When to Pay Property Agent Commission in Singapore

 

When you buy or sell a property in Singapore, you will likely need to pay a property agent commission. The amount of commission that you pay will depend on the type of property, the price of the property, and the terms of your agreement with the property agent.

In Singapore, property agents typically charge a commission of 2% of the purchase price of the property. However, the commission rate can vary depending on the property agent and the terms of your agreement. For example, some property agents may charge a lower commission rate if you are a repeat customer or if you refer them to other clients.

In general, you will pay the property agent commission when the property is sold. However, there are some cases where you may need to pay the commission earlier. For example, if you are using a property agent to help you find a property to buy, you may need to pay a retainer fee. The retainer fee will be used to cover the property agent's expenses while they are helping you find a property.

Once the property is sold, the property agent will submit an invoice to you for the commission. You will then need to pay the commission within a specified period of time.

Here are some tips for paying property agent commission in Singapore:

·       Read your agreement with the property agent carefully. Make sure that you understand the terms of your agreement, including the commission rate and when you will need to pay the commission.

·       Ask the property agent for an invoice. The property agent should provide you with an invoice for the commission. This will help to ensure that you are paying the correct amount.

·       Pay the commission on time. The property agent will typically have a specified period of time in which you need to pay the commission. If you do not pay the commission on time, you may be subject to late fees.

Conclusion

Paying property agent commission is an important part of the buying or selling process. By understanding when you need to pay the commission and how much you will need to pay, you can ensure that you are prepared for this step in the process. Looking for selling your condo in Singapore? Sell Home is the best Real estate company in Singapore. We are help you selling or buying your  condo with low property agent commission in Singapore. Contact us for more information.