We all know that purchasing a property anywhere in this world is not easy. 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 imperative to be connected with an ideal and knowledgeable real estate agent. He could be your representative and smartly negotiate the price of your dream property. He may possibly act as your consultant should you require legal and financial advice connected with the property's purchase and mortgage application.
After the agent could well able to identify and shortlist some properties for your very own approval, you will be needed to make short tours. The trips are to make certain you are satisfied an issue interior and exterior designs of the house including the fixtures of the property before deciding to buy. Property investments are long-term as well as need to make sure you would be happy before agreeing to the selling price. It ideal to inspect the property one last time anyone sign the option get hold of.
Things should certainly take brain 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% for the purchase price to the Inland Revenue Authority of jade scape singapore.
2. Legal cost
3. One time fee of estimated $3,000 is paid to the solicitor
4. Equity of incredibly least 30% of the purchase price
Within 2 weeks after signing the Option to Purchase, if the amount exceeds $300,000, you are required shell out a stamp duty with a minimum of 3% of this purchase price. 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 must learn 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 may be 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, and semi-detached and terrace shelters. To get the approval, you need to submit use to the Singapore Land Authority. Make sure you prepare your entry and re-entry permits and other qualifications before you apply.