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Singapore Property Tips
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Purchase property carefully
First step that one should take once decided to purchase a property in Singapore is obtaining a Purchase Option. Purchase option is usually done after producing one percent of price of purchase. Buyer is provided with 14 days to arrange for finance and to make a final decision in purchasing the property. At the same time, seller cannot decide to sell the same to someone else though the property will not be ceased. Buyer then exercises purchase option by sending after signing the documents. Seller’s agent receives all the documents along with a cheque paying off the rest of the price of purchase.
Otherwise, the agent handling the purchase could also prepare the purchase option and provide them to the seller. Purchase option must explicitly say the price, any other conditions including the date of completion of sale. Solicitor can also prepare the conditions and terms of the purchase. Purchase option, once it is exercised and everything becomes unconditional from both sides. Implications are something that everyone needs to be aware of as the buyer will stand to lose ten percentage of deposit amount if at all they decide to move away from the agreement. And seller will end up paying back the ten percent plus accrued interest.
In Singapore, buyer reserve the right to bring on legal pursuit on the vendor in case he decides not to sell the propriety after taking the deposit, on the contrary the buyer cannot pull back after he has paid the deposit, signed and a purchase agreement is made. One should be careful before investing a huge amount on a property as it needs to appreciate or at least maintain the value. There are both sides of owning a property, one has to weigh the advantages and the disadvantages before making a selection as a wrong decision can amount to loss of money and peace of mind.
Buying property in Singapore is not always as simple as it may appear to some people. Sale and purchase of property takes place regularly in Singapore. Not all the options are good. Some of the options which come in your way when you are looking for good investment options are really attractive. Make your final selection after considering the pros and cons of this process. The decision of purchase should be made really carefully.
Billy Chen
CEA Registration Number : R029372I
Tel: (+65) 88689999
Fax: (+65) 64021826
billy@billychen71.com
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