We all know that buying a property anywhere in this world is not really 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 crucial to be connected with an ideal and knowledgeable real estate agent. He could act as your representative and smartly negotiate the price of one’s dream property. He might also act as your consultant should you require legal and financial advice related to the property’s purchase and mortgage application.
After the agent would be able to identify and shortlist some properties for a approval, you will be thought to make short events. The trips are to make sure that you are satisfied the new interior and exterior designs of the house including the fixtures of the property before deciding to receive. Property investments are long-term so you need to make sure you would be happy before agreeing to the selling price. It is best to inspect the property one last time anyone sign the option to get.
Things should certainly take brain when budgeting your cash
1. Stamp duty of 3% with 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. One time fee of estimated $3,000 is paid to the solicitor
4. Equity of certainly 30% on the purchase price
Within fourteen days after signing the Option to Purchase, in case the amount exceeds $300,000, you might be required to cover a stamp duty that is at least 3% within the purchase benefit. If you apply for a bank loan, Jade scape banks usually allow borrowers to secured loan of 70% of the fee. This means that you should prepare really the 30% equity.
For the expats, you must learn that the Singapore government restricts foreign ownership by expats of the private homes as governed by the Residential Property Act in 1973. This Residential Property Act has been 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 qualities. To get the approval, you need to submit software to the Singapore Land Authority. Make sure you prepare your entry and re-entry permits and other qualifications before you apply.