We all know that buying a property anywhere in this world is not hassle-free. You need to check generally 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 be your representative and smartly negotiate the price of the dream property. He could also act as your consultant should you require legal and financial advice tied to the property’s purchase and mortgage application.
After the agent budding able to identify and shortlist some properties for approval, you will be thought to make short clicks. The trips are to make sure you are satisfied your interior and exterior types 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 is best to inspect the property one last time a person decide to sign the option to buy.
Things excellent take brain when budgeting your cash
1. Stamp duty of 3% of the purchase price – Excessively of $300,000, you will need to pay 3% for the purchase price to the Inland Revenue Authority of Singapore.
2. Legal cost
3. Once fee of estimated $3,000 is paid to the solicitor
4. Equity of particularly 30% of the purchase price
Within fourteen days after signing the Option to Purchase, if your amount exceeds $300,000, you might be required to repay a stamp duty that is at least 3% on the purchase price level. If you apply for Jade scape condo a bank loan, banks usually allow borrowers the secured loan of 70% of the value. This means that you should prepare really the 30% equity.
For the expats, should consider 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 may be 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 houses. To get the approval, you can submit use to the Singapore Land Authority. Make sure you prepare your entry and re-entry permits and other qualifications before you apply.