5. Is there any difference between 'residential' and 'commercial' properties as far as stamp duty is concerned?

5. Is there any difference between 'residential' and 'commercial' properties as far as stamp duty is concerned?

For residential properties, stamp duty is payable upon the signing of the provisional agreement and/or formal sale and purchase agreement. If a formal agreement is signed within 14 days from the date of the provisional agreement, only the formal agreement has to be stamped.

For commercial or non-residential properties, stamp duty is payable only when an "assignment" is signed. An assignment is a document for transferring the title (i.e. property ownership) from the vendor to the purchaser. It will be signed on the completion day, which is the property handover day.