Singapore private property

So you have migrated or relocated to Singapore and you are thinking of purchasing a private property where you can stay in. What do you have to do? What are the things which you need to know regarding buying a private property? Any firm or company in Singapore is free to purchase a private property. Even an individual who is a citizen of Singapore is eligible to buy a Singapore private property. On the other hand, there may be certain limitations with regards to CPF and HDB which would be applied when you are thinking of purchasing a Singapore private property.

If you are a foreigner or a foreign company then you should know that there are certain kinds of private properties in Singapore that you are eligible to buy. In this article, you are going to learn about purchasing a Singapore private property.

• Agent: First of all, you need to select a real estate agent who would help you with your real estate transaction. Of course, it is not necessary for you to hire an agent but it will help you a great deal if you do. An agent will help you with all tiny details and documentation which you would have had a difficult time sorting alone. He will not only be your guide but he will also make suggestions on legal; and financing representation.

• Look for a property: Now you need to look for a property and when you do find a property hat you wish to buy then make sure that you and the seller come to an agreement regarding the real estate transaction before you sign any document. You should also agree on a certain price for the property.

• Option to buy: Make sure that sign the option to purchase. You can get this document from the agent or the lawyer of the seller. Here you will have to make an option fee which will not be refunded. This amount is usually one percent of the cost of the property. The time period for the option is 14 days.

• Lawyer: You need to hire or employ a lawyer. This is done to fid out information about the seller’s status, conditions of the transaction and title of the real estate property.

• Finance: When you are deciding on the financing, make sure that you compare the conditions and the rates of interest. Finance is very important so decide after thinking carefully.

• Exercise of the option: If you want to carry on with the transaction then you will need to sign the contract for sale and make a payment of five percent of the cost of purchase (minus the amount paid as option fee).

• Inspection: The seller’s lawyer as well as your lawyer would carry out the necessary steps to compete the transaction. A completion statement would be prepared by the lawyer of the seller and he would also get the necessary documents stamped.

• Final payment: After the above steps, you will have to pay the remaining part of the cost and then the property would be transferred to you.

Mindy Yong 杨雯诗

CEA Registration Number : R021232Z

Tel: (+65) 91002985
Fax: (+65) 64021826

mindy@mindyyong.com

KF Property Network Pte Ltd
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