We all know that purchasing a property anywhere in this particular world is not hassle-free. 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 the dream property. He might possibly act as your consultant should you require legal and financial advice related to the property’s purchase and mortgage application.
After the agent shall be able to identify and shortlist some properties for your approval, you will be needed to make short trips. The trips are to ensure 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 very best to inspect the property one last time anyone sign the option to purchase.
Things you should take into mind when budgeting your cash
1. Stamp duty of 3% belonging to the purchase price – In too much of $300,000, you are crucial to pay 3% for the purchase price to the Inland Revenue Authority of jade scape singapore.
2. Legal cost
3. One time fee of estimated $3,000 is paid to the solicitor
4. Equity of certainly 30% with the purchase price
Within 2 weeks after filling out the Option to Purchase, if your amount exceeds $300,000, you are required to cover a stamp duty of at least 3% for this purchase price. If you apply for a bank loan, banks usually allow borrowers to secured loan of 70% of the fee. This means that you should prepare definitely the 30% equity.
For the expats, should consider that the Singapore government restricts foreign ownership by expats of your private homes as governed by the Residential Property Act in 1973. This Residential Property Act may be amended in 2005. Foreigners can now purchase non-condominium developments of less than 6 levels. However, you need to seek approval if you plan to purchase land, landed properties, and semi-detached and terrace housing. To get the approval, you can submit the application to the Singapore Land Authority. Make sure you prepare your entry and re-entry permits and other qualifications before you apply.