We all know that buying a property anywhere in this world is not 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 fundamental to be connected with an ideal and knowledgeable real estate agent. He could be your representative and smartly negotiate the price of your dream property. He will even act as your consultant should you require legal and financial advice tied 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 thought to make short clicks. The trips are to it is important you are satisfied an issue interior and Jade scape condo exterior types of the house including the fixtures of the property before deciding to bring home. 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 an individual decide to sign the option to buy.

Things should take brain when budgeting your cash

1. Stamp duty of 3% belonging to the purchase price – In excess of $300,000, you are required to pay 3% within the 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 incredibly 30% with the purchase price

Within 14 days after filling out the Option to Purchase, if the amount exceeds $300,000, an individual might be required to repay a stamp duty having a minimum of 3% for this purchase prices. 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 definitely the 30% equity.

For the expats, you need to know that the Singapore government restricts foreign ownership by expats among the private homes as governed by the Residential Property Act in 1973. This Residential Property Act is amended in 2005. Foreigners can now purchase non-condominium developments of less than 6 college diplomas. However, you need to seek approval if you propose to purchase land, landed properties, and semi-detached and terrace shelters. To get the approval, you want to submit software to the Singapore Land Authority. You really should prepare your entry and re-entry permits and other qualifications before you apply.