s Agent’s Commission? Whether you are buying, selling, or already living in an HDB flat, everything you need to know about residential properties is housed here. You may wish to work out them (the tenant’s agent) the scope of their duties and responsibilities to you before agreeing on a commission due to them. Some notable exception cases include: Â» Unique or in-demand properties (e.g. If thereâs no Tenantâs Agent, the tenant doesnât pay any commission. The table below shows the current market rate agents charge. Hi MJ, apologies for replying so late. Let’s try to simplify this problem. Thanks for another wonderful post. The contact information for developers of ECs can also be found here. Register your intent to sell. This field is for validation purposes and should be left unchanged.