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FAQs

General

General info on referral fee, agent comm etc

G1. What advantages can HomeReward offer when compared with property agents?

 

Home buyers and sellers often work randomly with agents without knowing if their agents are competent and able to effectively meet their needs and offer sound advice and analysis.

We only work with competent and highly experienced agents to ensure that your referred friend/family member gets the best purchase or sale experience. Our agents will be among the top producers in their respective estate agencies.

On top of that, to reward you for your leads, HomeReward will give you a referral fee when the property transaction of your referee is completed.
G2. What is the market rate commission for property agent?

 

Typically a commission for private properties will be about 1-2%. According to government guidelines, commission is negotiable, so this fee is subject to individual sellers and developers.

In the case of resale properties, there may be a cobroke agent involved in the transaction, in which case, the commission will be split between both cobroking agents.
G3. How much and when will I get my referral fee?

 

Your share of the referral fee depends on the commission payout to our agent partners. The fee will be an agreed percentage of the payout. Your referral will be paid out to you when the transaction is completed and the commission has been paid to the servicing agent of your referee.
G4. Does HomeReward has any bankers or lawyers to recommend?

 

Yes, we will handle everything from A to Z in the buying process. Our partners agents work with lawyers and mortgage specialists from any bank and companies. They can make recommendations for your friends and family if necessary.

 

Purchase

Buying new condo & houses?

P1. I am interested in a new condominium that has been launched recently. What is the property purchase process?

 

We will first arrange a meet-up where we can check your affordability and financial calculations, after which our partner agents will accompany you to visit the showflat of the condominium you are interested in to select a unit.

 

P2. My friend is interested to purchase a property for investment but isn’t sure what to buy. Will HomeReward be able to offer any advice?

 

Definitely! We will link you up with our experienced real estate consultants who can help you to restructure your property portfolio and give you advice on how to strategize your purchase and maximize your potential gains. 
P3. I am interested in a resale property I saw recently and I would like to go with HomeReward. Can HomeReward help?

 

Yes. If you have not viewed the property yet, it will likely be possible for our preferred partner agents to cobroke with the listing agent on a case by case basis. If you are interested in a specific project or landed estate, please EMAIL us with more details.

 

P4. Am I eligible to buy a private property if I own a HDB now?

 

You are eligible if you have fulfilled your Minimum Occupation Period (MOP) of 5 years. TALK TO US if you have doubts regarding taxation issues.
P5. What are the stamp duties that I will need to pay when I buy a RESIDENTIAL property?

 

Typically, a Buyer’s Stamp Duty (BSD) will be incurred for any purchase of a property. This is to be paid within 14 days of signing the Sales and Purchase Agreement (S&P). The BSD rate is as follows:

 
Purchase Price or Market Value of the Property % of Stamp Duty
On the first $180,000 1%
On the second $180,000 2%
Next $640,000 3%
Remaining Amount 4%

 

Additional Buyer’s Stamp Duty (ABSD) applies to the following groups:

 
Buyer's Citizen Type Rate of 1st Property

2nd Property Purchase

 3rd & Subsequent Purchase
Singapore Citizen Not Applicable 12% 15%
Singapore Permanent Resident 5% 15% 15%
Foreigners & Non-individuals 20% 20% 20%

 

 

Foreigners who fall under the Free Trade Agreement are accorded the same status as Singaporeans.

In the case of joint purchase between Singapore Citizens and Permanent Residents/Foreigners, the higher ABSD will apply.

As there are many permutations involved, if you are unsure, please CONTACT us to get advice for your situation.

Goods & Services Tax (GST) applies to commercial properties

Purchase from GST-registered sellers will incur a 7% GST tax on top of the BSD. Click HERE for more information.

 

P6. What are the stamp duties that I will need to pay when I buy a COMMERCIAL property?

 

You will incur Buyer’s Stamp Duty (BSD) similar to the purchase of a residential property. The rates for the BSD are as follows:

 

Payment Schedule % of Stamp Duty
On the first $180,000 1%
On the second $180,000 2%
Thereafter 3%

 

For commercial properties you may also be subject to a 7% GST on top of the BSD.

The purchase of commercial spaces from a GST-registered company is subjected to a 7% GST. Individuals making the purchase themselves will have to bear the GST, which has to be paid in cash.

If you are a GST-registered company, you can make claims for the GST incurred on your purchase. For tax planning purposes, some individual investors may set up investment holding companies expressly for the purchase of a specific commercial property for tax planning purposes.

For more info, you can READ this article here.
P7. Would I be able to refer my friends and relatives to buy with HomeReward and get a referral fee for referring them? Will they be informed about the fee?

 

If your friends, relatives or family members are interested to purchase a property, refer them to HomeReward to receive a token when they buy with our preferred agent partners. The referral fee will be paid out to you when the commission from the transaction is paid by the respective sellers.

Your privacy is important to us. If you prefer to be discreet, we will not reveal the referral fee to the buyer.

 

Sales

Information pertaining to selling of properties

S1. My cousin has a property that he wants to sell in Upper Serangoon area. Is HomeReward able to represent him to sell?

Yes. HomeReward will link your cousin up with our preferred real estate consultants. They will conduct a listing presentation and represent him to market his property using various sales channels.

Rental

Information on rental of properties

R1. My sister wishes to rent out her property. Can HomeReward help?

 

Yes, HomeReward gives referral fees for rentals above $5000 for a 2 years tenancy lease term.

 

R2. My friend just got a job in Singapore and needs to rent a place. Can HomeReward Help?

 

Yes, if your friend is looking for a place above $5000 and looking for a 2 year’s lease, our preferred partner agents will be able to assist him in his home search.