Skip to content

How do You Buy A Property In Singapore?

We all know that purchasing a property anywhere in this particular 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 crucial to be connected with a simple yet effective and knowledgeable real estate agent. He could are the your representative and smartly negotiate the price of your dream property. He might also act as your consultant should you require legal and financial advice associated the property's purchase and mortgage application.

After the agent budding able to identify and shortlist some properties for Jade scape your very own approval, you will need to make short events. The trips are to ensure that you are satisfied associated with interior and exterior designs of the house including the fixtures of the property before deciding to acquire. Property investments are long-term anyone need to make sure you would be happy before agreeing to the selling price. It ideal to inspect the property one last time anyone sign the option to purchase.

Things you should take note when budgeting your cash

1. Stamp duty of 3% among the purchase price - Excessively of $300,000, you will need to pay 3% for this purchase price to the Inland Revenue Authority of Singapore.

2. Legal cost

3. Only once fee of estimated $3,000 is paid to the solicitor

4. Equity of certainly 30% on the purchase price

Within 14 days after signing the Option to Purchase, generally if the amount exceeds $300,000, you might be required to pay a stamp duty with a minimum of 3% for this purchase prices. If you apply for a bank loan, banks usually allow borrowers the secured loan of 70% of the fee. This means that you should prepare at least the 30% equity.

For the expats, you need to know that the Singapore government restricts foreign ownership by expats of your private residential properties 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're planning to purchase land, landed properties, and semi-detached and terrace qualities. To get the approval, you want to submit the application to the Singapore Land Authority. You need to definitely prepare your entry and re-entry permits and other qualifications before applying.