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 Jade scape condo property taxes. It is vital be connected with a simple yet effective 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 related to the property’s purchase and mortgage application.

After the agent budding able to identify and shortlist some properties for approval, you will be expected to make short tours. 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 bring home. Property investments are long-term anyone need to make sure you would be happy before agreeing to the selling price. It greatest for to inspect the property one last time an individual decide to sign the option to purchase.

Things you should take into mind when budgeting your cash

1. Stamp duty of 3% of this purchase price – Excessively of $300,000, you will need to pay 3% for this purchase price to the Inland Revenue Authority of Singapore.

2. Legal cost

3. Only once fee of estimated $3,000 is paid to the solicitor

4. Equity of certainly 30% of your purchase price

Within 2 weeks after signing the Option to Purchase, if the amount exceeds $300,000, an individual might be required to spend a stamp duty having a minimum of 3% within the purchase price level. If you apply for a bank loan, banks usually allow borrowers in order to some secured loan of 70% of the fee. This means that you should prepare in the the 30% equity.

For the expats, should consider that the Singapore government restricts foreign ownership by expats with the private homes 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’ve planned to purchase land, landed properties, and semi-detached and terrace houses. To get the approval, you want to submit the application to the Singapore Land Authority. You may want to prepare your entry and re-entry permits and other qualifications before you apply.