If you are an expatriate whose plans are to purchase property in Singapore, then you will have to be aware of certain restrictions.
Expatriates don’t have to face any restrictions in purchasing condominiums. But landed property can only be purchased on special approval granted by the Land Development Authority only to those who hold Permanent Resident status. By the term Landed Properties it includes terrace houses, semi-detached houses and bungalows or free-standing houses, which are either single or double storey.
Having seen and selected your property that meets your requirement and satisfaction, the next step is to engage the services of a solicitor to help you to legalize the transaction.
The purchase procedure can take different forms:
• Direct purchase,
• by mortgage, if you intend to borrow from a bank
• to purchase by the withdrawal of CPF Board funds (if you intend to use CPF Funds).
A single solicitor can work all this out for you. There is no necessity for you to hire other solicitors as well.
Make certain you have all the money needed to buy the property well ahead, before signing any contracts. If you find that you cannot meet the commitment in time, you will find that you will stand to forfeit all the money paid as a deposit towards reserving the property, if the transaction does not go through, unless there is a clause in the conditions of sale to protect you.
Usually you are allowed up to two weeks grace to pay the initial 9% of the sale value. Thereafter the balance will be required to be settled within ten to twelve weeks of the agreement.
If you plan on getting financing from a bank, you need to make the necessary arrangements in time. It is possible for a foreigner to apply to borrow from a bank. Banks allow up to eighty percent of the valuation they make on the property.
Here’s a list of associated costs that you need to consider:
• Solicitor’s fees
• Solicitor’s fees for Mortgage loans
• Stamp fees for Transfer and Mortgage
• Government departmental fees
• Registration fee for Transfer and mortgage
Additionally, there are also some guidelines to be aware of when buying commercial property.
• Be an approved purchaser
• be aware of Prohibition on Sale of any commercial property that is without building approvals.
• Any person not abiding by the rules is liable to have strict penalties being imposed on them.
• Should have the Power to give directions
• No tax exemptions will be allowed.
• Foreigners are not allowed the purchase of property, transfer or acquire commercial or residential property.
Commercial properties are available for sale or purchase in various areas. However, it depends on your requirement and the category of the type of property that will suit your needs. There are properties suitable for retail sales in shopping centers, factory go-downs, and shop-houses in HDB.
This briefly summarizes the processes involved in purchasing property in Singapore. Myowndreamhome.com will always be glad to be of service to guide you through every detail required, towards a successful finalizing of your property transaction.
Buy Sell Rent Invest Singapore Property
Billy Chen 曾庆义
CEA Registration Number : R029372I
Tel: (+65) 88689999
Fax: (+65) 64021826
billy@billychen71.com ( email me )
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