We all know that buying a property anywhere in this 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 an ideal and knowledgeable real estate agent. He could act as 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 tied 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 need to make short tours. The trips are to make sure you are satisfied with the 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 best to inspect the property one last time a person decide to sign the option to acquire.
Things should take thoughts when budgeting your cash
1. Stamp duty of 3% of this purchase price – In excess of $300,000, you are expected to pay 3% for this purchase price to the Inland Revenue Authority of jade scape singapore.
2. Legal cost
3. Only once fee of estimated $3,000 is paid to the solicitor
4. Equity of particularly 30% within the purchase price
Within fourteen days after filling out the Option to Purchase, if the amount exceeds $300,000, in order to required shell out a stamp duty for at least 3% for this purchase prices. If you apply for a bank loan, banks usually allow borrowers in order to some secured loan of 70% of the value. This means that you must prepare certainly the 30% equity.
For the expats, you should consider 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 levels. However, you need to seek approval if you’ve planned to purchase land, landed properties, and semi-detached and terrace shelters. To get the approval, you can submit software to the Singapore Land Authority. You may want to prepare your entry and re-entry permits and other qualifications before you apply.