We all know that purchasing a property anywhere in this world is not easy. You need to check selling 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 favorable and knowledgeable real estate agent. He could act as your representative and smartly negotiate the price of one’s dream property. He might possibly act as your consultant should you require legal and financial advice tied to the property’s purchase and mortgage application.
After the agent is definitely able to identify and shortlist some properties for your approval, you will need to make short clicks. The trips are to make sure you are satisfied with the interior and exterior types of the house including the fixtures of the property before deciding to acquire. Property investments are long-term so you 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 sign the option to buy.
Things you should take into consideration when budgeting your cash
1. Stamp duty of 3% with the purchase price – Excessively of $300,000, you are required to pay 3% for this purchase price to the Inland Jade scape condo Revenue Authority of Singapore.
2. Legal cost
3. At one time fee of estimated $3,000 is paid to the solicitor
4. Equity of at least 30% on the purchase price
Within fourteen days after filling out the Option to Purchase, should the amount exceeds $300,000, a person required to pay a stamp duty of at least 3% for this purchase price. If you apply for a bank loan, banks usually allow borrowers to secured loan of 70% of the retail price. This means that you need to prepare in the the 30% equity.
For the expats, you need to know that the Singapore government restricts foreign ownership by expats among 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 college diplomas. However, you need to seek approval if you’re planning to purchase land, landed properties, and semi-detached and terrace housing. To get the approval, you need to submit use to the Singapore Land Authority. You may want to prepare your entry and re-entry permits and other qualifications before applying.