We all know that purchasing a property anywhere in this world is not comfortable. 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 competent and knowledgeable real estate agent. He could function your representative and smartly negotiate the price of one’s 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 a approval, you will be anticipated to make short trips. The trips are to it is important you are satisfied an issue interior and exterior types of the house including the fixtures of the property before deciding to acquire. Property investments are long-term and also that need to make sure you would be happy before agreeing to the selling price. It very best to inspect the property one last time before you sign the option to get.
Things you should take into consideration when budgeting your cash
1. Stamp duty of 3% of this purchase price – In excess of $300,000, you are expected to pay 3% in the purchase price to the Inland Revenue Authority of jade scape singapore.
2. Legal cost
3. Once fee of estimated $3,000 is paid to the solicitor
4. Equity of particularly 30% with the purchase price
Within fortnight after filling out the Option to Purchase, generally if the amount exceeds $300,000, you might be required to cover a stamp duty for at least 3% within the purchase price level. 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 need to prepare certainly the 30% equity.
For the expats, should consider 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 recently been 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 housing. To get the approval, you need to submit the application to the Singapore Land Authority. You may want to prepare your entry and re-entry permits and other qualifications before you apply.