We all know that buying a property anywhere in this particular world is not comfortable. 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 an ideal and knowledgeable real estate agent. He could act as 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 associated the property’s purchase and mortgage application.
After the agent could well able to identify and shortlist some properties for approval, you will be needed to make short trips. The trips are to make certain you are satisfied the new interior and exterior types of the house including the fixtures of the property before deciding to acquire. Property investments are long-term as well as need to make sure you would be happy before agreeing to the selling price. It is better to inspect the property one last time an individual sign the option to purchase.
Things should take note when budgeting your cash
1. Stamp duty of 3% among the purchase price – Excessively of $300,000, you are required to pay 3% for the purchase price to the Inland Revenue Authority of Singapore.
2. Legal cost
3. Once fee of estimated $3,000 is paid to the solicitor
4. Equity of certainly 30% within the purchase price
Within fourteen days after filling out the Option to Purchase, in case the amount exceeds $300,000, in order to required to repay a stamp duty of at least 3% for this purchase prices. If you apply for a bank loan, banks usually allow borrowers the 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 within 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 volumes. However, you need to seek approval if you’re planning to purchase land, landed properties, Jade scape condo and semi-detached and terrace stores. To get the approval, you can submit the application to the Singapore Land Authority. You need to definitely prepare your entry and re-entry permits and other qualifications before you apply.