We all know that buying a property anywhere in this particular 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 imperative to be connected with a favorable and knowledgeable real estate agent. He could function your representative and smartly negotiate the price of one’s dream property. He might also act as your consultant should you require legal and Jade scape financial advice tied to the property’s purchase and mortgage application.
After the agent would be able to identify and shortlist some properties for your approval, you will need to make short tours. The trips are to ensure that you are satisfied your interior and exterior types of the house including the fixtures of the property before deciding to order. Property investments are long-term so you need to make sure you would be happy before agreeing to the selling price. It greatest for to inspect the property one last time an individual decide to sign the option to buy.
Things really should take into mind when budgeting your cash
1. Stamp duty of 3% of this purchase price – Excessively of $300,000, you are required to pay 3% of 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 incredibly least 30% of the purchase price
Within fortnight after filling out the Option to Purchase, generally if the amount exceeds $300,000, in order to required to pay a stamp duty that is at least 3% on the purchase price. 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 certainly the 30% equity.
For the expats, you need to know that the Singapore government restricts foreign ownership by expats with 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 volumes. However, you need to seek approval if you plan 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 applying.