We all know that buying a property anywhere in this world is not really easy. You need to check generally 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 crucial to be connected with a simple yet effective and knowledgeable real estate agent. He could act as your representative and smartly negotiate the price of your dream property. He will even act as your consultant should you require legal and financial advice associated the property’s purchase and mortgage application.
After the agent is definitely able to identify and shortlist some properties for your approval, you will be thought to make short tours. The trips are to make certain you are satisfied associated with interior and exterior designs of the house including the fixtures of the property before deciding to bring home. Property investments are long-term and also that need to make sure you would be happy before agreeing to the selling price. It very best to inspect the property one last time an individual sign the option to purchase.
Things should certainly take thoughts when budgeting your cash
1. Stamp duty of 3% with the purchase price – In excess of $300,000, you are expected to pay 3% for 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 certainly 30% on the purchase price
Within 14 days after signing the Option to Purchase, Jade scape generally if the amount exceeds $300,000, in order to required to pay a stamp duty with a minimum of 3% within the purchase price level. If you apply for a bank loan, banks usually allow borrowers to secured loan of 70% of the fee. This means that you might want to prepare at least the 30% equity.
For the expats, you should consider that the Singapore government restricts foreign ownership by expats of your 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 volumes. However, you need to seek approval if you’re intending to purchase land, landed properties, and semi-detached and terrace qualities. To get the approval, you need to submit software to the Singapore Land Authority. You really should prepare your entry and re-entry permits and other qualifications before applying.