HOW DO YOU BUY SINGAPORE PrOPERTY?

Everyone knows that purchasing a property is not be easy. In Singapore, procedures are quite transparent as there is a proper system of work by the government for all buying and selling transaction. You need to check the house whether is worth buying by getting exclusive info from the real estate agent who will also explain in detail to you detailed transaction procedure as well as all financial aspect and taxes involved. It's essential to be linked with a reliable and informationable real estate agent. He could act as your representative and smartly negotiate the value of your dream property. He may additionally act as your advisor for all legal and monetary advice associated to the property's purchase and mortgage application.

After the agent shortlist some properties for your approval, you will be expected to make short trips. Personal viewing of units is highly recommended to be sure you are happy with the interior and exterior designs of the house including the fixtures of the property before deciding to buy. Property investments are long-term so that you must make sure you would be before commiting. It is best to inspect the property one last time you sign the option to purchase. A day view and a night view of the property is a good enough.

Things you need to take into consideration when budgeting your cash

1. Stamp duty of 3% of the purchase value
2. If you are foreigner you have to pay ABSD (Additional Stamp Duty) of 20% of the purchase value
3. Legal cost of estimated $3,000 is paid to the solicitor

Should you apply for a bank loan, banks normally permit borrowers to a secured loan of 75% of the purchase price.

For expats, you want to know that the Singapore authorities restricts international ownership by expats of the private residential properties as ruled by the Residential Property Act in 1973. This Residential Property Act has been amended in 2005. Foreigners cannot buy land and landed property other than those in Sentosa. However, you should seek approval in case you plan to buy land, landed properties, and semi-detached and terrace houses only if you hold a PR. To get the approval, you could submit the application to the Singapore Land Authority. You will need to put together your entry and re-entry permits and all  qualifications during application.

Singapore Property