We all know that purchasing a property anywhere in this world is not really easy. 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 fundamental to be connected with a competent and knowledgeable real estate agent. He could act as 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 related to the property’s purchase and mortgage application.
After the agent budding able to identify and shortlist some properties for a approval, you will be expected to make short travels. The trips are to make certain you are satisfied with the interior and exterior 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 is better to inspect the property one last time an individual decide to sign the option to purchase.
Things really should take into consideration when budgeting your cash
1. Stamp duty of 3% among the purchase price – In too much of $300,000, you will need to pay 3% in the purchase price to the Inland Revenue Authority of Singapore.
2. Legal cost
3. At one time fee of estimated $3,000 is paid to the solicitor
4. Equity of particularly 30% within the purchase price
Within fourteen days after filling out the Option to Purchase, generally if the amount exceeds $300,000, you are required to spend a stamp duty having a minimum of 3% of the purchase price. If you apply for a bank loan, banks usually allow borrowers to a secured loan of 70% of the value. This means that you might want to prepare really the 30% equity.
For Jade scape condo the expats, should consider that the Singapore government restricts foreign ownership by expats with 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 heightened levels. However, you need to seek approval if you propose to purchase land, landed properties, and semi-detached and terrace qualities. To get the approval, you need to submit use to the Singapore Land Authority. Make sure you prepare your entry and re-entry permits and other qualifications before applying.