We all know that purchasing a property anywhere in this world is not easy. 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 vital be connected with a competent and knowledgeable real estate agent. He could are the your representative and smartly negotiate the price of the dream property. He might possibly act as your consultant should you require legal and financial advice connected with the property’s purchase and mortgage application.
After the agent would be able to identify and shortlist some properties for your approval, you will be thought to make short events. The trips are to make sure that you are satisfied your interior and Jade scape exterior designs of the house including the fixtures of the property before deciding to receive. Property investments are long-term anyone 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 decide to sign the option get hold of.
Things should take note when budgeting your cash
1. Stamp duty of 3% of this purchase price – In excess of $300,000, you are hoped for to pay 3% in the purchase price to the Inland Revenue Authority of Singapore.
2. Legal cost
3. One time fee of estimated $3,000 is paid to the solicitor
4. Equity of particularly 30% of the purchase price
Within 14 days after signing the Option to Purchase, if the amount exceeds $300,000, a person required to pay a stamp duty having a minimum of 3% of this purchase price. If you apply for a bank loan, banks usually allow borrowers the secured loan of 70% of the retail price. This means that you need to prepare really the 30% equity.
For the expats, you must learn that the Singapore government restricts foreign ownership by expats of the private homes as governed by the Residential Property Act in 1973. This Residential Property Act has been amended in 2005. Foreigners can now purchase non-condominium developments of less than 6 levels. However, you need to seek approval if you’re planning to purchase land, landed properties, and semi-detached and terrace qualities. To get the approval, you will need submit use to the Singapore Land Authority. You may want to prepare your entry and re-entry permits and other qualifications before applying.