We all know that purchasing a property anywhere in this particular world is not comfortable. 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 proficient and knowledgeable real estate agent. He could are the your representative and smartly negotiate the price of your dream property. He could also act as your consultant should you require legal and financial advice associated the property’s purchase and mortgage application.
After the agent shall be able to identify and Jade scape shortlist some properties for approval, you will need to make short clicks. The trips are to make sure that you are satisfied the new interior and exterior types 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 ideal to inspect the property one last time a person decide to sign the option to buy.
Things you should take note when budgeting your cash
1. Stamp duty of 3% of this purchase price – In excess of $300,000, you will need to pay 3% for the purchase price to the Inland Revenue Authority of Singapore.
2. Legal cost
3. Just the once fee of estimated $3,000 is paid to the solicitor
4. Equity of certainly 30% of your purchase price
Within a couple weeks after signing the Option to Purchase, if the amount exceeds $300,000, you are required to repay a stamp duty of at least 3% of the purchase prices. If you apply for a bank loan, banks usually allow borrowers to a secured loan of 70% of the retail price. This means that you might want to prepare at least the 30% equity.
For the expats, you ought to know 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 is amended in 2005. Foreigners can now purchase non-condominium developments of less than 6 levels. However, you need to seek approval if you’re intending to purchase land, landed properties, and semi-detached and terrace housing. 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 you apply.