We all know that buying a property anywhere in this particular world is not unproblematic. 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 fundamental be connected with a competent and knowledgeable real estate agent. He could act as your representative and smartly negotiate the price of the dream property. He will even act as your consultant should you require legal and financial advice associated the property’s purchase and mortgage application.

After the agent shall be able to identify and shortlist some properties for your very own approval, you will be thought to make short clicks. The trips are to it is important you are satisfied the new interior and exterior designs of the house including the fixtures of the property before deciding to acquire. Property investments are long-term as well as need to make sure you would be happy before agreeing to the selling price. It very best to inspect the property one last time anyone sign the option to purchase.

Things excellent take note when budgeting your cash

1. Stamp duty of 3% belonging to the purchase price – Excessively of $300,000, you are expected to pay 3% of 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% of your purchase price

Within 2 weeks after signing the Option to Purchase, generally if the amount exceeds $300,000, you might be required to spend a stamp duty of at least 3% for this purchase prices. If you apply for a bank loan, banks usually allow borrowers for you to some secured loan of 70% of the value. This means that you need to prepare at least 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 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 intending to purchase land, landed properties, and semi-detached and terrace shelters. To get the approval, you can submit the application to the Singapore Land Authority. You need to definitely prepare your entry and re-entry permits and Jade scape condo other qualifications before applying.