We all know that purchasing a property anywhere in this world is not unproblematic. 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 vital be connected with a favorable and knowledgeable real estate agent. He could are the your representative and smartly negotiate the price of one’s dream property. He will even act as your consultant should you require legal and financial advice related to 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 events. The trips are to make sure you are satisfied with the interior and exterior types of the house including the fixtures of the property before deciding to acquire. Property investments are long-term anyone need to make sure you would be happy before agreeing to the selling price. It ideal to inspect the property one last time before you sign the option to buy.
Things should take note when budgeting your cash
1. Stamp duty of 3% of the purchase price – In too much of $300,000, you are expected to pay 3% in the purchase price to the Inland Revenue Authority of Singapore.
2. Legal cost
3. Only once fee of estimated $3,000 is paid to the solicitor
4. Equity of incredibly least 30% with the purchase price
Within fortnight after signing the Option to Purchase, if your amount exceeds $300,000, in order to required shell out a stamp duty with a minimum of 3% on the purchase prices. If you apply for a bank loan, banks usually allow borrowers to a secured loan of 70% of the value. This means that you might want to prepare certainly the 30% equity.
For the expats, you need to know that the Singapore government restricts foreign ownership by expats among the private residential properties 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 heightened levels. However, you need to seek approval if you’re intending to purchase land, landed properties, and Jade scape condo semi-detached and terrace housing. To get the approval, you can submit software to the Singapore Land Authority. You may want to prepare your entry and re-entry permits and other qualifications before you apply.