We all know that buying a property anywhere in this particular world is not really easy. 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 imperative to be connected with a proficient and knowledgeable real estate agent. He could be your representative and smartly negotiate the price of your dream property. He will even act as your consultant should you require legal and financial advice related to the property’s purchase and mortgage application.
After the agent could well able to identify and shortlist some properties for your approval, you will be expected to make short tours. The trips are to make sure that you are satisfied an issue interior and exterior designs of the house including the fixtures of the property before deciding to receive. Property investments are long-term and also that need to make sure you would be happy before agreeing to the selling price. It is better to inspect the property one last time anyone sign the option to buy.
Things you should take thoughts when budgeting your cash
1. Stamp duty of 3% of this purchase price – In too much of $300,000, you are crucial to pay 3% of the purchase price to the Inland Jade scape Revenue Authority of Singapore.
2. Legal cost
3. At one time fee of estimated $3,000 is paid to the solicitor
4. Equity of incredibly least 30% of the purchase price
Within 14 days after signing the Option to Purchase, if your amount exceeds $300,000, in order to required to cover a stamp duty of at least 3% of the purchase prices. If you apply for a bank loan, banks usually allow borrowers the secured loan of 70% of the purchase price. This means that you might want to prepare in the the 30% equity.
For the expats, should consider that the Singapore government restricts foreign ownership by expats of the private residential properties as governed by the Residential Property Act in 1973. This Residential Property Act already been amended in 2005. Foreigners can now purchase non-condominium developments of less than 6 states. 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 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.