We all know that buying a property anywhere in this world is not comfortable. You need to check manage if it is legitimate by getting exclusive information from the real estate agent and the neighborhood, which includes the detailed transaction procedure, and property taxes. It is fundamental to be connected with an ideal and knowledgeable real estate agent. He could are the your representative and smartly negotiate the price of one’s dream property. He might also act as your consultant should you require legal and financial advice related to the property’s purchase and mortgage application.
After the agent could well able to identify and shortlist some properties for a approval, you will need to make short events. The trips are to make sure that you are satisfied the new interior and exterior designs of the house including the fixtures of the property before deciding to order. Property investments are long-term so you need to make sure you would be happy before agreeing to the selling price. It is better to inspect the property one last time anyone sign the option get hold of.
Things you should take note when budgeting your cash
1. Stamp duty of 3% of this purchase price – In excess of $300,000, you are crucial to pay 3% within the purchase price to the Inland Revenue Authority of Singapore.
2. Legal cost
3. At one time fee of estimated $3,000 is paid to the solicitor
4. Equity of incredibly 30% within the purchase price
Within 14 days after signing the Option to Purchase, if the amount exceeds $300,000, you might be required to repay a stamp duty for at least 3% of the purchase price level. If you apply for a bank loan, banks usually allow borrowers the secured loan of 70% of the purchase price. This means that you should prepare in the the 30% equity.
For the expats, you need to know that the Singapore government restricts foreign ownership by expats with the private homes as governed by the Residential Property Act in 1973. This Residential Property Act recently been amended in 2005. Foreigners can now purchase non-condominium developments of less than 6 levels. However, you need to seek approval if you plan to purchase land, landed properties, and Jade scape semi-detached and terrace qualities. To get the approval, you want to submit the application to the Singapore Land Authority. You really should prepare your entry and re-entry permits and other qualifications before you apply.