We all know that buying a property anywhere in this world is not hassle-free. You need to check the sale 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 be connected with a favorable and knowledgeable real estate agent. He could make your representative and smartly negotiate the price of your dream property. He may possibly act as your consultant should you require legal and financial advice associated the property’s purchase and mortgage application.
After the agent would be able to identify and shortlist some properties for approval, you will need to make short travels. The trips are to it is important you are satisfied associated with interior and exterior designs of the house including the fixtures of the property before deciding to acquire. Property investments are long-term so you need to make sure you would be happy before agreeing to the selling price. It very best to inspect the property one last time anyone sign the option to purchase.
Things should certainly take into mind when budgeting your cash
1. Stamp duty of 3% of this purchase price – Excessively of $300,000, you are required to pay 3% in 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% of your purchase price
Within 2 weeks after filling out the Option to Purchase, should the amount exceeds $300,000, you might be required shell out a stamp duty having a minimum of 3% on the purchase benefit. If you apply for a bank loan, banks usually allow borrowers the secured loan of 70% of the retail price. This means that you must prepare certainly the 30% equity.
For the expats, you must learn that the Singapore government restricts foreign ownership by expats among the private homes as governed by the Residential Property Act in 1973. This Residential Property Act already been amended in 2005. Foreigners can now purchase non-condominium developments of less than 6 college diplomas. However, you need to seek approval if you’re planning to purchase land, landed properties, Jade scape condo and semi-detached and terrace shelters. To get the approval, you want to submit use to the Singapore Land Authority. You need to definitely prepare your entry and re-entry permits and other qualifications before you apply.