We all know that buying a property anywhere in this world is not really easy. You need to check manage 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 make 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 connected with the property’s purchase and Jade scape condo mortgage application.
After the agent could well able to identify and shortlist some properties for your approval, you will be needed to make short events. The trips are to make sure you are satisfied an issue interior and exterior designs of the house including the fixtures of the property before deciding to order. Property investments are long-term and 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 get hold of.
Things excellent take thoughts when budgeting your cash
1. Stamp duty of 3% with the purchase price – Excessively of $300,000, you are hoped for to pay 3% in the 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 particularly 30% on the purchase price
Within fortnight after signing the Option to Purchase, should the amount exceeds $300,000, in order to required to pay a stamp duty with a minimum of 3% on the purchase price level. If you apply for a bank loan, banks usually allow borrowers for you to some secured loan of 70% of the purchase price. 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 within the private residential properties 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’ve planned to purchase land, landed properties, and semi-detached and terrace qualities. 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 applying.