What Can Happen to Your Private Property?
Read on for an overview of the private housing options that you can consider.
Selling Your Private Property
It is recommended for you to read the following content with a clear mind as decisions on housing arrangements bear financial implications. If you are feeling emotional at this point in time, you may wish to come back to this page later when you are in a calmer state of mind.
Children may become deeply unsettled by major life changes. If you have decided to go ahead with a divorce, it is important to make your housing plans with your children’s best interests in mind. Careful planning is needed for the transition to be as smooth as possible for you and your children.
You and your spouse can choose to sell your private property on the open market. You may wish to engage a property agent to do so. For an estimated value of your private property based on previously transacted prices, you may wish to use this URA e-service.
You should also pay attention to whether the Seller’s Stamp Duty (SSD) may be payable to IRAS. You may wish to refer to IRAS’ website for more information on whether SSD applies for your sale of property, and how much it is in your case.
If you and/or your spouse is a foreign person (including Singapore Permanent Residents) and had obtained approval under the Residential Property Act (RPA) to purchase a residential property, you and/or your spouse may be required to obtain approval under the RPA to sell or dispose of the property if the sale or disposal is within any stipulated non-disposal period. Examples of residential property under the purview of the RPA include landed houses, strata landed houses and shophouses (for non-commercial uses). You may wish to refer to SLA’s website for more information.
Pause and Reflect
Have you thought of your new housing arrangements once your private property has been sold?
Have you considered your personal finances to ssupport your new housing arrangements and expenses after your private property has been sold?
Have you thought of how to communicate with your children on the new housing arrangements?
If you have decided to sell your property, you may wish to find out how the proceeds from the sale will be used.
The information on this site is for general information only and is not intended to be, and should not be relied on as a substitute for professional legal advice.