We all know that buying a property anywhere in this particular world is not really easy. You need to check selling 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 are the your representative and smartly negotiate the price of your dream property. He could 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 approval, you will need to make short travels. The trips are to it is important you are satisfied your interior and exterior designs of the house including the fixtures of the property before deciding to acquire. Property investments are long-term and need to make sure you would be happy before agreeing to the selling price. It very best to inspect the property one last time before you sign the option to get.

Things you should take note when budgeting your cash

1. Stamp duty of 3% of this purchase price – In excess of $300,000, you will need to pay 3% for this 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 at least 30% of the purchase price

Within fortnight after filling out the Option to Purchase, generally if the amount exceeds $300,000, an individual might be required to pay a stamp duty that is at least 3% for this purchase selling price. If you apply for a bank loan, banks usually allow borrowers for you to some secured loan of 70% of the retail price. This means that you should prepare in the the 30% equity.

For the expats, you should consider that the jade scape singapore government restricts foreign ownership by expats of the private homes as governed by the Residential Property Act in 1973. This Residential Property Act has been amended in 2005. Foreigners can now purchase non-condominium developments of less than 6 states. 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 need to submit the application to the Singapore Land Authority. Make sure you prepare your entry and re-entry permits and other qualifications before applying.