We all know that buying a property anywhere in this world is not easy. You need to check the sale 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 crucial to be connected with a simple yet effective and knowledgeable real estate agent. He could act as your representative and smartly negotiate the price of one’s dream property. He could also act as your consultant should you require legal and financial advice connected with the property’s purchase and mortgage application.

After the agent is definitely able to identify and shortlist some properties for your approval, you will need to make short travels. The trips are to ensure that you are satisfied an issue interior and exterior Jade scape designs of the house including the fixtures of the property before deciding to order. Property investments are long-term so you need to make sure you would be happy before agreeing to the selling price. It greatest for to inspect the property one last time a person decide to sign the option to acquire.

Things really should take into consideration when budgeting your cash

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

Within 2 weeks after signing the Option to Purchase, in case the amount exceeds $300,000, you might be required to repay a stamp duty of at least 3% of this purchase price level. If you apply for a bank loan, banks usually allow borrowers the secured loan of 70% of the retail price. This means that you should prepare at least the 30% equity.

For the expats, should consider that the Singapore government restricts foreign ownership by expats of 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 propose to purchase land, landed properties, and semi-detached and terrace shelters. To get the approval, you choose to submit use to the Singapore Land Authority. Make sure you prepare your entry and re-entry permits and other qualifications before applying.