Selling Your Private Property for a New Launch: A Timing Strategy

When it comes to selling your private property to purchase a new launch condo, timing becomes a critical factor, primarily due to Additional Buyer’s Stamp Duty (ABSD) considerations. Ensuring you don’t pay more fees than necessary is essential.

Here’s the key insight: If you make your new property purchase before selling your current property, you will incur ABSD, even if you eventually sell your current property at a later date. This is because your new purchase is counted as your second property. Conversely, if you complete the sale of your current property before making the new purchase, you can avoid ABSD, as your new property will then be considered your only property. Additionally, you will become eligible for the maximum 75% loan. To accomplish this, it’s important to present a signed Option-To-Purchase (OTP) on your current property before committing to your new purchase, effectively sidestepping ABSD.

However, it’s worth noting that if your buyer does not exercise the OTP on your current property, you may still be liable to pay ABSD in the future.

To gain a deeper understanding of how to sell your private property for a new launch project while minimizing your risk, please provide your contact details below. I will reach out to you to share further insights and guide you through this process safely.